Developing your suite of indicators
The answers to the questions posed in phases 1 and 2 of the methodology should have been agreed with the risk owner and endorsed by the relevant risk management committee (or equivalent decision-making body) before developing your indicators.
End of attention
Before you can determine whether your strategies have had the desired effect, you must:
- identify potential indicators
- validate those indicators
- determine a suite of indicators that will help you paint a defensible picture
- decide how you will measure your indicators.
You need to undertake these activities soon after the risk statement, desired outcomes and strategies have been endorsed by your risk management committee (RMC) or equivalent. Working through these steps will allow you to put the processes and tools in place to ensure that the relevant data can be collected and analysed.
There is usually a considerable time lag between setting up and actually doing the evaluation, because the strategies will take time to have an effect.
If you are evaluating effectiveness retrospectively, you will be in a position to undertake these activities almost immediately after completing phases 1 and 2 of the methodology.