In a vast sea of data, analytical reports, news media, and regulatory requirements, it is more important than ever for the C-Suite to cut through the noise and view the key metrics and reports that are the top priorities and drivers of the business. Materiality, once thought of solely in the context of accounting and reporting, can allow management to focus on the key drivers of risk, operations, and financial performance.
Materiality can be utilized as the building block of a reporting framework meant for the leadership of the organization, allowing them to know the key drivers of the business and allowing them to view the most material items in real time. The ability to extract the information when needed in a format that allows for quick ingestion and action is paramount. A strong, focused, and flexible materiality framework is key to ensuring the data most relevant to your business isn’t getting drowned out by pages of reports that fail to answer the top concerns of executive leadership.