Reporting risks in smarter ways: our updated Risk Reporting Comparison Tool

Members have shaped the latest version of our Risk Reporting Comparison Tool which now answers even more of their risk reporting considerations. New features include a peer-approved multi level taxonomy plus new data points and a larger pool of companies presented to better inform risk reporting strategies

Last month we launched our Risk Reporting Comparison Tool, requested by members and shaped by their risk reporting needs.

So far, it’s proven to be effective at providing insight on how UK-listed companies report their principal/material risks in annual reports, helping risk managers benchmark their reporting approach against others, and offering data to validate these.

Now, based on member feedback, we’ve enhanced the tool even further.

Members wanted us to add to the already-extensive list of data points within the tool. It now also analyses whether companies:

• include opportunities alongside principal/material risks
• mention KRIs (evidence of businesses tracking the risks they list)
• link principal/material risks to viability statements

This latest version also categorises all the principal/material risks reported by over 130 companies, including all FTSE 100-listed businesses and 250-listed ones from sectors requested by Risk Leadership Network members.

This taxonomy groups risks in a three-level hierarchy. As you “drill down” into each level, the risk categories become more detailed, while sector and/or company filters can also be used to make tailored searches specific to member needs.

A range of senior risk leaders have consulted on, shaped, and agreed this taxonomy, making it peer-approved and grounded in the real-life risk universes of risk functions.

The tool’s purpose is also to support risk managers with the often cumbersome and time-consuming elements of the regulatory requirements of risk reporting.

The collected intelligence available at the click of a few buttons gives both members and their boards confidence in the reporting approach they ultimately decide to take.

Our separate, dedicated Emerging Risk Tool – available in September – will also allow for comparison and trend analysis to help members identify and assess the emerging risks applicable to their business. It will be based on the same taxonomy as the Risk Reporting Comparison Tool, and members will be able to use both tools to gain a more holistic understanding of how peers are handling, assessing and reporting their current and future risks.

Innovation remains in the network’s DNA. We’ll continue to enhance the Risk Reporting Comparison Tool even further, based on member feedback and requests, alongside regular updates when new annual reports are available.

Our tools that solve everyday problems and empower risk leaders to pursue validated approaches to risk management complement regular member meetings and intelligence content that are all peer-driven. Risk Leadership Network members are collectively pushing risk management to the next level by working and learning together.

To find out more about the tool and how becoming a member of the Risk Leadership Network could help you, request a demo here.