Abstract:
Risk organizing and tracking systems are provided. Users may enter risks relevant to a business entity and associate one or more parameters. The parameters may be chosen from a default list or created by a user. A risk scoring algorithm may also be selected or provided. Scores for the risks may then be generated using the risk scoring algorithm.

Description:
[0001]    The present application claims priority to U.S. provisional patent application Ser. No. 61/531,437, entitled Risk Reporting Log and filed on Sep. 6, 2011. The entire disclosure of which is hereby incorporated by reference. 
     
    
     FIELD OF THE INVENTION 
       [0002]    This invention relates generally to systems and methods for organizing and managing risk information. More particularly, aspects of the invention provide methods and systems for generating a risk reporting log that includes options for scoring risks. 
       DESCRIPTION OF RELATED ART 
       [0003]    Business entities face a large number of risks that can impact profit margins and even existence. Exemplary risks include those relating to natural disasters, supply chains, manufacturing, reputation of brands and products and labor. It can be difficult for business managers and others to organize and track risks. Some prior art attempts have included listing risks on spreadsheets. It is not uncommon for different business units within the same enterprise to use unique spreadsheet formats. The use of different format across an enterprise makes it difficult to track risks. Prior systems designed to track risk have also had limited risk scoring capabilities. 
         [0004]    Therefore, there is a need in the art for improved systems and methods for organizing and tracking risks. 
       BRIEF SUMMARY OF THE INVENTION 
       [0005]    Aspects of the invention overcome problems and limitations of the prior art by providing flexible systems and methods for organizing and tracking risks. Users may identify risks relevant to a business entity and either select or create corresponding parameters. Risk scoring algorithms may also be selected or created. Scores may then be generated with a scoring algorithm and the parameters. 
         [0006]    In some embodiments users enter information with a conventional Internet browser. The information may ultimately be received at a server or other computer device. The server or other computer device may store and process the information provided. The server may also transmit information, images and graphical user interface elements to the Internet browser. 
         [0007]    Additional or alternative embodiments may be partially or wholly implemented on a computer-readable medium, for example, by storing computer-executable instructions or modules, or by utilizing computer readable data structures. 
         [0008]    Of course, the methods and systems of the above-referenced embodiments may also include other additional elements, steps, computer-executable instructions or computer-readable data structures. In this regard, other embodiments are disclosed and claimed herein as well. 
         [0009]    The details of these and other embodiments of the present invention are set forth in the accompanying drawings and the description below. Other features and advantages of the invention will be apparent from the description and drawings and from the claims. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0010]    The present invention is illustrated by way of example and not limited in the accompanying figures in which like reference numerals indicate similar elements and in which: 
           [0011]      FIG. 1  illustrates an exemplary prior art computer system and network that may be used to implement aspects of the invention. 
           [0012]      FIG. 2  illustrates a process that may be performed to organize risk data in accordance with an embodiment of the invention. 
           [0013]      FIG. 3  shows a screen that identifies risk parameters in accordance with an embodiment of the invention. 
           [0014]      FIG. 4  illustrates an exemplary screen that may be used to select footprint parameters in accordance with an embodiment of the invention. 
           [0015]      FIG. 5  illustrates a screen that may be used to enter data that includes initiatives and controls. 
           [0016]      FIG. 6  illustrates how a control may be used to impact a business entity risk score in accordance with an embodiment of the invention. 
           [0017]      FIG. 7  illustrates an exemplary screen that may be used to generate reports in accordance with an embodiment of the invention. 
       
    
    
     DETAILED DESCRIPTION 
       [0018]    Various embodiments of the invention may be implemented with computer devices, computer networks and systems that exchange and present information. Elements of an exemplary computer system are illustrated in  FIG. 1 , in which the computer  100  is connected to a local area network (LAN)  102  and a wide area network (WAN)  104 . Computer  100  includes a central processor  110  that controls the overall operation of the computer and a system bus  112  that connects central processor  110  to the components described below. System bus  112  may be implemented with any one of a variety of conventional bus architectures. 
         [0019]    Computer  100  can include a variety of interface units and drives for reading and writing data or files. In particular, computer  100  includes a local memory interface  114  and a removable memory interface  116  respectively coupling a hard disk drive  118  and a removable memory drive  120  to system bus  112 . Examples of removable memory drives include magnetic disk drives and optical disk drives that receive removable memory elements  122 . Hard disks generally include one or more read/write heads that convert bits to magnetic pulses when writing to a computer-readable medium and magnetic pulses to bits when reading data from the computer readable medium. A single hard disk drive  118  and a single removable memory drive  120  are shown for illustration purposes only and with the understanding that computer  100  may include several of such drives. Furthermore, computer  100  may include drives for interfacing with other types of computer readable media such as magneto-optical drives. 
