It doesn't do anything much to tell the truth...nothing at all to be honest. It just leaves an icon in the taskbar to change settings quicker, yet it doesn't take that much more effort to just go into the control panel.
If you really want it though, it says you need the Microsoft .NET Framework, and this can be downloaded from Windows Update.
This is if you are talking about the Catalyst Control Centre which I think you are, since your video drivers seem to be working perfectly fine
I hope this helps