Patent ID: 8260654
Filing Date: 2012-09-04
Classification: G06Q

Abstract:
1. A method of managing operational risk for an organization, the method comprising: identifying at least one failure mode for a function of the organization; identifying at least one cause and at least one effect for at least one of the at least one failure mode; acquiring ratings associated with the at least one cause and the at least one effect; permuting the at least one failure mode, the at least one cause, and the at least one effect to define at least two risk items, wherein said permuting is performed using a computer; producing a risk prioritization report of the at least two risk items based at least in part on the ratings associated with the at least one cause and the at least one effect; recording a mitigation plan associated with at least one of the at least two risk items in the risk prioritization report; tracking implementation of the mitigation plan; and determining a stability ratio, wherein the stability ratio represents a comparison of one of a number of priority risk items and a number of non-priority risk items to a total number of risk items and the tracking of the implementation of the mitigation plan further comprises tracking a stability ratio.