A high demand exists for relevant and timely risk information to help organizations achieve strategic objectives, especially since risks are constantly changing. As a result of new emerging risks and potential future shifts in risk conditions, management and the board of directors are increasingly interested in developing indicators to continuously monitor and identify potential impacts to the organization’s risk portfolio. COSO commissioned the ERM Initiative at North Carolina State University to develop a thought paper that focuses on the importance of key risk indicators and assists management with the development of leading indicators to monitor achievement of strategic objectives. Effective key risk indicators will enhance board and management risk awareness, improve the execution of an organization’s strategy, and increase the effectiveness of ERM processes.