The five critical steps that will allow you to achieve measurable benefits from implementing risk dashboards in your business.
About this white paper
If you are a risk manager tasked with monthly reporting, or a frontline manager tasked with reporting risk, then reporting can take many hours a month to pull together, data sources can be difficult to integrate, and you can struggle to get a connected view.
If a dashboard is configured in the right way, compared to static charts for risk reporting, it can bring direct real-time benefits to your business, driving measurable return on investment. But at the same time, done in the wrong way, it can sit as an unused white elephant. Overall, it’s hard to cut through the forest of data and build the most insightful reports.
What is the right approach to get the most out of your risk dashboards? It begins before you even start coding or designing, and continues long after the dashboard has been created. We believe there are five key steps in making your dashboards sing with return on investment:
- Write a mission statement
- Define a benefit case
- Move from first questions to second questions
- Make sure communication and training happen
- Start small and continuously improve
It remains important to ensure that the design aspects of your dashboard – layout, composition, style, responsiveness, flexibility, chart types, etc – meet user requirements. But these visual aspects are secondary to the key questions of why, how and who it is for.
What you will learn
- The importance of defining a mission statement for a risk management dashboard to guide its purpose and strategic objectives.
- Considerations for determining the benefit case of a dashboard, including time efficiency gains, improved data quality, and new insights.
- The significance of moving from first questions to second questions to ensure actionable insights and decision-making.
- The need for clear communication and training plans, including user guides and ongoing support, to drive the adoption and use of dashboards.
- The value of starting small and continuously improving the dashboard over time based on user feedback and changing requirements.