With a common risk language, an organization can effectively identify and prioritize its risks regarding its business objectives. A common risk language eliminates the communication barrier and allows for free discussion of risks and risk mitigation techniques.

Leveraging the terms and definitions found within this document, an organization can tailor the model to reflect its unique operating environment, culture and management vernacular. Through reorganization, addition, elimination, and rewording of risks and risk definitions, a client can create a risk universe and common risk language that fits their specific business needs and objectives.