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Channel Based Risks Value Objects For Better Collaborative Risk Management.

IP.com Disclosure Number: IPCOM000232310D
Publication Date: 2013-Oct-31
Document File: 4 page(s) / 45K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a collaborative approach to risk management that improves efficiency and provides a comprehensive view. New elements enable the collaborative approach via all the existing collaborative management systems. The core elements of a channel based risk value object include the request for an action, the associated channels from where the request enters, the identified risk, and the risk handling strategy/policy.

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Channel Based Risks Value Objects For Better Collaborative Risk Management.

In business operations, such as banking, many different processes exist that are involved with the same types of tasks. These tasks often initiates as some requests for an action. Even a mundane request, such as changing information associated with a credit card, involves multiple steps, channels, files, and people at varying levels in the company. Any

mistakes or breaks in the process can come from a number of sources, including mechanical, software, human, or some combination of these. This requires researching a lot of information and communication between many people. Identifying risk exposure amidst the many tasks, components, and processes is a time-consuming manual task. Current methods are inefficient.

Risk management is mainly focused on Risk Life cycle and process, which is sequential and process focused. For example, a Risk Evaluation phase involves risk identification, risk analysis, and risk response. If an organization has many complex operations, every step in any phase can be complex. It is difficult to track down where in a channel the risk is being contained.

A collaborative approach to risk management is the best way to improve efficiency and provide a comprehensive view. New elements enable the collaborative approach via all the existing collaborative management systems.

The proposed concept is to use channel based risk value objects. The core elements of a channel based risk value object include:


1. A request


2. The associated channels from where the request enters


3. A risk


4. The risk handling strategy/policy

Other elements such as team, process, risk ranking, dates, and risk states identification, etc. can be used with the channel based risk value object as needed by the design of the company's risk management system. The same request that could associate with multiple risks and the risk strategy/policy and can comes in from one or more channels. One channel may involve many different teams.

With this channel based approach, it is easier to track down the "where, what, which, how" of the risk handling from the beginning to the end. It also allows easy identification of the process chains involved in handling the request and exactly

where the risk is being contained. With existing collaborative management software, the compliance and risk team are

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able to review status in the dashboard based on the channel based risk value object.

This...