Has your organization established and implemented a standardized taxonomy of risk categories for consistent cybersecurity risk assessment and comparison?

Using standardized risk categories enables organizations to effectively integrate risk data across different business units, compare risks using common terminology, and make informed decisions about risk prioritization. Without consistent categorization, organizations may struggle to aggregate risk information, potentially missing critical patterns or underestimating cumulative impacts of similar risks across different systems or departments. Evidence could include a documented risk taxonomy or categorization framework that defines risk categories (e.g., operational, technical, compliance, third-party) with descriptions and examples of each. This framework should be referenced in risk assessment documentation to demonstrate consistent application across the organization.