Graphical user interface for risk assessment

• US 20050228622A1
• Filed: 04/05/2004
• Published: 10/13/2005
• Est. Priority Date: 04/05/2004
• Status: Abandoned Application

• Current Assignee: Marsh & McLennan Companies, Inc. (Marsh & McLennan Cos., Inc.)
• Original Assignee: Marsh & McLennan Companies, Inc. (Marsh & McLennan Cos., Inc.)
• Inventors: Jacobi, Norman R.
• Application Number:
  US10/818,296
• Publication Number:
  US 20050228622A1
• Time in Patent Office: Days
• US Class Current: 703/2
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system, method and article of manufacture for creating risk maps for risk assessment and management and, more particularly, for creating risk maps for graphically displaying different characteristics of risks. One embodiment provides a method of creating a risk map for graphically displaying characteristics of risks. The method includes determining N selected risks from a plurality of potential risks, where N is an integer; determining, for each of the N selected risks, a probability of occurrence, a relative severity of occurrence, and a risk evaluation factor; and displaying, for each of the N selected risks, the probability of occurrence, the relative severity of occurrence and the risk evaluation factor.

Claims

1. A method of creating a risk map for graphically displaying characteristics of risks, comprising:

determining N selected risks from a plurality of potential risks, where N is an integer;

determining, for each of the N selected risks;

(i) a probability of occurrence;

(ii) a relative severity of occurrence; and

(iii) a risk evaluation factor; and

displaying, for each of the N selected risks, the probability of occurrence, the relative severity of occurrence and the risk evaluation factor.

2. The method of claim 1, further comprising:

determining, for each of the N selected risks, another risk evaluation factor; and

displaying, for each of the N selected risks, the probability of occurrence, the relative severity of occurrence and the other risk evaluation factor.

3. The method of claim 1, wherein the relative severity of occurrence describes a relative cost associated with occurrence of the selected risk.

4. The method of claim 1, wherein the risk evaluation factor describes a future trend for the selected risk.

5. The method of claim 1, wherein the risk evaluation factor describes a cash flow associated with occurrence of the selected risk.

6. The method of claim 1, wherein the risk evaluation factor describes a reputational impact at occurrence of the selected risk.

7. The method of claim 1, wherein the risk evaluation factor describes inter-risk correlations.

8. The method of claim 1, wherein the displaying comprises, for each of the N selected risks:

plotting the probability of occurrence and the relative severity of occurrence as a data point on a two-dimensional graph; and

displaying a graphical object collocated with the data point for representing the respective risk evaluation factor.

9. The method of claim 8, wherein the graphical object comprises:

a trend vector indicating a trend of the Nth selected risk with respect to the probability of occurrence and the relative severity of occurrence.

10. The method of claim 8, wherein the graphical object quantifies the risk evaluation factor according to a relative size of the graphical object.

11. The method of claim 10, further comprising displaying a legend for the graphical object.

12. The method of claim 8, wherein the graphical object quantifies the risk evaluation factor according to a relative shape of the graphical object.

13. The method of claim 12, further comprising displaying a legend for the graphical object.

14. The method of claim 1, further comprising:

receiving user input specifying a risk inventory including the plurality of potential risks.

15. The method of claim 1, wherein the determining of the N selected risks is performed in response to user input.

16. The method of claim 1, further comprising:

determining, for a subset of the N selected risks, the probability of occurrence and the relative severity of occurrence;

determining predefined relationships between the subset and the remaining risks of the N selected risks; and

determining, for each one of the remaining risks, the probability of occurrence and the relative severity of occurrence on the basis of the predefined relationships.

17. The method of claim 1, wherein determining the probability of occurrence, the relative severity of occurrence and the risk evaluation factor is performed on the basis of a statistical analysis.

18. The method of claim 1, wherein determining the probability of occurrence and the relative severity of occurrence is performed on the basis of at least one of:

(i) published industry data;

(ii) loss experience;

(iii) professional judgment; and

(iv) individual company characteristics.

19. A method of displaying risk maps for graphically displaying characteristics of risks, comprising:

displaying a two-dimensional graph having an x-axis representing a probability of occurrence of risk and a y-axis representing the relative severity of occurrence of risk;

plotting a plurality of data points on the two-dimensional graph and each representing a different risk type;

displaying a first type of a graphical object collocated with each of the plurality of data points, the first type of a graphical object representing a first risk evaluation factor for a first risk map; and

displaying a second type of a graphical object collocated with each of the plurality of data points, the second type of a graphical object representing a second risk evaluation factor for a second risk map.

