Diligencevault has the ability to automatically rate the responses where responses are defined like yes/no, dropdowns, etc. If your questionnaire has many such questions, you can use these rules to automatically rate the responses in the questionnaire as soon as the questionnaire is submitted to you. This will help you save a lot of time and effort.
There are 2 types of rating rules :
Set standard rules for flags and scores
Standard rules help you to create rules based on basic conditions like if the response is equal or not equal to a certain value, you can define a rating.
Here are some examples of standard rules :
- Response : Choose this condition to define a rating based on the response to the question. Ex. If the response to the question "Do you have an ESG Policy" is "No", you can add a rating "High Risk" and also flag the response.
- Previous Response : Choose this condition to compare the previous response submitted by the responder to the same question. Ex. If you want to know if the headcount of the firm has increased or decreased significantly, you can apply the automation to rate the response based on the percentage increase or decrease in the headcount.
- Response Marked as "N/A" : You can choose to automatically exclude the question from the overall rating if the responder has marked the question as Not Applicable.
- No Response : Incase when there is no response to a specific question, you can set automation to automatically exclude such questions from the ratings.
To configure the rules, please follow the below instructions :
- Navigate to "Diligence" > "Templates"
- Select "More Actions" > "Set flags and scores"
- Click on the "+" sign to add a new rule
- Standard, will be selected by default. Choose the question where the rule is to be applied under "Apply the new rule to" and set the conditions as explained above.
- Then, select the trigger actions as per your requirement.
You can also apply multiple conditions to one rule.
- Select "Add New Condition"
- Choose between "any" or "all" for and/or logic
- Set up your conditions. In this example, if the total headcount is greater than or equal to 100, OR if the total headcount is less than or equal to 10, the response will be flagged and given a low score.
- You can delete an additional condition by selecting the trash can icon to the right of the condition.
Advanced Rules for Flags and Scores
Our advanced ratings enhancement was created to allow your team to automatically apply your secret sauce more efficiently while rating and scoring on DV. It provides your team with the flexibility to set different criteria for your rules- percentage based, knock-out criteria, or total scores based on various combinations. Take a look at how to apply the most frequently used rules below.
- Navigate to "Diligence" > "Templates"
- Select "More Actions" > "Set flags and scores"
- Click on the "+" sign and select "advanced"
- Decide what area of the template you would like to apply the new rule to. You can now create rules that apply to one specific sub-category, category or the entire project.
Advanced Flagging:
- "Response Contains" logic: Enter specific text and numeric values that the response contains to be flagged. This is useful when your team wants to quickly flag keywords that are used in responses such as “felony” or “liquidated” or “high-risk”. Instead of reading the entire response, these responses will automatically be flagged.
- "Response difference" logic: Will show the absolute (numeric) or relative (percent) changes in responses. This new functionality allows your team to compare the response to this request, with the previous response on the platform. This can be applied for risk and compliance use cases that involve flagging large changes in returns. Automate your risk framework and identify significant changes that need attention.
- Parent and nested logic: Your team can now flag the response to the parent question or nested question, based on the response of the other. In the example below, the rule is affecting the parent question "Do you have an ESG Policy?" but it is based on the nested question, "please explain why you do not have an ESG policy?". If the user's response to the nested question contains the words "not applicable", the parent question will be flagged and will receive a low rating.
Advanced Score Rating Rules:
- Composite Conditions: Trigger actions based on the count or percentage of questions/sub-categories/categories that match a specified condition. In the example below, the rule is set for the category "Impact Investing & Diversity", and is based on two composite conditions. 75% of the yes/no questions in the sub-category ESG Considerations must have a response equal to yes, AND, 75% of yes/no questions in the sub-category "Firm Diversity Profile" must also have a response equal to yes.
- Knockout Criteria: Assign a score/rating to the entire project, category, or sub-category based on defined rules. This can be used if a certain response should be given more weight than the other responses. In the example below, if the question, "do you have a business continuity plan" receives a response equal to no, the entire project will receive a low score.
- Total score based on combination of ratings - Based on the aggregate of ratings given to each sub-category, your team can assign a total score to a specific category
- Ex. If one category is HIGH and one is MEDIUM, total score should be MEDIUM.
- Ex. If one category is HIGH and two are MEDIUM, total score should be HIGH, etc.
- In the example below, if greater than or equal to 2 sub-categories in the category "basic information" receive a score or rating that is greater than or equal to 2, the entire category will receive a HIGH rating.
At this point the configuration for the rating is completed. You will be able to rate the projects sent after the rating has been configured.