You have been asked to advise the Akawini management team how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend they use so that they can monitor progress and performance? 

The Akawini Management Team can utilize the performance measures below to promote and monitor transformation in risk management within their company.

1. Risk culture assessment: Conduct regular surveys or interviews to measure the organization’s risk culture. It will be possible to identify gaps in the organization’s risk culture, including attitudes and practices.
2. Risk management maturity assessment: Use a framework or assessment tool to measure the maturity of the organization’s risk management program. It will allow you to identify your strengths and weaknesses, and establish a benchmark for measuring progress.
3. Key Risk Indicators: Create and monitor KRIs for early detection of risks or trends. It will allow the company to be proactive in reducing risks.
4. Training in risk management: Evaluate the impact of your training program by monitoring the number of participants. The training program will allow employees to have the knowledge and skills necessary to effectively identify and manage risk.
5. Report on incidents involving risk management, such as near-misses or actual losses. The information will allow you to pinpoint areas that need improvement in risk management.
6. Audits on risk management: Conduct regular audits of your program to check that it aligns with the organization’s objectives and regulations. The audit will identify any areas that need improvement, and help ensure the program is effective and current.

These performance measures allow the Akawini Management Team to monitor the progression and results of their risk management program. This will help them to identify areas for improvement and ensure that the risk management program remains effective and aligned with the organization’s objectives.