I’m studying for my Business class and need an explanation.
In this homework, you are requested to create hypothetical KRI’s using the methods provided by COSO (2010) see attachment. Under the heading of Risk Response Strategy, I would like you to provide a short description of your three risks (based on my fictitious company named “WowMaker” Coffee machine Company) and the associated KRI that you will use for each risk.
For each KRI you should explain the basis for its development, referencing the phases of CRISP-DM to ensure that you fully understand the specific risk along with the data sources and models to be used in monitoring and reacting to the risks. Lastly, I would ask you to provide thresholds that would represent trigger points for each risk and a risk response strategy that management would invoke if the risk threshold was breached.
I attached three risks for my company below, please create hypothetical KRI’s using the methods provided by COSO (2010), connect to the knowledge of CRISP-DM. Please provide no more than two pages.
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