RMA announces KRI monitoring service
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The Risk Management Association’s Key Risk Indicator (KRI) library has launched a new service that allows subscribers to define their own KRIs and include them in the library for the benefit of other users.
The new KRI monitoring service will allow library users to configure their own KRIs and store them in the virtual repository, in addition to selecting KRIs from the existing library.
Subscribers will be able to select either public KRIs or their own private KRIs from the library and define thresholds and reporting triggers for them. Thereafter, subscribers can collect KRI data from across the organisation.
Data can be entered manually or imported from spreadsheets or through published interfaces, with workflow and authorisation. When an indicator’s threshold is breached the system will automatically notify management, based on defined escalation triggers.
The library, which has 75 subscriber institutions and a database of over 2,500 KRIs, is currently in the midst of a benchmarking process that will eventually allow banks to look at the risk indicator experience of peer institutions and gauge whether their own data is falling within market-wide norms.
The first stage of the benchmarking process is expected to be completed by the first quarter of 2008.
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