Patent ID: 8645263
Filing Date: 2014-02-04
Classification: G06Q

Abstract:
1. A method for financial risk prioritization comprising: receiving, by a risk prioritization system having at least one processor, a risk item; determining whether the risk item can be automatically categorized based on a risk item classification scheme, the risk item classification scheme being predefined based on risk item characteristics including at least one of a source of a risk and a potential effect of the risk; determining a likelihood score, the likelihood score corresponding to a likelihood one or more risk effects will occur as a result of the risk item based on processing of one or more other risk items of the risk type, wherein determining the likelihood score includes: determining an exposure cost associated with the risk item, wherein the exposure cost corresponds to a magnitude of an injury sustained in response to the occurrence of at least one of the one or more risk effects; determining a risk priority of the risk item based on a combination of the exposure cost and the likelihood score; and after determining the risk priority of the risk item: