US Patent:
20130179215, Jul 11, 2013
Inventors:
Racquel Clough Foster - Dallas TX, US
Gary Francis Page - Harrisburg NC, US
Brett D. Briggs - Charlotte NC, US
Amy Marie Williams - Maple Valley WA, US
Jay C. DeDomenico - Yardley PA, US
Stephen M. Miner - Waxhaw NC, US
Assignee:
Bank of America Corporation - Charlotte NC
International Classification:
G06Q 10/00
Abstract:
Assessing risks arising from relationships with third-parties that support the operations or strategic goals of an organization, such as a bank, are provided. A risk assessment system receives risk assessment values respectively corresponding to the likelihood, severity, and control for a risk item associated with a third-party relationship. The risk assessment system then determines a risk priority value for the risk item based on the risk assessment values. The risk assessment system may prioritize multiple risk items according to their respective risk priority values, risk categories, or both. In some arrangements, the risk assessment system may identify a risk item for additional risk mitigation and determine a risk mitigation action plan for the identified risk item.
