Risk and performance management are crucial aspects of a company in the global market because they enhance survival and success. According to Simota, Tupa, and Steiner (2017), risk management using performance measurement tools such as KPI’s is essential since it helps in achieving company objectives. KPI’s help companies to manage existing risks by providing visible and transparent information regarding the progression of the hazards. This is because KPI’s are linked to specific objectives in a company. In the selection of KPI’s, companies link risks to particular objectives to mitigate the incidents and foster performances. This means the performance measurement tools can trace, monitor, and analyze information regarding an existing hazard, which helps responsible individuals to decide and implement measures that mitigate the risks. For example, the risk and safety manager is assigned to ensure safety in a company by identifying KPI targets that increase employees, customers, and contractors’ safety.
