1. A computer-readable storage medium storing executable instructions for configuring a computing appliance, which, when executed, performs an operation for refining asset classifications, the operation comprising: receiving a plurality of assets, each asset having a classification of a term, wherein each term is selected from a business glossary which provides a hierarchy of controlled vocabulary of terms used within an organization and wherein each asset is characterized using a set of attributes selected from a domain ontology; and upon determining a first term assigned to a first one of the assets satisfies a set of refinement criteria, refining the classification of the first asset by assigning the first asset a second term from the business glossary, wherein the second term is more precise in the business glossary than the first term and wherein the refinement criteria includes: determining that the term of a second one of the assets comprises a descendent of the classification of the first asset, and determining that each attribute of the first asset is at a lower level in the domain ontology than a corresponding attribute in the second asset.