The RiskBusiness Taxonomy and Risk Content Libraries were designed and developed by RiskBusiness and are a core component of its content management services. The Community Bank Taxonomy comprehensively covers the identification of detailed risk types and control types that are necessary to document the risk environment from an Audit, Compliance or Risk Management perspective across the full set of activities of a typical community bank entity. The Taxonomy also integrates with the KRI Library's taxonomy of risks, processes, products and service types.

"The community bank taxonomy" commented Steven Jones, Director of Operational Risk at Synovus in Columbus, Georgia, "provided us with a comprehensive out of the box configuration of risk types, process types and control types that are mapped into existing industry standards for risks and controls". He added, "The taxonomy language has been modified to ensure that the labels that a community banker would expect to see are included and/or renamed so that the content resonates with smaller commercial/retail banking businesses".

Ken Weinstein, previously head of Operational Risk at Peoples Bank in Bridgeport, Connecticut noted, "One of the biggest problems in getting started with an appropriately rigorous risk management process is to establish the language necessary to consistently describe risk and control exposures and activities. The RiskBusiness initiative can spare individual banks the difficulty of starting from scratch while ensuring consistency of approach with other large and small institutions around the world."

Both Steven and Ken were involved in the working group that helped review the Community Bank variant. Jonathan Davies, RiskBusiness' Managing Director responsible for the Americas adds "Our content libraries provide a foundation for real GRC integration. The libraries are available directly from us or via one of our many GRC vendor partners who integrate the content into their platforms. The Taxonomy is also supported with a set of online tools for fully integrated operations and support"