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Industry KRI study takes off

PHILADELPHIA - A new financial industry initiative to study and define key risk indicators (KRIs) is gathering momentum. The results of the first stage of the process and the simultaneous launch of the second phase were announced in late October.

The Philadelphia-based Risk Management Association (RMA), in conjunction with op risk consultants RiskBusiness, based in London, kicked off a project to study KRIs in the second quarter of this year. The goal of the study is eventually to create a common language for KRIs across the industry. "There was no universal language for KRIs," says Mike Finlay, managing director at RiskBusiness.

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