Gauging risks and hedging your bets is not just a necessary task by all organizations, but is a business unto itself. RiskBusiness International Limited claims to be the leading international operational risk advisory and solutions firm. They recently released a new risk classification taxonomy. This interesting topic came to us from the blog Bob’s Guide, in the post, “RiskBusiness releases new risk taxonomy.”

The company has a history of winning industry awards for the various iterations of governance, risk, and compliance classification taxonomies that it has created over the past decade. The new RiskBusiness taxonomy reflects some major changes from previous taxonomies. The true differentiation comes with an easier classification, with risks grouped intuitively on reports. This kind of intuitively understood grouping is a standard feature of many classification systems, as well as a necessity, as the terms are like insider baseball language and not intuitive in themselves at all.

Developing a classification system organized into conceptually similar categories can help users gain a better understanding of the taxonomy subject area. How the content is classified impacts the findability of your data. Professionals should look for an experienced builder of solid standards-based taxonomies to associate content for appropriate machine-assisted indexing. Access Innovations can provide solutions that are ANSI compliant.

Melody K. Smith

Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.