RiskBusiness is an international risk advisory firm specialising in the design and delivery of industry-leading operational
and enterprise risk management solutions. We provide tools, advice and services to individual institutions, industry associations and
regulators. We focus primarily in financial services but have worked with clients and associations in healthcare, travel & tourism and
RiskBusiness publishes new variant of banking taxonomy
RiskBusiness International Limited, the leading international operational risk advisory and solutions firm, today announced the release of a new risk classification taxonomy which differs significantly from the aging Basel II loss event type structures.
Having won industry awards for the various iterations of governance, risk and compliance classification taxonomies it has created over the past decade, the new taxonomy, the RiskBusiness Banking Taxonomy Variant 4, reflects 3 major changes from previous taxonomies, namely a completely remodelled risk category framework which differs markedly from predecessors which all retained links to the Basel II loss event type structure; a granular, multi-level causal type model; and a new, granular control type structure. Additional enhancements have been made in the arrears of process types, direct and indirect impact types, recovery types and in the addition of a new exposure driver hierarchy.
The RiskBusiness Banking Taxonomy Variant 4 joins its predecessors, which include several insurance taxonomies, financial services enterprise risk taxonomies and other, non-financial services taxonomies in the web-based RiskBusiness Taxonomy Service, a subscription-based service. Subscribers can browse the various taxonomies provided, use components of different taxonomies to assemble their own taxonomy or can create their own bespoke taxonomy from scratch, then map their own taxonomy to any other industry taxonomies provided, including Basel II.
We partner with our clients at both corporate and business line levels to align stakeholders, review and critique existing risk programs,
design customised content specific to their needs incorporating industry standards where possible, build or offer tools and pilot and
implement enhanced risk programs. We also offer web-based risk management tools and risk content delivery services on a subscription
basis, as well as technology to support secure benchmarking of a wide range of risk and business data, to support data exchanges and
peer group comparison and analysis.
Established in 2003, our advisory team consists of seasoned risk professionals who have proven
experience in designing, delivering, implementing and maintaining leading risk management solutions. Our principal advisory locations are
London, Zurich, Auckland and Hong Kong and in 2010 we established a partnership
with Madison-Davis called
RiskBusiness Americas, www.riskbusinessamericas.com,
to jointly promote our services in the Americas. In 2012, RiskBusiness extended its global footprint when it incorporated ACMEConsultora to establish RiskBusiness Latin America,
RiskBusiness Latin America.