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Hello Gavin,
As of now we don't hierarchical feature in Business Asset, it's only available in Models and Policies. For Business terms we have introduced the Process Diagrams which shows the processes of your organization with their corresponding data governance associations.
Here is the link of govern help about Process Models
https://governhelp.data3sixty.com/development/Default.htm#h-diagrams/diagrams-process.htm#8)
Please let me know this feature works for your requirement or else I can create Enhancement ticket for Hierarchy in Business Terms.