VALUE AT RISK INSIGHTS ENGINE
First Claim
1. A method for risk mitigation comprising:
- storing in a first memory module of an Incident Management (IM) system, a list of risk events for a plurality of stores, each risk event in the list of risk events having a frequency of risk and a severity of risk;
storing in a second memory module of a Claim Zone (CZ) system, a list of insurance claims for the stores, each insurance claim in the list of insurance claims having a duration of restoring an asset to a condition prior to the risk event, the asset contained in one of the stores;
calculating a likelihood of occurrence for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the likelihood of occurrence based on the frequency of risk;
calculating a degree of disruption for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the degree of disruption based on the severity of risk;
calculating a disruption time for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the disruption time based on the duration of restoring the asset to the condition prior to the risk event;
determining for one of the risk events in the list of risk events and for one of the stores in the plurality of stores a value at risk, the value at risk based on the likelihood of occurrence, the degree of disruption and the disruption time; and
determining a mitigating action to reduce the value at risk.
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Accused Products
Abstract
A method for risk mitigation comprises calculating on at least one processor, a likelihood of occurrence for a risk event, a degree of disruption for the risk event and a disruption time for the risk event. Each risk event is in a list of risk events. The likelihood of occurrence is based on a frequency of risk of the risk event. The degree of disruption is based on a severity of risk of the risk event. The disruption time is based on a duration of restoring an asset to a condition prior to the risk event. A value at risk based on the likelihood of occurrence, the degree of disruption and the disruption time is determined for the risk event. A mitigation action is determined to reduce the value at risk. An indication of the mitigating action is presented on a user interface.
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Citations
20 Claims
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1. A method for risk mitigation comprising:
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storing in a first memory module of an Incident Management (IM) system, a list of risk events for a plurality of stores, each risk event in the list of risk events having a frequency of risk and a severity of risk; storing in a second memory module of a Claim Zone (CZ) system, a list of insurance claims for the stores, each insurance claim in the list of insurance claims having a duration of restoring an asset to a condition prior to the risk event, the asset contained in one of the stores; calculating a likelihood of occurrence for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the likelihood of occurrence based on the frequency of risk; calculating a degree of disruption for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the degree of disruption based on the severity of risk; calculating a disruption time for one of the risk events in the list of risk events and for one of the stores in the plurality of stores, the disruption time based on the duration of restoring the asset to the condition prior to the risk event; determining for one of the risk events in the list of risk events and for one of the stores in the plurality of stores a value at risk, the value at risk based on the likelihood of occurrence, the degree of disruption and the disruption time; and determining a mitigating action to reduce the value at risk. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for risk mitigation comprising:
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calculating on at least one processor, a likelihood of occurrence for a risk event in a list of risk events, the likelihood of occurrence based on a frequency of risk of the risk event; calculating on the at least one processor, a degree of disruption for the risk event in the list of risk events, the degree of disruption based on a severity of risk of the risk event; calculating on the at least one processor, a disruption time for the risk event in the list of risk events, the disruption time based on a duration of restoring an asset to a condition prior to the risk event; determining for the risk event in the list of risk events, a value at risk based on the likelihood of occurrence, the degree of disruption and the disruption time; determining a mitigating action to reduce the value at risk; and presenting an indication of the mitigating action on a user interface. - View Dependent Claims (14, 15, 16)
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17. A computer program product for risk mitigation, the computer program product comprising:
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a non-transitory computer readable storage medium having computer readable program code embodied therewith, the computer readable program code comprising; computer readable program code configured to calculate on at least one processor, a likelihood of occurrence for a risk event in a list of risk events, the likelihood of occurrence based on a frequency of risk of the risk event; computer readable program code configured to calculate on the at least one processor, a degree of disruption for the risk event in the list of risk events, the degree of disruption based on a severity of risk of the risk event; computer readable program code configured to calculate on the at least one processor, a disruption time for the risk event in the list of risk events, the disruption time based on a duration of restoring an asset to a condition prior to the risk event; computer readable program code configured to determine for the risk event in the list of risk events, a value at risk based on the likelihood of occurrence, the degree of disruption and the disruption time; computer readable program code configured to determine a mitigating action to reduce the value at risk; and computer readable program code configured to present an indication of the mitigating action on a user interface. - View Dependent Claims (18, 19, 20)
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Specification