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When it comes to Enterprise Risk Management, there is a lot of jargon floating around, mostly because it’s a unique, rapidly growing industry. Not all of that jargon is necessarily industry-wide; organizations will sometimes use different terms for the same concept.

One example is the phrase risk-informed activities. We haven’t used this exact phrase in the past, but it certainly lines up with our central tenets; risk should be assessed across the enterprise and be a part of everyone’s job descri

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.

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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 the dots between business areas. It is the critical foundation of your ERM program and any enterprise risk managemen