Benefits and pitfalls of a risk taxonomy
Rigorous classification of operational risks can be the foundation of a good risk framework – but it's easy to get wrong, warns Marcelo Cruz
The risk management industry is growing increasingly fond of talking about taxonomy. In most conferences and industry workshops, and certainly amongst consultants, the term "risk taxonomy" has become a regular mantra. So, what is this buzz all about?
Taxonomy is a term borrowed from biology, meaning the description, naming and classification of newly discovered species and larger groups of organisms, based on certain common features. With new risks emerging almost as frequently as new species of
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