A risk library is basically the complete list of risks that has been compiled by the risk management department of an organization. Any organization that works in a heavily regulated industry (like the financial sector) will have an extensive list of risks that are being tracked and monitored throughout the year by the risk experts within the organization. The risk team also looks at the controls that are in place to mitigate the risks in the risk library and ensures that the controls are performing up to standard.

The role that risk libraries play in risk management is foundational to managing and optimizing risk successfully. There is a lot of discussion on how risk teams works to manage risks effectively and how organizational strategy sets risk appetite. As organizations evolve, risk libraries or taxonomies must also mature to ensure that risk management aligns with strategic objectives.

This Risk Library allows you to look across your risks and program in new and insightful ways

This course will help you to aligns modern risks with your core compliance activities and organizational structure creating a unified underlying structure for your ethics and compliance program. Whether you import your existing risk library or use this library, you will gain insight and structure that you did not even know was possible.