IDENTIFYING CONTROL IMPROVEMENT OPPORTUNITIES FOR KEY PROCESSES
First Claim
1. An apparatus for identifying process control opportunities for key processes with a financial institution, the apparatus comprising:
- a computing platform having a memory and at least one processor in communication with the memory; and
a process control opportunity module stored in the memory, executable by the processor and including;
a risk priority routine configured to determine a risk priority number for a plurality of identified steps of a key process, wherein the risk priority number is determined based on (1) cost of a failure mode associated with the step, (2) probability of the failure mode and (3) detectability of the failure mode;
a process health routine configured to determine a process health score for each identified step of the key process, wherein the process health score is based on the risk priority number and a process control status score that is determined for each of the identified steps based on a level of process control currently existing in a corresponding identified step, anda process control opportunity routine configured to identify a process control opportunity for one or more of the steps based on the process health score meeting or exceeding a predetermined threshold.
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Accused Products
Abstract
Embodiments of the invention are directed to apparatus, methods, and computer program products for identifying process control gaps and process control improvement opportunities in a financial institution. The present invention leverages both Failure Mode and Effects Analysis (FMEA), specifically implementation of a risk priority number/score and Federal Financial Institution Examination Council (FFIEC) examination guidelines, specifically completion of a process control guidance checklist to result in a process control status score. As a result of the integration of FMEA and FFIEC examination guidelines, a resulting risk-based process health score is implemented to identify the risk of lack of process controls or gaps in existing process controls. As a result, actions may be taken to mitigate the risk and/or provide the requisite process controls.
12 Citations
17 Claims
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1. An apparatus for identifying process control opportunities for key processes with a financial institution, the apparatus comprising:
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a computing platform having a memory and at least one processor in communication with the memory; and a process control opportunity module stored in the memory, executable by the processor and including; a risk priority routine configured to determine a risk priority number for a plurality of identified steps of a key process, wherein the risk priority number is determined based on (1) cost of a failure mode associated with the step, (2) probability of the failure mode and (3) detectability of the failure mode; a process health routine configured to determine a process health score for each identified step of the key process, wherein the process health score is based on the risk priority number and a process control status score that is determined for each of the identified steps based on a level of process control currently existing in a corresponding identified step, and a process control opportunity routine configured to identify a process control opportunity for one or more of the steps based on the process health score meeting or exceeding a predetermined threshold. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method for identifying process control opportunities for key processes within a financial institution, the method comprising:
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identifying a plurality of steps included in a key process; determining, by a computing device processor, a risk priority number for each identified step of the key process, wherein the risk priority number is determined based on (1) cost of a failure mode associated with the step, (2) probability of the failure mode and (3) detectability of the failure mode; determining a process control status score for each step of the key process, wherein the process control status score is determined based on a level of process control currently existing for a corresponding step; determining, by a computing device processor, a process health score for each step of the key process, wherein the process health score is based on the risk priority number and the control status score; and identifying, by a computing device processor, a process control opportunity for one or more of the steps based on the process health score meeting or exceeding a predetermined threshold. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer program product comprising:
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a non-transitory computer-readable medium comprising; a first set of codes for causing a computer to determine a risk priority number for a plurality of identified steps of a key process, wherein the risk priority number is determined based on (1) cost of a failure mode associated with the step, (2) probability of the failure mode and (3) detectability of the failure mode; a second set of codes for causing a computer to determine a process health score for each identified step of the key process, wherein the process health score is based on the risk priority number and a process control status score that is determined for each of the identified steps based on a level of process control currently existing in a corresponding identified step; and a third set of codes for causing a computer to identify a process control opportunity for one or more of the steps based on the process health score meeting or exceeding a predetermined threshold. - View Dependent Claims (16, 17)
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Specification