1. A computer method of enterprise risk management comprising: defining a hierarchical organizational model, with a server, to represent an enterprise, the model having a master level and one or more levels subordinate to the master level, the master level having plural materiality grades and plural probability grades, each subordinate level including one or more entities having a reporting relationship to one of the entities in the preceding level, each entity having plural materiality grades; collecting risk information comprising plural risk items via a browser interface, each risk item associated with a particular entity in the hierarchical organizational model and having a materiality measure and a probability measure; storing the collected risk information in a risk information database; upon input from a user indicating approval for release of collected risk information, releasing said risk information to a next higher level in the hierarchical organizational model for review and approval by an other user through the browser interface; collecting a risk synonym for at least one of the plural master level materiality grades, the risk synonym tying the materiality measure to a language of the particular entity in the hierarchical organizational model; displaying selected portions of the collected risk information, via the browser interface, in an output view that for each selected risk item relates the probability measure to the plural probability grades and the materiality measure to either the plural master level materiality grades or the plural entity level materiality grades depending on a selected level.
7. The computer method of claim 1 further comprising updating the risk information on demand to add, delete or modify risk items.