# GRAB: A Risk Taxonomy--Grounded Benchmark for Unsupervised Topic Discovery in Financial Disclosures

arXiv: https://arxiv.org/abs/2509.21698 · HTML: https://mlsanity.com/paper/2509.21698/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 5 of its 19 references that are in the map.
- First posted on arXiv 25 Sep 2025.

## Builds on (most cited first, 5 of 5)

- [Sentence-BERT: Sentence Embeddings using Siamese BERT-Networks](https://mlsanity.com/paper/1908.10084/) (2019)
- [Efficient Estimation of Word Representations in Vector Space](https://mlsanity.com/paper/1301.3781/) (2013)
- [BERTopic: Neural topic modeling with a class-based TF-IDF procedure](https://mlsanity.com/paper/2203.05794/) (2022)
- [Autoencoding Variational Inference For Topic Models](https://mlsanity.com/paper/1703.01488/) (2017)
- [Pre-training is a Hot Topic: Contextualized Document Embeddings Improve Topic Coherence](https://mlsanity.com/paper/2004.03974/) (2020)

## Abstract (arXiv)

Risk categorization in 10-K risk disclosures matters for oversight and investment, yet no public benchmark evaluates unsupervised topic models for this task. We present GRAB, a finance-specific benchmark with 1.61M sentences from 8,247 filings and span-grounded sentence labels produced without manual annotation by combining FinBERT token attention, YAKE keyphrase signals, and taxonomy-aware collocation matching. Labels are anchored in a risk taxonomy mapping 193 terms to 21 fine-grained types nested under five macro classes; the 21 types guide weak supervision, while evaluation is reported at the macro level. GRAB unifies evaluation with fixed dataset splits and robust metrics--Accuracy, Macro-F1, Topic BERTScore, and the entropy-based Effective Number of Topics. The dataset, labels, and code enable reproducible, standardized comparison across classical, embedding-based, neural, and hybrid topic models on financial disclosures.