MEGA, a GRC and enterprise architecture provider, and RiskBusiness International, a risk advisory firm, announced they have integrated new libraries of risk type and control type content and classification structures as offered in the RiskBusiness Taxonomy into the MEGA Suite. The new offering, which will be available in June, will help financial services firms accelerate the adoption of successful operational risk management programs.

MEGA will also add 2,000 key risk and performance indicators from the RiskBusiness KRI Library, alongside the libraries of business functions and control and risk event types. This will allow users to create a common understanding of risk management. The new offering will help companies to quickly and accurately describe the risk environment using best practices definitions; rely on comprehensive business risk information and compliance standards to support a strong operational risk management program; and establish a clear risk language shared across the enterprise.

“Our partnership expands MEGA’s ability to help companies achieve an even more comprehensive and accurate view of their risk profile and meet Basel II compliance requirements," said MEGA CEO Lucio de Risi. "Together, we will help financial services firms implement best practices in risk management and improve company performance."

The libraries cover the detailed risk and control types that are necessary to document the business environment from an audit, compliance, or risk management perspective. The taxonomy integrates with the industry-standard KRI Library’s taxonomy of risks, processes, products and service types designed for financial services companies.