Monitoring and Reporting Flashcards
1
Q
What is a KRI?
A
KRIs are used to measure risk levels in comparison to defined risk thresholds, so that the org receives an alert when a risk level approaches an unacceptable level. Should be linked to specific risk.
2
Q
What is a KPI?
A
KPIs measure how well a process is performing in terms of its stated goal. It is effective in predicting whether a goal will be reached and indicates capabilities, practices, and skills of value to an organization.
3
Q
What is a lag indicator?
A
Indication of risk after events have occurred.
4
Q
What is a lead indicator?
A
Indication of which controls are in place to prevent events from occurring.
