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Risk Cockpit April 2023

Trend Information Available on Risk

Trend information is available on Risks showing users how their level of risk has changed since the last time that the risk was assessed. This is available in registers allowing organizations to easily identify risks that have increased.

Quantification of Events

When logging events users are now able to capture and report on the value lost or the potential loss associated with a given risk event. This allows users to justify their risk assessments and understand the capital they should keep in reserves for a given risk.

Capturing Interdependence of Tasks

Tasks can now be related to different items in your Risk Framework, allowing firms to understand how the tasks in one part of their business impact different business functions.

Related Item Dashboards

As part of the user defined dashboards users are able to create lists of items and the items that are related. An example of this is seeing all the risks and the events related to those risks in one screen. Making it easier for users to create management reports.

Related Item Filtering

As part of the related item lists users are able to filter on a related item. Allowing them to understand for example all risks that are related to a given system.

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Risk Cockpit November 2022

Workflow focused Home screen

The new Risk Cockpit home screen allows users to easily understand the actions that they need to take when they log in. By completing the recommended actions for which users are responsible they can help their organization ensure their Risk Register is kept up to date.

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Risk Cockpit October 2022

The Risk Cockpit has two new features this month.

Users can add data metric slots on an Adhoc basis, this allows users to track metrics that do not have a regular data update schedule. All past values are saved allowing users to understand the evolution over time.

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The Basel II Framework, previously only available in Risks and Controls, is now available in registers. This allows users to understand their Risk & Control registers both by their taxonomy and the Basel II Framework.

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Risk Cockpit September 2022

Users can now capture additional details on Events, increasing the control they have over events. The new “Remediation” tab on Events allows the capture the root cause, impact and the actions that are taken to remediate any event.

There is also added functionality that allows a user to relate two items of the same type but belong different entities, tying together related risks across the business.

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Risk Cockpit August 2022

The Risk Cockpit has been enhanced with three new features helping users complete timely and accurate Risk Assessments.

1.     A flag on if there has been a change to a risk’s related items since the last risk assessment

2.     The ability to see which related items have changed since the last risk assessment

3.     The ability for the system to suggest the severity of a risk based on the change in frequency and severity of events

Users are now able to better understand which items have had changes to their related items through the display of a new column called “Related Changes.”

Any changes to related items are shown to the users with the red notification icon on Risks and Events. Users can then click on these tiles and see the exact item that has changed.

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Risk Cockpit July 2022

Users can now easily add, update and track metrics. When a user navigates to an item that supports metrics, they are able to see a new tab displaying any metrics that sit below the item.

The tracking of these changes is enhanced by the introduction of ad-hoc metrics. Ad-hoc metrics are any that do not have a recurring pattern. Ad-hoc metrics allow users to create new metric values as and when they need them.

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Risk Cockpit June 2022

Our Risk Cockpit has added enhanced dashboarding functionality. Risk Cockpit users have key data points that they want to integrate to their risk register and other contextual data. To bring this contextual data to life we have added the ability for users to create both pie and line charts with any data that is stored within KRM22’s Datahub. When users navigate to one of their dashboards and add a new widget they now have the option to add a datahub chart.

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This will result in the below pop up appearing. In this pop-up users can:

1.     Select the data source for which they want to create a datahub widget for

2.     Select a virtual view (which we often use to provide historical views on underlying data)

3.     Group and do basic summarisations of data where users can move from data that does not work in visualisations to data that does

4.     Select the type of visualisation that they would like to use.

Other New Features released this month include:

Relationship Map Enhancements

– Ability to expand to parent items

– Ability to use on entities

Permission Editing Enhancements

If you wish to know more about how to get access to these new features, please get in touch with Niklas Wolfe (niklas@krm22.com) or Dan Carter (dan@krm22.com).

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Risk Cockpit May 2022

This month the Risk Cockpit Development effort has been focused on improving the Risk Assessment user experience. We have enhanced this functionality by reducing the number of clicks a user needs to do and making it possible for a user to see related details when doing a risk assessment.

When users navigate to the Risk Assessment tab within the Risk Cockpit, they will see a screen where they can:

  1. Quickly complete a Risk Assessment for the current period
  1. View both the number and score of related items
  1. Drill down into related items that they are interested in.
  1. View past assessment slots

Leveraging these pieces of functionality users can complete an informed Risk Assessment quickly. Every time a user completes a risk assessment in the Risk Cockpit, they will be presented with this information nudging users to investigate.

