Patent ID: 7319971

Claim:
A system, comprising: a) a knowledge base, for maintaining a generic risk record including a plurality of fields at least some of which have subjective or quantitative values for risk, with the subjective values synchronized to numerical values, and at least some of which have been determined as an average of corresponding subjective or quantitative risk values in completed projects or processes; b) a data store of profiles, for maintaining a profile risk record associated with a particular profile for a particular project or process, and including the same plurality of fields as the generic risk record, the profile risk record for use in providing a risk assessment in the associated profile for the particular project or process; and c) a risk processor, for updating at least one of the subjective or quantitative values of the generic risk record based on a corresponding field value in the profile risk record in the data store of profiles, by averaging into the at least one value of the generic risk record the corresponding field value in the profile risk record; whereby at least some of the subjective or quantitative values of the generic risk record are refined over time based on values of the corresponding fields of the profile risk record for the particular project or process; wherein some of the subjective or quantitative values are values of measuring fields input by the user, and others are values of calculated fields calculated by the system, and the system allows different modes of analysis in which the fields that are the measuring fields differ; wherein the modes of analysis include: a residual assessment mode, in which a user selects inherent values of likelihood and consequence for a risk, and a value, for each control for the risk, for effectiveness in either preventing the risk or reducing the consequence of the risk, and the system then calculates residual levels of likelihood, consequence and risk rating for the risk; an inherent assessment mode, in which a user selects residual values of likelihood and consequence for a risk, and a value, for each control for the risk, for effectiveness in either preventing the risk or in reducing the consequence of the risk, and the system then calculates the inherent levels of likelihood, consequence and risk rating for the risk; and a controls self-assessment mode, in which a user selects inherent values of likelihood and consequence for a risk, as well as residual values of likelihood and consequence for the risk, and the system then calculates the effectiveness of predetermined controls needed to either prevent the risk or to reduce the consequence of the risk.