         [0020]    Unlike hard disks, system memories, such as system memory  120 , generally read and write data electronically and do not include read/write heads. System memory  120  may be implemented with a conventional system memory having a read only memory section that stores a basic input/output system (BIOS) and a random access memory (RAM) that stores other data and files. 
         [0021]    A user can interact with computer  100  with a variety of input devices.  FIG. 1  shows a universal serial bus (USB) interface  122  coupling a keyboard  124  and a pointing device  126  to system bus  112 . Pointing device  132  may be implemented with a hard-wired or wireless mouse, track ball, pen device, or similar device. 
         [0022]    Computer  100  may include additional interfaces for connecting peripheral devices to system bus  112 .  FIG. 1  shows a IEEE 1394 interface  128  that may be used to couple additional devices to computer  100 . Peripheral devices may include game pads scanners, printers, and other input and output devices and may be coupled to system bus  112  through parallel ports, game ports, PCI boards or any other interface used to couple peripheral devices to a computer. 
         [0023]    Computer  100  also includes a video adapter  130  coupling a display device  132  to system bus  112 . Display device  132  may include a cathode ray tube (CRT), liquid crystal display (LCD), field emission display (FED), plasma display or any other device that produces an image that is viewable by the user. A touchscreen interface  134  may be included to couple a touchscreen (not shown) to system buss  112 . A touchscreen may overlay at least part of the display region of display device  132  and may be implemented with a convention touchscreen technology, such as capacitive or resistive touchscreen technology. 
         [0024]    One skilled in the art will appreciate that the device connections shown in  FIG. 1  are for illustration purposes only and that several of the peripheral devices could be coupled to system bus  112  via alternative interfaces. For example, a video camera could be connected to IEEE 1394 interface  128  and pointing device  126  could be connected to another interface. 
         [0025]    Computer  100  may include a network interface  136  that couples system bus  112  to LAN  102 . LAN  102  may have one or more of the well-known LAN topologies and may use a variety of different protocols, such as Ethernet. Computer  100  may communicate with other computers and devices connected to LAN  102 , such as computer  138  and printer  140 . Computers and other devices may be connected to LAN  102  via twisted pair wires, coaxial cable, fiber optics or other media. Alternatively, electromagnetic waves, such as radio frequency waves, may be used to connect one or more computers or devices to LAN  102 . 
         [0026]    A wide area network  104 , such as the Internet, can also be accessed by computer  100 .  FIG. 1  shows network interface  136  connected to LAN  102 . LAN  102  may be used to connect to WAN  104 .  FIG. 1  shows a router  142  that may connect LAN  102  to WAN  104  in a conventional manner. A server  144 . Mobile terminal  146  and a computer device  148  are shown connected to WAN  104 . Of course, numerous additional servers, computers, handheld devices, personal digital assistants, telephones and other devices may also be connected to WAN  104 . 
         [0027]    In some embodiments, a mobile network card  150  may be used to connect to LAN  102  and/or WAN  104 . Mobile network card may be configured to connect to LAN  102  and/or WAN  104  via a mobile telephone network in a conventional manner. 
         [0028]    The operation of computer  100  and server  144  may be controlled by computer-executable instructions stored on a computer-readable medium. For example, computer  100  may include computer-executable instructions for transmitting information to server  144 , receiving information from server  144  and displaying the received information on display device  132 . Furthermore, server  144  may include computer-executable instructions for, receiving requests from computer  100 , processing data and transmitting data to computer  100 . In some embodiments server  144  transmits hypertext markup language (HTML) and extensible markup language (XML) formatted data to computer  100 . 
         [0029]    As noted above, the term “network” as used herein and depicted in the drawings should be broadly interpreted to include not only systems in which remote storage devices are coupled together via one or more communication paths, but also stand-alone devices that may be coupled, from time to time, to such systems that have storage capability. Consequently, the term “network” includes not only a “physical network”  102  and  104 , but also a “content network,” which is comprised of the data—attributable to a single entity—which resides across all physical networks. 