20. The method of claim 19, further comprising:

displaying a third type of a graphical object collocated with each of the plurality of data points, the third type of a graphical object representing a third risk evaluation factor for a third risk map.

21. The method of claim 19, further comprising:

displaying at least one user-selectable graphical element associated with the two-dimensional graph for selectively viewing each of the graphical objects of the first and second types on the two-dimensional graph with the same plurality of plotted data points.

22. The method of claim 21, further comprising navigating between the first and second risk maps using the at least one user-selectable graphical element.

23. The method of claim 19, wherein each type of graphical object reflects a quantity of the respective risk evaluation factor according to a relative visual attribute of the graphical object.

24. The method of claim 23, wherein the relative visual attribute is a size of the graphical object.

25. The method of claim 23, wherein the relative visual attribute is a shape of the graphical object.

26. The method of claim 19, further comprising:

determining N selected risk types from a plurality of potential risk types, where N is an integer;

determining, for each of the N selected risk types;

(i) the probability of occurrence;

(ii) the relative severity of occurrence;

(iii) the first risk evaluation factor; and

(iv) the second risk evaluation factor.

27. A graphical user interface residing in computer readable medium and comprising a graphical representation of a risk map, the risk map comprising:

a plurality of data points, each data point being associated with a potential risk and indicating;

(i) a probability of occurrence of the potential risk; and

(ii) a relative severity of occurrence of the potential risk; and

a graphical object collocated with each of the plurality of data points and representing a risk evaluation factor of the potential risk.

28. The graphical user interface of claim 27, wherein the relative severity of occurrence describes a relative cost associated with occurrence of the potential risk.

29. The graphical user interface of claim 27, wherein the risk evaluation factor describes a future trend for the potential risk.

30. The graphical user interface of claim 27, wherein the risk evaluation factor describes a cash flow associated with occurrence of the potential risk.

31. The graphical user interface of claim 27, wherein the risk evaluation factor describes a reputational impact at occurrence of the potential risk.

32. The graphical user interface of claim 27, wherein the risk evaluation factor describes inter-risk correlations.

33. The graphical user interface of claim 27, wherein the graphical representation comprises a two-dimensional graph having an x-axis representing the probability of occurrence and a y-axis representing the relative severity of occurrence of the potential risk.

34. The graphical user interface of claim 33, wherein the graphical object comprises:

a trend vector indicating a trend of the Nth selected risk with respect to the probability of occurrence and the relative severity of occurrence;

35. The graphical user interface of claim 33, wherein the graphical object quantifies the risk evaluation factor according to a relative size of the graphical object.

36. The graphical user interface of claim 35, further comprising a representation of a legend for the graphical object.

37. The graphical user interface of claim 33, wherein the graphical object quantifies the risk evaluation factor according to a relative shape of the graphical object.

38. The graphical user interface of claim 37, further comprising a representation of a legend for the graphical object.

39. A graphical user interface residing in computer readable medium and configured for displaying a plurality of graphical risk maps, the risk maps comprising:

a two-dimensional graph having an x-axis representing a probability of occurrence of risk and a y-axis representing a relative severity of occurrence of risk;

a plurality of data points plotted on the two-dimensional graph and each representing a different risk type; and

a plurality of graphical objects of different types, each type of graphical object being selectively displayable on the plurality of data points and each representing a different risk evaluation factor for a particular risk map.

40. The graphical user interface of claim 39, wherein a particular type of graphical object is a trend indicator indicating a trend of a given risk type with respect to the probability of occurrence and the relative severity of occurrence of the given risk type.

41. The graphical user interface of claim 39, wherein a particular type of graphical object quantitatively reflects the respective risk evaluation factor according to a relative visual attribute of the graphical object.

42. The graphical user interface of claim 41, wherein the relative visual attribute is a size of the graphical object.

43. The graphical user interface of claim 41, wherein the relative visual attribute is a shape of the graphical object.

44. The graphical user interface of claim 39, further comprising user-selectable graphical elements for selectively viewing each of the plurality of graphical objects of different types on the two-dimensional graph with the same plurality of plotted data points.