KRIeX.org is a web-based environment that provides a set of related subscription services designed to enhance a business’s ability to identify and monitor real-time risk metrics via an embedded KRI Framework. KRIeX includes an industry generated Library of risk indicators; an on-line service to support the collection, aggregation, and management of risk indicators across a corporation; and a benchmarking platform for internal or external (peer group) comparison.

The Library also includes a risk analysis framework that allows a subscriber to view and navigate the content via product/service risk profiles as a means of identifying key areas of operational risk exposure within the firm. These risk profiles map exposures to individual operational risk categories within various business processes on a risk point basis and represent inputs from more than 70 firms globally, creating "industry risk profiles". The KRI Library has benefitted from broad industry participation and input. It is structured by industry type, with financial services covered in detail, although much of the core content is applicable to any corporation. It constitutes a widely accepted standard in terms of the taxonomy of risk embedded in the framework, how content is accessed and analysed, and in the specific content of each metric record. All details are located in the How to Subscribe menu.

RiskBusiness has introduced a companion service to the KRI Library, the Scenario Library, which employs the same structured framework for identifying areas of operational risk exposure affecting the international financial services community. Subscribers can now use the KRIeX industry risk profiles to identify, risk point by risk point, historical public loss events which can assist the firm in evaluating whether the specific form of risk could adversely affect it; KRIs to measure and monitor its current exposure to that risk; and now, scenarios to assess potential future worst case exposure.

The KRI Library is a living repository, with additional metrics being added on an ongoing basis, both resulting from peer group workshops facilitated by RiskBusiness and from suggestions and proposals from subscribers. Ongoing research is focussed on assessing which indicators are the most appropriate for specific risk points by product/service area within the different major financial services business lines as well as incorporating the control type and causal classification elements of the RiskBusiness Taxonomy Service into the KRI Library.

For more information on the KRI Library or any related RiskBusiness Service, contact us at info@KRIeX.org.