Set common definitions for key terms

If you want to involve colleagues or other stakeholders in the assessment of impacts, risks and opportunities (IROs), it is important that they base their assessment on the same assumptions. 

For example, in the case of environmental risks, you and the stakeholders involved need to assess what the resulting level of expected financial effects is. Here it is important that you specify certain threshold values at group level for all stakeholders involved in order to obtain meaningful answers. 

You can do this in the Settings menu item via the “Double materiality definitions” tile:

You will now see the various core terms of the assessment scheme for the dual materiality analysis and can add key questions / comments to the terms mentioned here and also describe or define the various assessment criteria in more detail:

Stakeholders who are now invited by you to evaluate the IROs will then see the definitions you have added under the terms.

Risk assessments and relationship to risk management

When assessing risks using the two questions on the probability of occurrence and the amount of the expected financial impact, it is important that you are guided by the company's established internal risk management practices and apply the same threshold values or assessment schemes using the definitions.

Frequently Asked Questions

How do my stakeholders see the definitions?
The definitions are displayed directly below the scale values in the IRO assessment.