“A dashboard is a visual display of the most important information needed to achieve one or more objectives; consolidated and arranged on a single screen, so the information can be monitored at a glance.” — Stephen Few, Data Visualization Expert
Why are Dashboards Important?
Dashboards help people quickly understand large amounts of data and strategically determine what to do next. Much like a vehicle’s dashboard, digital data dashboards display real-time key metrics and performance indicators, guiding your decisions as you move forward. Without a dashboard, you’re navigating without critical, need-to-know information.
For compliance officers, when it comes to financial crime assurance, a good dashboard can be the difference between understanding small, acceptable risks and missing full-blown control failures that lead to hefty fines and reputational risk.
Introducing the Cable Dashboard
At Cable, we want to help compliance officers leverage our automatic monitoring tools to the maximum possible extent. The Dashboard is a centralized space showcasing multiple metrics that capture all of the rich and relevant management information produced through Cable’s monitoring. As a result, the Dashboard not only synthesizes essential information for you - it also drastically simplifies reporting to your stakeholders by automatically providing charts with the information you need to share.
Let's explore what you can do with the Dashboard page.
Quick Information at a Glance
The Dashboard provides compliance officers with the most urgent, real-time information. In the top row, you immediately see what is going on with any open regulatory Breaches or control Failures that Cable has surfaced in a Paper Trail.
Right away, this gives you assurance that open issues are being handled properly by your team. Alternatively, you can identify quickly if something requires your attention. For example, you can find out if a lot of new Paper Trails have surfaced recently and need to be assigned to an owner, and you can also find out whether Paper Trails are being remediated in a timely manner or if any Paper Trail have remained unresolved for a long period of time.
Financial Crime Risk Trends
However, compliance officers want to know about more than just current issues - they also need to understand big-picture trends. Finally, with Cable’s Dashboard, compliance officers are empowered to have a complete, real-time understanding of trends in their financial crime risks.
Until now, compliance officers haven’t been able to easily track the risks experienced or accepted by their company over time.
As a result, if a regulatory breach occurs or a control fails, it’s difficult for compliance officers to place the issue into context for stakeholders. For example, stakeholders might ask - did we know about the risks in that area of our financial crime framework? Has the company been facing increased risks in recent periods? Where else is the company accepting more risks right now?
Do you want to track trends in the amount of risk you’ve been experiencing? The Dashboard provides charts that make this simple, showing you not only trends in the number of your open Paper Trails, but also how well your team has been fixing underlying issues. In turn, you can show stakeholders if you’ve been facing more (or fewer) risks, and how you’ve been handling those risks.
What if you want to track the amount of risk you are accepting over time? The Dashboard shows you the aggregate risk you’ve accepted from previous issues, and even tells you exactly which areas of your financial crime framework are currently carrying risk. This Dashboard feature fundamentally changes the type of information available to compliance officers.
If you can’t track the amount of risk accepted over time, you’re in danger of making isolated decisions to accept individual risks as they arise without realizing that you’ve already taken on a lot of risk. With the Dashboard, you can be more confident in accepting or rejecting a particular risk because you can precisely track the amount of risk you’ve already accepted.
Or perhaps you want to know how to distribute your focus between the areas of your financial crime framework. You can also use the Dashboard to determine which of your financial crime areas have seen the most issues over time and allocate your attention accordingly. Without this data, you might find yourself constantly focused on the issues raised most recently, whereas the Dashboard lets you rely on real-time information to make a data-driven decision about where to focus your energy.
The Future of the Cable Dashboard
The Dashboard will save compliance officers many hours of time by automatically providing information that would otherwise have to be manually collected from many sources. And not only will compliance officers be newly equipped with essential information for their work, but they will be able to communicate much more quickly and effectively to stakeholders.
We’re excited about upcoming features for the Dashboard that will further enhance compliance officers’ ability to make fast decisions grounded in real-time data. Among others, these include bringing you automated quality assurance metrics, risk appetite threshold monitoring and the ability to tailor dashboards based on your personal requirements.
Doing a job without knowing or being able to show your impact is difficult. We are committed to making compliance officers’ work easier and better. With Cable’s Dashboard, you can quickly gain assurance about the effectiveness of your financial crime controls and get all the information you need to communicate to stakeholders, ultimately empowering you to take your business faster and further in the right direction.