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? 

To promote and monitor the transformation of risk management in their business, the Akawini management team can use the following performance measures:

1. Risk culture assessment: Conduct regular surveys or interviews to measure the organization’s risk culture. This will help identify any gaps in risk management awareness, 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. This will help identify strengths and weaknesses and provide a baseline for tracking progress over time.
3. Key Risk Indicators (KRIs): Develop and track KRIs to identify early warning signs of emerging risks or trends. This will help the organization to take proactive measures to mitigate risks before they materialize.
4. Risk management training: Monitor the number of employees who receive risk management training and evaluate the effectiveness of the training program. This will help ensure that employees have the necessary skills and knowledge to identify and manage risks effectively.
5. Risk management incidents: Track and report on risk management incidents, including near misses and actual losses. This will help identify areas where risk management practices can be improved.
6. Risk management audits: Conduct periodic audits of the risk management program to ensure that it is aligned with organizational objectives and regulatory requirements. This will help identify areas for improvement and ensure that the risk management program remains effective and relevant.

By using these performance measures, the Akawini management team can monitor progress and performance in the transformation of risk management in their business. 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.