A risk taxonomy, the brains of an enterprise risk management software platform, creates a common language to make working across operational silos possible. It also creates the basis for a risk management discipline, so rather than reacting to seemingly "one off situations" the entire organization can standardize and prioritize how assessment, mitigation and monitoring are applied in a common comparable way to build risk management competency across the enterprise.
Added by Steven Minsky on March 21, 2012 at 1:00pm — No Comments
Organizations need to build a robust Enterprise Risk Management (ERM) framework or risk taxonomy, which provides a holistic view of all information and relationships across the organization. Taxonomy structures and preserves the integrity of information, so as changes occur in multiple parts of the organization, managers can compare risks on an 'apples to apples' basis and connect…Continue
Added by Steven Minsky on March 14, 2012 at 5:00pm — No Comments
Risk taxonomy is the framework of naming, organization and managing the relationships to manage your risk information. Your ERM program and any Enterprise Risk Management (ERM) software you use depends upon it.
Most organizations have an organizational chart of how their people are connected. To be…Continue
Added by Steven Minsky on March 8, 2012 at 1:30pm — No Comments
Risk assessments are plagued by subjectivity which means they simply cannot be relied upon to meet their objective. Subjectivity prevents risk assessments from being used across business silos and makes verification by audit or compliance review impossible. Subjectivity can be overcome by using a risk assessment template framework with the following…Continue
Added by Steven Minsky on March 6, 2012 at 8:00am — No Comments