How to use the ‘Drivers’ tab in Datamaran's Executive Dashboard?

(You require “Datamaran for Executive” to use this function)

 

The ‘Drivers’ tab gives you additional insights into risks to understand what the main source or driver of the identified risks are and therefore in which category you should assign the risk internally.

 

The ‘Overall influence’ data can be used to inform your risk register to:

  • Assign risk owner;
  • Determine risk mitigation practices;
  • Prioritize risks;
  • Determine risk appetite

 

Assign risk owner:

If a risk is mainly regulatory (short-term or long-term), your compliance team would be best-placed to address it. Long-term regulatory risks are also particularly important to assess from a strategic standpoint to understand trends.

For more information:

  • Open the ‘Short-term regulatory’ or ‘Long-term regulatory’ boxes for an extract of the most recent and relevant hard/soft laws relevant to the risk.
  • Open the ‘Short-term regulatory’ or ‘Long-term regulatory’ boxes to open the charts presenting an overview of the regulatory trends impacting each risk in the last ten years and the regulatory activity per year.
  • Download the Analysis export from the ‘Overview’ page and open the ‘Mandatory Regulations’ (hard laws) and ‘Voluntary Regulations’ (soft laws) spreadsheets for a full export of all relevant laws and regulations.

If a risk is mainly reputational, your communication team should be informed to look out for additional signs and preventative measures. For more information:

  • Open the charts presenting the general public opinion for each risk, each topic within the risk, as well as the ten most mentioned companies on the risk in your analysis over the last three months. Click on the pinpoints to find the top risk news stories and a brief summary.
  • Download the Analysis export from the ‘Overview’ page and open the “News Articles” spreadsheet for links to articles relevant to the risk. If a risk is mainly competitive, your strategy and leadership team should assess how to address that risk, identify potential opportunities to leverage to your company’s advantage (e.g. drive R&D, enhance internal and external policies)

If a risk is mainly competitive, your strategy and leadership team should assess how to address that risk, identify potential opportunities to leverage to your company’s advantage (e.g. drive R&D, enhance internal and external policies). 

For more information:

  • Use the Disclosure Diagnostic metrics from the ‘Summary’ tab to assess your position against your peers.
  • Download the Analysis export from the ‘Overview’ page and open the “Benchmark” spreadsheet.

 

Determine risk mitigation practices:
The nature of risk can determine the best course of action once a risk owner has been identified. It is likely that risk will be influenced by multiple sources and have a diverse driver profile. In identifying mitigation practices, these should cover the different drivers (e.g. additional R&D, new employee policy, enhanced communication policy, additional compliance controls).

 

Prioritize risks:
Risks that have a similar likelihood but different drivers can be further prioritized (e.g. Risks with a high long-term regulatory influence, can be addressed after those that have a high short-term regulatory influence).

 

Determine risk appetite:
Similarly to risk prioritization, a risk with a high Competitive % might be deemed more risky than a risk with a high Long-term regulatory %, therefore the drivers can help determine your specific risk appetite.

 

How to use the ‘Drivers’ tab?