Diligent, a GRC SaaS enterprise with headquarters in Sydney, Australia, has introduced Board Reporting for Enterprise Risk Management (ERM). The ERM dashboard, a new component of the Diligent One Platform, presents easily understandable risk reports replete with relevant and verifiable data, enhancing board members’ knowledge and risk management capabilities.
Simon Owen, Grafton Group plc’s Group Director of Business Risk and Internal Audit, attested to Diligent’s value, arguing that manual, multiple-report systems inconvenience many businesses with tiresome and unwieldy compilations of data. Owen spoke highly of the platform’s ability to “streamline data collection, break down silos and communication gaps and surface clear insights built on reliable, up-to-date risk data.”
Board Reporting for ERM offers a comprehensive ERM dashboard that organisations can use to integrate risk data reports routinely in a user-friendly format in one place. This versatility allows executives to spend less time breaking down complex data, focusing more on making informed, data-driven decisions.
In addition to single-risk comprehension, ERM assists in the understanding of potential risk compilations, which is a major concern for board members. It is a challenging task but critical, says Barbara J Duganier, a board member of several companies. She mentions that being able to comprehend “how risks aggregate and correlate with one another… to see around corners and drive resiliency” is critical in risk management.
The recently introduced Board Reporting for ERM augments Diligent’s successful, previously launched set of board reporting dashboards, such as the Board Reporting for Audit and the Board Reporting for ESG. The new tool caters specifically to board members by providing an overview of strategic risks, disclosure trends, risk scores, and mitigation efforts progress, amongst other crucial services in a familiar layout. Additionally, it showcases an AI-enhanced representation of risk using Diligent’s proprietary data.
Key features include a risk heatmap, which visually portrays an organisation’s risk posture based on impact and likelihood. There is also a risk appetite overview, which aligns top strategic objectives with an organisation’s risk appetites framework, focusing on risk categories and thresholds pertinent to the board.
“The volume and complexity of risks facing organisations has increased rapidly. At the same time, regulations are making the board of directors accountable to demonstrate their understanding of key risks to the business,” said Adam Bailey, Global Head of Product at Diligent. He adds that the Board Reporting for ERM tool “elevates data across the organisation up to the board in an easily digestible format, to give a clear view of a company’s risk posture.”
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