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Ensure consistency with central libraries
- Standardize risk causes, risk events, and controls across the system
- Prevent users from creating duplicate or inconsistent entries
- Improve clarity and accuracy in risk management and reporting
Use predefined risk terms to enhance data quality
- Central libraries allow users to select from approved risk terms rather than creating their own
- Ensures that risk events, causes, and controls are described in a uniform way across the organization
Strengthen system-wide links for better insights
- Standardized terms allow for stronger connections between risk data, improving system-wide visibility
- Example: A predefined risk event like "Misleading Marketing Material" can be consistently linked across risk assessments, KRIs, and actions
Enhance reporting and analytics
- Centralized data ensures more reliable reporting, as standardized terms enable meaningful comparisons
- Reduces manual effort in data reconciliation and improves the accuracy of risk tracking and trend analysis
