("Datamaran for Executive" is required 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-suited to address it. Long-term regulatory risks are also particularly important to assess and understand trends, from a strategic point of view.
For more information:
- Open the "Short-term" or "Long-term" links 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" links 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 displaying the general public opinion for each risk (that is each topic within the risk). The ten most mentioned companies (within the last three months), are also shown in your analysis. Select the pinpoints to find the top risk news stories and a brief summary.
If a risk is mainly competitive, your strategy and leadership team should assess how to address that risk, identifying potential opportunities to leverage to your company's advantage (for example: 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.
- To download: from the "Overview" page, select the menu icon, click “Export” and then the desired data.
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.
