The most important use of Key Risk Indicators (KRIs) is to provide an early warning signal. KRIs are designed to give advance notice of potential risk issues before they escalate into significant problems. By doing so, they enable management to take proactive measures to mitigate risks and prevent potential losses. While other uses, such as providing a backward-looking view on risk events, indicating risk appetite and tolerance, and enabling trend analysis, are valuable, the primary function of KRIs is to serve as an early warning mechanism.

Deciding the Key Risk Indicators (KRIs) of an enterprise typically involves both business leaders and senior management. Business leaders have a thorough understanding of the business environment and strategic objectives, making them well-positioned to identify key risks that may impact the organization. Senior management oversees the overall performance and risk management, ensuring that identified risks align with the enterprise's goals and regulatory requirements. Therefore, both business leaders and senior management collaboratively select the KRIs to monitor.

The Communications Management Plan defines who will be available to share information on the project risks. This plan sets the structure for communication throughout the project's life, identifying and defining roles, and specifying the communication methods and frequency for stakeholder engagement, especially in the context of managing and disseminating risk-related information.