Since the Covid19 pandemic, managing all of the firm's Key Risk Indicators has become crucial for it to survive and stay ahead of competitors.
The company used to manually manage its KRIs using spreadsheets to maintain and distribute the most recent risk data, but doing so had several drawbacks:
The spreadsheets containing risk metrics were prepared and then sent by email to a select group of employees, leading to miscommunication, lack of process ownership, poor version controls and the usual email driven chasing and escalations.
Additionally, all the data was dispersed in various files and reports, necessitating a substantial amount of manual consolidation work, which significantly slowed down the compilation of management reports.
Due to the latency, process and excel error risks caused by the firm's manual KRI implementation, a technology that could automate and centralize the entire process was urgently needed.
Benefits after the implementation of the Risk Hawk tool
All KRI reporting was seamlessly integrated into the risk management system using Risk Hawks KRI and Flexy modules. All KRIs data captures were freely definable and there was no limit on the number or type of Key Risk Indicators that could be set up and their workflows automated. The firm was also able to avail the following benefits-
Compare all the KRIs across different departments, functions, statuses, etc., with the help of a dashboard that helped in identifying trends in the firm.
Evaluation of all the risks that exceeded the level of tolerance.
Stakeholders could access and track information about all the KRIs in real time, along with visual representations.
Automated escalations to the designated user ensuring timely reporting if any KRI exceeds its targeted limit.
Automated KRI summary report for the management and the board.
Visibility and access controls could be implemented using Risk Hawk's user access management functionality.