Patent ID: 8478629

Claim:
A method for mitigating risk comprising: developing a risk network comprising of risk nodes; analyzing a node in said risk network when an output of said node violates a control limit; updating said risk model to reflect an observed control limit violation; identifying, from said risk model, a source of said violation of said control limit; determining whether an existing risk factor influencing said source has changed; collaboratively performing a root cause analysis based on user feedback; updating said risk model to reflect new any updated risk factor and associated probability; evaluating consequences of changes on one or more performance metrics; analyzing the risk network and creating a mitigation action in response to changes in said one or more performance metrics; collaboratively setting parameters for said mitigation actions; performing said mitigation action, said mitigation action having an influence on said output of said node; and measuring said output of said node to determine effectiveness of said mitigation action on said node, wherein a program using a processor unit executes one or more of said analyzing, identifying, creating, performing and measuring steps.