When a user clicks on one of the related item counts users can to see the details of the related items. Users can easily see when the item was last updated for all item types making it easy for them to determine if something has changed since their last Risk Assessment. Additionally, if a user clicks on one of the related items the info screen for that item will open, allowing users to investigate further.

Other New Features:

  • Task Recurrence
  • Created by and last updated by information available on Info Screen
  • Enhance Initiative progress visual in registers
  • Ability to navigate to the Assessment tab on Risks by clicking on the Assessment Status and Residual severity field in registers.

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If you have any questions or would like a demonstration of the new features, please reach out to Niklas@krm22.com

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Risk Cockpit April 2022

This month the focus has been on improving the user experience of the dashboards by making them more interactive. We have done this by introducing dashboard edit mode, enhancing, and adding filtering to table widgets and by adding tool tips. In doing so, we believe that you will be able to better combine your raw data with information stored in the Risk Cockpit.

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1. Dashboard Edit Mode

We received feedback that users were accidentally making changes to their dashboard. To prevent this, we have introduced edit mode to dashboards. You no longer need to worry about accidentally moving a widget when you are using one of your dashboards. When your dashboard is locked you will be able to use the new filtering functionality that we have added to table widgets.

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2. Filtering of Item List and Data Hub Table widgets on dashboard

As the use of our new Data Hub Table functionality has increased, we noticed users often wanted to filter their data as part of an investigation into the context around a given Metric or Risk. To support this, we have enhanced our filtering functionality and added filtering to Table Widgets. Users can now add two filters to a single column and have more filter options for text fields. This filtering functionality is now available on both Item List Widgets and Data Hub Table Widgets. You can use the filters when your dashboard is not in edit mode.

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3. Tool Tips

With the addition of the description field to registers and taking into consideration limited on screen space we have added tool tips to all text fields. Text fields in registers, table widgets and analytical grids now support tool tips.

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4. Enhanced export to all available columns

All data that is available in the new Risk Cockpit Register can now be exported. When using the cloud export button in registers all records with the selected columns and filters will be exported to excel.

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Other Features and Fixes:

  1. Item closing & re-opening
  1. Date field formatting
  1. Widget group fixes
  1. Description field added to registers
  1. Metric Value in Grouping
  1. Sorting of Fields Such as Risk Severity
  1. Active Field Filtering Fixed

If you have any questions or would like a demonstration of the new features please reach out to Niklas@krm22.com

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Risk Cockpit March 2022

We are excited to announce new features that have been released during March, with a focus on enhancing users’ ability to maintain their risk framework. This builds on the click through functionality and enhanced data access that were leased last month.

Kanban functionality for Initiatives and Tasks

Over the past 6months we have seen an increase in the use of Initiatives and Tasks within the Risk Cockpit. Customers are using the initiatives register to capture risk remediation efforts, and tasks to track recurring “check list” items; we therefore worked towards providing a more efficient way to maintain the status of tasks and initiatives, with the addition of Kanban functionality to both. This new feature allows users to visualise and easily change the status of items, ensuring that their data is accurate. Users can configure the Kanban board to only show the stages that are relevant to them in that moment.

Relationship Tab Enhancements

Users are now able to see all the potential relationships that an item can have in the item type carousel, this can also be used to filter the relationships that are shown. With the new grouping functionality users can group the related items by item type or by the accountable user for those items.

Enhance Parent Item and Related Item selector

To streamline the creation of new relationships including multiple items with the same name we have enhanced the parent item and related item selector. The improved selector has information on the items code and the parent item – this allows users to ensure that they are selecting the correct item.

Dashboard Parent Item Widget RAG Status

Dashboards now support parent item widgets, allowing users to group widgets based on their parent item. This helps users to better understand both the RAG status of the child items, and the RAG status of the parent item. For example, users can add a Risk parent item widget with all the KRI’s that feed that risk. Users can specify the RAG status that a parent item widget should use, for example with the residual severity. This provides users with a visual representation of the child item RAG status that aligns with their parent item.

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Minor changes/fixes

1.     Enhancements to Info Screen layout

2.     Metric Value filtering

3.     Page counts and item counts

4.     Change of minimum widget size

5.     10,000 rows in Analytical Grid Virtual views

For more details about any of these new enhancements or to request a demo please contact: niklas@krm22.com

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