         [0030]      FIG. 2  illustrates a process that may be performed to organize risk data, in accordance with an embodiment of the invention. At least some parts of the process may be performed on a computer device, such as a server. The process may be implemented with computer-executable instructions and the server may provide access to users via conventional browser applications. First, in step  202  a plurality of original parameter options corresponding to a business entity risk are provided. In step  204  at least one graphical user interface element that allows for the creation of additional parameter options not included in the original parameter options is provided. Risk parameter options may include the identification of owners and managers, footprints, demographics and factors and credits.  FIG. 3  shows a screen that identifies risk parameters in accordance with an embodiment of the invention. Owners and managers may be the personnel that are designated for each risk. Footprints may correspond to impact areas for a given risk type. An extreme inflation risk may have a footprint that includes assets impacted by interest rate movements. Demographics can be selected to further distinguish risk types. Exemplary demographics include risk sub-types and business units. Step  202  may include transmitting the types of parameters shown in  FIG. 2  from a server, such as server  144 , to a computer device. Step  204  may include transmitting one or more of graphical user interface elements  302 ,  304 ,  306  and  308  from the server to a computer device. Graphical user interface elements  302 ,  304 ,  306  and  308  may be selected to create new parameters and provide flexibility to users of the system. 
         [0031]    In step  206  a computer device may receive a selection of an original parameter option or an additional parameter option for the business entity risk.  FIG. 4  illustrates an exemplary screen that may be used to select footprint parameters  402 . Screen  402  may be updated with new parameters when a user creates new parameters. A user may make a selection by interacting with the appropriate graphical user interface element. The selection may then be received at a server or other computer device. The selection of other parameters may be performed with similar or other well-known graphical user interface elements. 
         [0032]    In various embodiments users may be provided with multiple algorithms to score risks. The algorithms may be based one or more factors. Exemplary factors include the frequency of the risk occurring, the duration of an event, an impact of the event and risk severity. Algorithms may include addition of factors, multiplication of factors, squaring of factors or other combinations of factors. In some embodiments users may create new algorithms. In step  208  a selection of a risk scoring algorithm is received. A user may enter the selection at a computer device and the selection may ultimately be received at a server or other computer device. A score for the business entity risk may be calculated using the selected risk scoring algorithm in step  210 . 
         [0033]    In some embodiments initiatives and controls may also be tracked and organized. In step  212  it is determined whether an initiative will be entered. A user may select an appropriate menu option and a corresponding selection may be received at a computer device. When an initiative will be entered, in step  214  at least one description of an initiative designed to reduce the business entity risk is received. The description may be received at a computer device. After step  214  or when an initiative will not be received, control passes to step  216  where it is determined whether a control will be entered. When a control will be entered, in step  218  a description of a control designed to reduce the business entity risk is received. In step  220  an identification of at least one of a plurality of factors impacted by the control is received. The factors impacted by the control may be factors used in scoring a business entity risk, such as the frequency of the risk occurring, the duration of an event, an impact of the event and risk severity. 
         [0034]      FIG. 5  illustrates a screen that may be used to enter information that includes initiatives and controls. Section  502  includes text boxes for descriptions of initiatives and target dates. Section  504  includes a text box for entering a description of a control and menu items that may be used to select an appropriate factor impacted by the control and a credit amount. Credit amounts are described below. The information entered into the screen shown in  FIG. 5  may ultimately be received at a server or other computer device. 
         [0035]    Returning to  FIG. 2 , after step  222 , the score for the business entity risk that accounts for the control may be recalculated.  FIG. 6  illustrates how a control may be used to impact a business entity risk score in accordance with an embodiment of the invention. A first control is described as “Optimal Reinsurance” in text box  602 . A selection was made at drop down menu  604  to show that the control impacts the frequency parameter. A selection was also made at a drop down menu  606  to show that the control will apply a credit of “5” to the score. Similarly, a second control is described as “ERM Committee Meeting” in text box  608 . A selection was made at drop down menu  610  to show that the control impacts the severity parameter and a selection was also made at a drop down menu  612  to show that the control will apply a credit of “2” to the score. The score of “8” in section  614  accounts for the combined credits of “7.” 
         [0036]    After step  222  or when no control will be entered, in step  224  a plurality of risks that have been scored with the selected risk scoring algorithm may be ranked. Rankings may be used by managers to identify the largest risks. 
         [0037]    Reports of risks and associated parameters may also be generated with embodiments of the invention.  FIG. 7  illustrates an exemplary screen  700  that may be used to generate reports in accordance with an embodiment of the invention. Risks and associated parameters may be stored in a database. The information entered in screen  700  may be used to query the database to retrieve appropriate risks and associated parameters. 
         [0038]    The present invention has been described herein with reference to specific exemplary embodiments thereof. It will be apparent to those skilled in the art that a person understanding this invention may conceive of changes or other embodiments or variations, which utilize the principles of this invention without departing from the broader spirit and scope of the invention as set forth in the appended claims. All are considered within the sphere, spirit, and scope of the invention.