B. Key risk indicators (KRIs)
Key risk indicators (KRIs) provide the most useful information for regular reporting to senior management on the control environment's effectiveness. KRIs are quantifiable metrics that help organizations monitor and manage risks, giving insights into the effectiveness of risk management and control processes. Regularly reporting on KRIs allows senior management to understand the current risk exposure, the performance of risk mitigation efforts, and the potential impact of risks on the organization's objectives.
In general, KRIs are more useful for providing a forward-looking view of risks, while KPIs are more useful for providing a backward-looking view of how well controls and processes are performing.
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