BarnOwl Spotlight Insight: BarnOwl Key Indicators (KIs) with Financial Periods
July 29, 2024
Introduction and Agenda
We had an excellent turnout at our spotlight session on the 25th July 2024 on BarnOwl V11 Key Indicators. Thank you very much to everyone who joined the Spotlight session.
Key Indicators (KIs) are metrics used by organisations to provide an early warning of increasing risk exposures in various areas of an enterprise.
BarnOwl enables you to define key indicators (KIs) with targets & thresholds at every level of your organisation. BarnOwl provides all KI owners with access to the BarnOwl portal (intranet) to view and capture their KI values (unlimited free license). KIs can be defined and linked to:
- Objectives (Key Performance Indicators (KPIs)),
- Risks (Key Risk Indicators (KRIs)
- Controls (Key Control Indicators (KCIs)
KI values can be captured manually by KI owners, or alternatively, can be updated automatically by 3rd party data analytics tools configured to test operational data / transactions and update BarnOwl KI values based on exceptions. BarnOwl integrated with data analytics provides real-time, continuous risk monitoring.
When a KI threshold is breached, BarnOwl automatically triggers a re-assessment of the linked Object (Objective, Risk or Control). Re-assessments act as an early warning system enabling proactive and timely management of risk.
BarnOwl v11.3 key indicator enhancements
BarnOwl has enhanced the key indicator functionality in version 11.3 to enable:
- Configuring a financial period: For example, being able to configure KI periods for a financial year starting 1 April 2024 and ending 31 March 2025.
- Capturing KI values by Owners: simplified interface for capturing KI values in BarnOwl’s free web-portal (intranet).
- Closing off KI periods: simple and effective way to prevent KI Owners from changing their KI values in a prior period/s once closed off by the administrator.
- Configuring re-assessment rules: trigger automatic re-assessments on the linked objects (Objectives, Risks and Controls) when KI thresholds are breached.
- Extensive reporting: built-in KI reporting as well as Power BI dashboards (drill down, trends etc.).
How do I upgrade to V11?
The upgrade process is fully automated with a wizard-driven approach enabling Clients to upgrade themselves. This enables the Client to plan the timing of their Upgrade taking into consideration your IT approval processes, your change management process (i.e. communicating the impact of the new version to your users) and booking BarnOwl training where required.
BarnOwl’s standard Power BI and SSRS reports are available to you at no additional cost. Please log a call with support@barnowl.co.za to find out more and please copy your BarnOwl account manager where possible.
Please see: https://barnowl.co.za/knowledge-base/tip-of-the-month/frequently-asked-questions-about-upgrading-barnowl/
Conclusion
Key Indicators provide a strategic early warning system, driving preventative and predictive capability, with real time insights, facilitating effective business decision making and business improvement. BarnOwl provides extensive key indicator functionality facilitating continuous risk monitoring.
Useful links
Please find the presentation here under ‘Presentations & Videos’
Please find the spotlight recording here
http://api.barnowl.co.za/wp-content/uploads/2023/01/Arbutus-integration-Data-Sheetv2-min.pdf
BarnOwl Power BI dashboard video clip
https://www.barnowl.co.za/tip-of-the-month/frequently-asked-questions-about-upgrading-barnowl/
About BarnOwl:
BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by over 150 blue chip organisations. BarnOwl is a locally developed software solution and is the preferred risk management solution for the South African public sector supporting the National Treasury risk framework.
Please see www.barnowl.co.za for more information.
