The Tags page under the Project Settings is where Project Admins can manage tags inside the project.
All tags that have been created / added to objects will be listed on this page. Only project admins can edit or delete tags.
The tag color feature is only supported with BCF Topics.
If you are a project admin, you can update tag names.
CAUTION: Deleting tags cannot be undone. Deleting a tag will remove it from all objects in the project.