Indicators are a fundamental part of regulatory compliance because they allow you to align the organizational strategy with your business's risk management. They help you identify how the organization meets these objectives and the trend. This will allow you to make timely reports, review the history for a better analysis, and effectively monitor what actions should be implemented.
There are a thousand and one more benefits of having indicators for good risk management, and the good news is that in Pirani we already have the ✨Indicators✨ module. So get ready to read everything you will be able to do inside our platform ;)
Let's start the tour through the Indicators module.
Objectives
As I told you at the beginning, the indicators exist to meet the company's strategic objectives; therefore, the first thing you must register in the module is which objectives you want to track. Here, you will need to fill in four mandatory fields: the name of the objective, a description, who will be responsible for the objective, and the cycle, which is the annual time range where the management of the objective is presented.
Your objectives always up to date and in the priority you want
You will be able to edit, delete, or inactivate any objective you have. This way, you will always have an updated organizational strategy within your risk management.
And what is the coolest thing about the register of your objectives? You determine the order in which they are presented within the tool! 🤩 You only have to click on the objective and drag it to place it in the priority you want.
Types of indicators
In Pirani, you can manage your indicators with their respective objectives. You can have transversal KCI, KRI, and KPI indicators for all management systems:
KRI (Key Risk Indicators): they measure the organization's exposure to different types of risks, as these indicators provide information on the probability and impact of identified risks.
KPI (Key Performance Indicators): These are used to assess performance, as they provide information on events related to operational losses and allow the quantification of the organization's strategic performance objectives.
KCI (Key Control Indicators): They measure the effectiveness, implementation, and operation of controls designed to prevent or respond to risk events.
Within the module you can have transversal indicators for all management systems (ORM, AML, ISMS and Compliance), or have a list of indicators for each of the systems. To create an indicator you will have a form divided into two sections:
Indicators
1. General information: In this section, you will have to register the primary data of the indicator, such as the name it will have, what type of indicator it is (it should increase, decrease, above or below), what its unit of measurement (quantity, percentage, currency or customized), what is the target number you want to reach, the initial number you are starting with, determine the periodicity of revision, who will be responsible for the indicator and a description where you detail what this indicator is about.2. Associations: You can associate it strategically with the processes, risks, and controls you created in Pirani and select groups of people in charge that will follow up the indicator. In this way, you will be able to strengthen your indicator.
Before we continue, are you still not using Pirani? 👀
You can manage your risks in a simpler way with Pirani, here you can register your processes, risks, controls, events, action plans, indicators and have reports of all your risk management with a couple of clicks. What are you waiting for? Try our tool for free and protect what matters most.
Update your indicator at any time
The current values of your indicators will change periodically, so you can update this number according to the monitoring you determine. Within the update form, you can modify the current value and add a comment detailing the reason for the new figure, what is being achieved, or what needs to be improved.
Review the indicator chart
As with the objectives, you can edit and delete indicators when you consider it necessary, but... something great about this section is that within the indicators, you will have the option to see the details of the indicator, which means you can see a graph with the history of the indicator, where you can see the behavior it has had in a range of time and compare it with the previous cycle.
We have a tutorial for you
In this article I told you what you will find in the Indicators module but, if you want to learn more details I leave you this tutorial I prepared where I tell you step by step how to create goals and indicators.
→ Remember that this module is available in the Enterprise plan and in the free trial ⚡