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What KPIs should you track to manage risks in your process design?

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Process design is the art and science of creating efficient and effective workflows that deliver value to customers and stakeholders. However, process design is not a one-time activity, but a continuous improvement cycle that requires constant monitoring and evaluation. One of the key aspects of process design evaluation is risk management, which involves identifying, assessing, and mitigating the potential threats and uncertainties that can affect the performance and outcomes of your processes. In this article, you will learn what key performance indicators (KPIs) you should track to manage risks in your process design and how to use them to make informed decisions.

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Sean Kelly

CIO & Business Transformation Leader
Gladstone Samuel

Qualified Independent Director | ESG Practitioner | PMP?

1 What are KPIs and why are they important for risk management?

KPIs are measurable values that indicate how well your process is achieving its objectives and goals. KPIs can be related to various aspects of your process, such as quality, efficiency, customer satisfaction, profitability, and compliance. KPIs are important for risk management because they help you to monitor the health and performance of your process, identify potential problems and opportunities, and evaluate the impact and effectiveness of your risk mitigation actions. By tracking and analyzing KPIs, you can gain insights into the strengths and weaknesses of your process design, as well as the external and internal factors that can influence it.

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Sean Kelly

CIO & Business Transformation Leader
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One thing I’ve found incredibly useful is to look for the “natural” KPIs in a process. This could be direct attributes or calculated measures, but it should be something that is a byproduct of the process. To put it another way, don’t include a KPI which requires you to add a step to the process just for that KPI. Finally, remember that KPIs influence the way a process is executed, but too many KPIs creates a scenario where they are undeliverable, expensive, or simply ignored. Want high throughput? Measure process completions. Want excellent quality? Measure QC and customer feedback. Want confusion? Measure 15 different things and weight them all equally.

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2 What types of KPIs should you track for risk management?

When it comes to tracking KPIs for process design, there is no single answer that works for everyone. The types of KPIs you should track depend on the nature, scope, and objectives of your process, as well as the risks identified and prioritized. However, some common types of KPIs that can help you manage risks in your process design include process performance KPIs such as cycle time, throughput, error rate, defect rate, customer satisfaction, and net promoter score; process control KPIs such as compliance rate, audit score, variance, and deviation; and process improvement KPIs such as innovation rate, change readiness, customer feedback, and return on investment. These KPIs can help detect deviations from standards, ensure alignment with regulatory requirements and best practices in your industry or organization, and assess the value and feasibility of improvement initiatives.

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3 How to choose the right KPIs for your process design?

Choosing the right KPIs for your process design is a critical step that requires careful planning and analysis. To ensure success, your KPIs should be aligned with your process objectives and goals, as well as the strategic goals and vision of your organization or department. Additionally, they should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to help set realistic targets, track progress, and evaluate results. Furthermore, you should choose a balanced mix of KPIs that cover different aspects of your process, such as quality, efficiency, customer satisfaction, profitability, and compliance. Additionally, you should ensure that you choose a manageable number of KPIs that are focused and relevant; too many can dilute attention and resources while too few can miss important aspects. This way you can prioritize actions and optimize performance.

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4 How to track and analyze your KPIs for risk management?

Tracking and analyzing your KPIs for risk management is an ongoing process that requires regular data collection, reporting, and review. To do this effectively, you should start by defining your data sources and methods, such as surveys, interviews, observations, records, or systems. Additionally, create visual and interactive tools that display and summarize your KPI data, such as dashboards, charts, tables, or graphs. Furthermore, review and evaluate your KPIs on a regular basis to compare your actual performance with your expected performance. Lastly, communicate and share your KPIs with stakeholders and act on them by implementing corrective or preventive actions. Monitor the results of these actions and make further improvements if needed.

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5 How to improve your KPIs for risk management?

Improving your KPIs for risk management is a continuous improvement cycle that requires constant learning and adaptation. To do this, you should consider benchmarking your KPIs to identify strengths and weaknesses, as well as gaps and opportunities for improvement. Additionally, it’s important to solicit feedback from stakeholders to understand their needs and expectations. Finally, testing and experimenting with different KPIs or variations of existing KPIs can help you find the optimal KPIs that suit your process and goals, as well as the potential risks and benefits of changing your KPIs.

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Gladstone Samuel

Qualified Independent Director | ESG Practitioner | PMP?
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One of KPIs we used with regards to supply chain management was about Service Level Agreement (SLA) and Service Quality. These are the parameters that was tracked: # Number of outstanding complaints/gaps against the vendor # Percentage of correspondence responded to on time (response to inquiries on time) # Percentage of correspondence or actions accomplished by internal stakeholders # Number of open escalations # Number of sent reminders and/or late tasks

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What KPIs should you track to manage risks in your process design?

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1 What are KPIs and why are they important for risk management?

2 What types of KPIs should you track for risk management?

3 How to choose the right KPIs for your process design?

4 How to track and analyze your KPIs for risk management?

5 How to improve your KPIs for risk management?

6 Here’s what else to consider

Process Design

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What KPIs should you track to manage risks in your process design?

1

2

3

4

5

6

1 What are KPIs and why are they important for risk management?

2 What types of KPIs should you track for risk management?

3 How to choose the right KPIs for your process design?

4 How to track and analyze your KPIs for risk management?

5 How to improve your KPIs for risk management?

6 Here’s what else to consider

Process Design

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