Risk Taxonomy
What is Risk Taxonomy?
A classification system that categorizes risks into a hierarchical structure of risk types and sub-types for consistent identification and reporting.
Terms that appear alongside risk taxonomy
Each of these is named in at least one of the same controls as risk taxonomy. The number is how many controls name both.
- risk assessment 4 shared controls
- risk appetite 4 shared controls
- audit 4 shared controls
- technology risk 4 shared controls
- scenario analysis 3 shared controls
- operational risk 3 shared controls
- risk committee 3 shared controls
- risk management framework 3 shared controls
Frameworks that govern risk taxonomy
What the standards actually require on risk taxonomy
Requirements naming risk taxonomy across 4 standards, quoted from the control text.
HKMA TM-G-1 Governance of Technology Risk. (1) BOARD AND SENIOR MANAGEMENT OVERSIGHT OF TECHNOLOGY RISK (TM-G-1.2.1) - Board approval of IT strategy + technology risk appetite + risk tolerance; senior management accountability + governance structure;
HKMA-TMG1-Governance-Board-Framework-Roles · TM-G-1 Governance - Board + Senior Mgmt Oversight + Technology Risk Management Framework + Roles →The enterprise identifies and gathers the data it needs to identify, analyse and report I&T-related risk effectively. It sets up and maintains a method for collecting, classifying and analysing I&T risk data.
cobit-2019::APO12.01 · APO12.01 Collect data →The entity puts its information and its technology systems to work for enterprise risk management. Relevant information, structured and unstructured, from internal and external sources, is put to use in decision-making and must be available when needed and of...
coso-enterprise-risk-management-erm-framework-2017::P18 · Principle 18: Leverages Information and Technology →Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management framework, including the linkage between climate risk and enterprise risk taxonomy.
TCFD-RM-C · Integration of Climate Risks into Overall Risk Management →Questions people ask about risk taxonomy
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