The RiskBusiness Risk Taxonomy library provides organizations with a detailed riskrelated classification structure for operational risk. This rich content library incorporates years of refinement, which includes hierarchical risk categories with detailed risk descriptions and unique risk inclusion and exclusion definitions, enabling users to select the most appropriate risk classification for each specific risk. In conjunction with CA GRC Manager, the taxonomy provides the language to catalogue types of risks and controls that support consistent documentation and communication of controls and risk data across an organization.
Tom McHale, Vice President of Product Management for CA GRC Manager, states, âWith the Risk Taxonomy Library, our customers have access to an industry-proven library for operational risk, which is an essential component of a robust governance, risk and compliance program. As an added benefit, the Taxonomy library is integrated with the RiskBusiness KRI Library (key risk indicator) and Public Loss Data Services, allowing our customers to perform benchmarking and data comparison analysis against similar organizations in the same industry.â
Jonathan Davies, RiskBusinessâ Managing Director responsible for the Americas adds: âThe typical separation of the dialogue about risks and controls into Risk Management, Compliance and Audit functions has encouraged a siloed approach to risk, with each domain struggling to map to the language of the other. Through the use of integrated content libraries, the organization can enhance the clarity of risk information, improve overall organizational efficiency, and enable improved visibility for risk/reward trade-off decisionsâ.
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