Risk Taxonomy
Managing Your Risk Culture
Taxonomy is a representation of your organization’s risk culture.
Risk taxonomy is the practice and science of naming, classifying, and defining relationships between resources, risks, goals, activities within business processes across the enterprise. Without a risk taxonomy, or a risk breakdown structure, or operational risk event classification you can’t compare different types of risks across the enterprise because there is no common set of standards and way to manage relationships between different data types. If each area of the business uses its own terms to identify and classify risk, then the aggregated information will be subjective, incomplete, redundant, or flawed. In other words, without an ERM taxonomy, each silo and level within each silo is speaking a different “dialect of risk.”
With LogicManager you can help everyone speak the same dialect of risk to uncover opportunities and liabilities that are hidden within levels of each silo of your organization today.
LogicManager’s patent–pending taxonomy technology makes it easy to create a common framework for all risks, readiness standards and balance scorecard objectives. Built–in libraries for use across the enterprise connects how a risk event in one functional area also affects other functional areas within your business.
LogicManager enables you to see inside your business processes to better allocate resources. Only LogicManager associates all the building blocks of your organization, such as vendors, IT & physical assets, used within a process, to specific risks, operating procedures and compliance activities.
Learn exactly what those building blocks are, what data is needed and where it is located. Visit our Knowledge Center to learn how taxonomy management makes it possible for a common platform to manage all types of risks across and within all business areas of your organization.