Taxonomy management in GRC

Taxonomy is used to organize, classify, and label the elements of the unstructured content. The content is organized into granular elements that provide more information about the context of the content.

Use the new GRC: taxonomy management application to manage categories for your content classification across GRC modules by using the Taxonomy module. In addition, you can use the GRC: taxonomy management application to store your taxonomy. The GRC: taxonomy management application is automatically installed with the GRC: Policy and Compliance Management application.

It helps to adapt and reuse the content efficiently across different segments and products. The GRC: taxonomy management application stores the taxonomy and it provides a way to map the taxonomies via a UI component for all the GRC modules.

The new GRC: taxonomy management application provides the following benefits:

• It provides a better alignment with the regulations.
• It categorizes and classifies the regulatory content easily within the GRC module.
• It sets up an internal taxonomy or maps the taxonomy from an external provider to categorize different types of library objects such as Authority documents and Citations.
• It provides the following out-of-the-box (OOTB) classification elements:
  • Content type
  • Jurisdiction
  • Regulatory body
  • Sector
  • Theme
• It offers the flexibility to add the new taxonomy categories with a new taxonomy class record in addition to the taxonomy categories provided out-of-the-box (OOTB).
• It helps you to streamline your regulatory compliance, trace the regulatory requirements, and update the external regulations.

Note:

If you have downloaded the Regulatory Change Management application previously and you are upgrading to the Australia GA release, copy the data from the old taxonomy tables to the new taxonomy tables.