Proactively monitoring risks and opportunities: Datamaran enhances its ontology
21 July 2020 - By Ian van der Vlugt, Director of Product
As business leaders re-examine board practices and corporate governance principles, they need to consider the changing contexts in which they operate. Today especially, longer-term competitiveness depends on an ability to internalize external risks and opportunities, including environmental, social and governance (ESG) issues.
As the World Economic Forum outlines in a recent six-point Leadership Agenda, this requires proactive and systematic engagement with diverse stakeholders - on a continuous basis. How can business leaders keep one step ahead?
Enhanced Datamaran ontology helps you spot emerging trends and manage risk
We are pleased to announce the launch of Datamaran’s enhanced ontology – the structure that underlies our ESG risk management software – which gives Datamaran clients richer insights into specific action areas and emerging risks.
Launched on July 13, 2020, the enhanced ontology sources best practice and inspiration from across the market. It incorporates new terms, topics, and contextual information, giving Datamaran users a comprehensive picture of their risks and opportunities.
The Datamaran ontology: the foundation for your insights
Using cutting-edge AI technology, Datamaran provides evidence-based insights and supports a structured business process for external risk management. The foundation of the platform is a list of topics – the Datamaran ontology.
Datamaran is designed to help you monitor risks in real-time, and as we have seen in recent months, the global context can change rapidly. As Will Werts, Partner at EY, recently stated, “Firms today are more exposed to broader and more complex risks which behave differently from traditional operational risks. Scouting on Google is not enough anymore. Digital solutions like Datamaran bring back the added value of risk management.”
Take the current COVID-19 pandemic for example – a significant risk that emerged earlier in 2020. Last year, infectious disease was unlikely to have been a material risk for most companies; now we are seeing all businesses dealing with this emerging risk, not only from the virus itself but from the efforts to mitigate its spread and economic impact.
At Datamaran, we keep a close eye on this landscape to ensure that coverage of risk areas are as complete as possible, and we share insights such as those included in our COVID-19 tracker. In this way, the ontology that functions as the foundation of the software also needs to evolve with the changing landscape.
The ontology is a combination of relevant keywords, term locations and syntax relationships that creates structure from unstructured text. It lets Datamaran analyze unstructured sources such as corporate reports, regulatory documents and news media using natural language processing. The result is insights into the relative importance of different business risks, validated through a science-based process that combines the expertise of our team of ESG, risk, finance and data science experts, as well as our clients.
Enhancing the ontology as the market evolves
Far from being static, the ontology is a growing, evolving foundation that remains relevant to businesses around the world as their context changes. One such change in context is the Coronavirus pandemic.
COVID-19 has highlighted the importance of some terminology in business discourse. These terms are mostly related to how businesses prepare for crises, deal with an infectious disease outbreak, and continue operations while keeping employees safe. While Datamaran already tracked these topics, we’ve expanded the associated terms and concepts to cover the evolving discourse, risks and opportunities as they emerge.
For example, some of the enhancements cover concepts related to:
The Datamaran ontology models the external business risk landscape by orienting around key business issues like these. This is why it is important that we keep it up-to-date to ensure companies are able to keep a finger on the pulse of emerging issues. All of the updates are available in Datamaran's online Knowledge Base.
The new enhancements we have made to the ontology add a layer of granularity to provide more relevant insights on specific risks like those related to COVID-19, which companies should be managing. This is achieved through the addition of new terms and topics, ensuring as complete coverage of key ESG and external risk areas as possible.
Benefit from the enhanced ontology
The enhancements are part of our model of continuous innovation. One advantage of the technology behind Datamaran is its scalability and adaptability, which ultimately provides users with benefits - from speeding-up decision-making to backing that up with more reliable data.
"Management is inviting - and expecting - key strategic information from ESG and risk teams. More data means a greater impact on this process and a greater contribution to stakeholders across the value chain. We have the ability to help with prioritization and impact in a way like never before." Learn more here.
Itamar Schwartz - Director of ESG Reporting and Disclosure at Teva
Combined with our Community Topics feature, the ontology offers data-driven insights into emerging risks and opportunities across sectors. The updates ensure these insights are relevant in today’s context, so you can keep one step ahead of risks as they emerge.To find out more about how you can gain insights that help you manage risk with Datamaran, get in touch with our team.
See how Datamaran can help you
Datamaran is the only software analytics platform in the world that identifies and monitors external risks, including ESG. Trusted by blue-chip companies and top tier partners, it brings a data-driven business process for external risk and materiality analysis. In house - at any time.
Datamaran’s patented and award-winning technology offers real-time analytics on strategic, regulatory and reputational risks, specific to your business and value chain.
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