Holistic System Thinking as an Educational Tool Using Key Indicators

Risk identification represents one of the components of the risk management program. It involves developing a list of events that could affect the ability of the enterprise to meet its objectives. The focus in this paper is on how risk management components are related to entity performance indicators in order to identifying events that could influence the performance and business control effectiveness. The paper suggests general procedures for identifying events that affects business performance using holistic system thinking to develop framework for identification of events that could threat the organization's ability to achieve its performance objectives. The purpose is to understand the basic fundamentals in identifying, specifying, selecting and implementing quality indicators to create a powerful management reporting. We will seek to analyze relationships between risk, performance and control indicators, define and establish a standard specification for suitable metrics to measure, monitor and manage business processes, and create holistic system model to identify events that could threaten business performance.