Many professionals outside of compliance teams are not fluent in the language of risk. That may be hurting the impact of your risk assessment – or even the greater well-being of your business.
GRC professionals believe risk and compliance should be an executive priority as they can drive revenue and inform business decision-making. But they can lose their payoff if other teams are unfamiliar with “risk speak” and the necessary tools and processes are not enacted to help translate those insights into actions.
Making risk a revenue driver comes down to adopting a quantitative approach to risk while putting the right management solutions in place. When this happens, it’s easier to translate risk and generate better, more informed decisions throughout the entire business. This is done by creating a common taxonomy, giving risk and compliance leaders a seat at the “mission-critical table” and thinking creatively about leveraging common control frameworks.
A Common Taxonomy Helps Drive Collaboration and Efficiency
A well-defined taxonomy structure is a useful tool for translating risk language between teams and departments. In order for the entire business to look at risk as a business driver, the identification and naming structure needs to be customized for a specific…
