It is reported that the RiskBusiness Taxonomy is a multi-dimensional tool providing users with libraries of risk-related content that are essential to form the backbone of a robust audit, risk or compliance program. The Taxonomy control types are expressed in a three tier hierarchy that reportedly allow for thorough control analysis and scoring.
The BPS Suite is an offering used to manage compliance, internal audit and operational risk needs across the enterprise. Integration between the two products will offer clients a library of risks, processes and controls mapped into standard industry categories necessary to document the business environment from an audit, compliance or risk management perspective, according to the two companies.
Lloyd Hardin, executive vice president of sales and marketing at BPS, said: We strongly believe a common risk language is the basis from which to integrate audit, compliance and risk processes. The addition of this content gives our clients a sound platform from which to set up, configure and grow our product.
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