Risk Management System for Calculating Residual Risk of an Entity
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United States of America Patent
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Issued Date -
Sep 11, 2014
app pub date -
Mar 11, 2013
filing date -
Mar 11, 2013
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
According to one embodiment, a system includes a processor and an interface. The processor determines a plurality of processes associated with an entity, a plurality of risks associated with the entity, and a plurality of controls associated with the entity. For each of the controls, the processor calculates one or more weighted control scores for the control. For each of the risks, the processor calculates an inherent risk score and a residual risk score. For each of the processes, the processor calculates a residual risk score for the process and determines a process weight associated with the process. The processor further calculates a residual risk score for the entity based on each of the residual risk scores of the processes and each of the process weights associated with the processes. The interface communicates for display an indication of the residual risk score for the entity.
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