Dynamic Risk Event Prioritization in GRC Systems
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Solution Overview
Problem
Existing Governance, Risk, and Compliance (GRC) platforms are static and primarily reviewed periodically, limiting input from members outside the core team and failing to provide timely quality improvement of inventory elements.
Innovation Solution
A processor-executable system that allows real-time submission and prioritization of risk events by employees, determining risk ratings, and facilitating collaboration to address potential risks, enabling broader community involvement in risk management and continuous improvement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If GRC platforms use periodic reviews with static data, then system complexity is reduced and ease of operation is improved, but timeliness of risk identification and quality improvement of inventory elements deteriorates
Solution Approach 1:
The patent transforms the static, periodic review system into a dynamic, real-time system where risk events are continuously submitted and prioritized. The system automatically updates risk ratings and notifies relevant users immediately when new risk events are identified, eliminating the delays inherent in periodic reviews while managing complexity through automated workflows and structured data models.
Solution Approach 2:
The patent replaces the manual, mechanical process of periodic data collection and review with an automated electronic system. The computer-executable components automatically receive risk event submissions, calculate risk ratings using predefined criteria, prioritize events, and distribute notifications throughout the organization, substituting human-driven periodic processes with continuous automated operations.
2Adaptability or versatility
If GRC platforms limit input to core team members, then ease of operation and data quality are improved, but adaptability and comprehensive risk coverage deteriorate
Solution Approach 1:
The patent segments the risk management process into distinct functional components: risk event submission by any user, automated risk rating calculation, prioritization based on multiple criteria, and targeted notification to relevant stakeholders. This segmentation allows broad participation while maintaining data quality through structured submission forms and automated validation, preventing information loss despite increased adaptability.
Solution Approach 2:
The patent implements feedback mechanisms where risk ratings and prioritization results are automatically communicated back to submitters and relevant users. This feedback loop ensures that while anyone can submit risk events (increasing adaptability), the system maintains quality control through automated rating algorithms and allows users to refine their submissions based on system feedback, preventing information loss.
3Productivity
If GRC platforms process all risk events equally, then ease of operation is improved, but productivity and timely remediation deteriorate
Solution Approach 1:
The patent changes the parameters of risk event processing by introducing multiple prioritization criteria (risk rating, event type, business unit, timing) rather than treating all events equally. The system automatically adjusts processing priority based on these parameters, enabling efficient resource allocation and timely remediation of critical risks while maintaining operational simplicity through automated parameter-based routing.
Solution Approach 2:
The patent applies different processing qualities to different risk events based on their specific characteristics. High-risk events receive immediate attention with automated notifications to senior management and expedited remediation processes, while lower-risk events follow standard workflows. This local quality approach maximizes productivity for critical events without complicating the overall system operation.
Data Source
AI summary
Timely quality improvement of an inventory of elements is provided. An event submission that includes at least one element of the inventory of elements is received at about the same time as the event is encountered. The event submission is prioritized based on factors related to the submitter, the event, historical information, or combinations thereof. A risk level or rating is assigned to the event submission and others are invited to comment on the event submission. Based on the comments, real-time information is presented so that the event submission may be tracked during the process. The submitter of the event submission is assigned a credibility rating and is given an incentive for providing the event submission.