Patent ID: 8645263

Claim:
A method for financial risk prioritization comprising: receiving, by a risk prioritization system having at least one processor, a risk item; determining whether the risk item can be automatically categorized based on a risk item classification scheme, the risk item classification scheme being predefined based on risk item characteristics including at least one of a source of a risk and a potential effect of the risk; if the risk item can be automatically categorized based on the predefined risk item classification scheme, identifying, by the risk prioritization system, a risk type of the risk item, the risk type being identified based on one or more attributes of the risk item as compared to other risk items of the same risk type or of a different risk type; and if the risk item cannot be automatically categorized based on the predefined risk item classification scheme, requesting input of the risk type of the risk item and updating risk item categorization rules specified in the predefined risk item classification scheme based on risk type input received in response to the request; determining a likelihood score, the likelihood score corresponding to a likelihood one or more risk effects will occur as a result of the risk item based on processing of one or more other risk items of the risk type, wherein determining the likelihood score includes: determining a forecasted likelihood; determining a historical likelihood; and calculating the likelihood score using the forecasted likelihood and the historical likelihood; determining an exposure cost associated with the risk item, wherein the exposure cost corresponds to a magnitude of an injury sustained in response to the occurrence of at least one of the one or more risk effects; determining a risk priority of the risk item based on a combination of the exposure cost and the likelihood score; and after determining the risk priority of the risk item: receiving additional data for the one or more other risk items of the risk type; and determining a new risk priority for the risk item based on the additional data.