In our risk management framework, we have defined and are using a non-financial risk taxonomy which helps in categorising risk and casual factors. We have based this on the ORX Risk Reference Taxonomy which suits us well. The taxonomy is made of three classes; event, cause and impact, and provides 2-tier structure for various categories in each class.
However, how do we implement this in a feasible way in the Risk Management application?
I have understood that by deselecting "Inherit from risk statement" one can use the Risk Framework and Risk Statement structure to emulate at least our event class, but no without caveats. We are considering using the "Category" field in the risk form for the impact class.
Thoughts and tips, anyone?
