Classification

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Classification manages entity classifications using multiple taxonomies (NAICS, SIC, GICS) across different dimensions, handling hierarchical classification structures and temporal changes as entities evolve and classification systems update. This use case addresses managing multiple classification systems, standardizing classifications across entity portfolios, linking classifications to regulatory requirements and reporting obligations, tracking classification changes over time, and supporting risk assessment and strategic insights through classification analysis.

The Challenge

Organizations face challenges in entity classification management:

• Multiple taxonomies — Entities may be classified using multiple classification systems (NAICS, SIC, GICS)
• Classification complexity — Entities may have multiple classifications across different dimensions
• Temporal changes — Classifications change as entities evolve and classification systems update
• Data quality — Ensuring accurate and consistent classification across systems
• Regulatory requirements — Different jurisdictions and regulations require different classifications
• Relationship context — Understanding how entity relationships affect classifications
• Standardization — Standardizing classifications across entity portfolios
• Hierarchical structures — Managing hierarchical classification structures and relationships

Why EKG is Required

Enterprise Knowledge Graphs provide powerful classification management capabilities:

• Multi-taxonomy integration — Connect classifications from multiple taxonomies and systems
• Hierarchical modeling — Model hierarchical classification structures and relationships
• Temporal tracking — Track classification changes over time and maintain historical classifications
• Relationship analysis — Understand how entity relationships affect classifications
• Regulatory integration — Link classifications to regulatory requirements and reporting obligations
• Multi-entity analysis — Analyze classifications across entity portfolios
• Data quality — Identify and resolve classification inconsistencies through relationship analysis
• Standardization — Standardize classifications across entities and systems

Business Value

• Risk assessment — Support risk assessment through accurate entity classification
• Regulatory compliance — Meet requirements for entity classification and reporting
• Reporting efficiency — Enable efficient reporting through standardized classifications
• Operational efficiency — Automate classification management and reduce manual effort
• Strategic insights — Understand entity portfolio composition through classification analysis
• Data quality — Improve classification data quality through validation and standardization