Patent ID: 8010398

Claim:
A system for use in managing risk by providing estimates for risk in a new project or process based on corresponding values for risk determined in completed projects or processes, comprising: 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 said plurality of fields have been determined as an average of corresponding subjective or quantitative risk values in completed projects or processes; 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, wherein the generic risk record and the profile risk record each comprise a risk component, a cause component, a consequence component and a control component; and 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 at least some of the subjective or quantitative values are values of calculated fields calculated by the system and others are values of measuring fields input by the user, and the system allows different modes of analysis including 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, and wherein whether fields having subjective or quantitative values are measuring fields or calculated fields depends on the mode of analysis.