Software for financial institution monitoring and management and for assessing risk for a financial institution

• US 20030065613A1
• Filed: 09/28/2001
• Published: 04/03/2003
• Est. Priority Date: 09/28/2001
• Status: Abandoned Application

• Current Assignee: Federal Reserve Bank (Federal Reserve System)
• Original Assignee: Federal Reserve Bank (Federal Reserve System)
• Inventors: Smith, Diane K.
• Application Number:
  US09/965,981
• Publication Number:
  US 20030065613A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A software based Knowledge Management application for supervision and regulation, statistical services and credit risk management. It is designed to retrieve financial institution information from a variety of systems, filter that information and deliver it to the appropriate users through a single point of access. The system provides access to financial institution profiles, tracks institution performance, risk assessment and generates alerts. In addition, the system provides for workflow management. The system also performs compliance monitoring of certain regulations.

Claims

1. A method for assessing risk for a financial institution, the steps comprising:

a) receiving risk assessment data from a plurality of sources, each risk assessment includes data representative of a plurality of selected risk factors;

b) generating a composite risk assessment data in accordance with a calculation based on pre-selected parameters and a comparison thereto;

c) outputting the composite risk assessment on a computer readable medium.

2. The method for assessing risk for a financial institution as in claim 1, wherein the plurality of risk factors are selected from the group consisting of credit risk factor, market risk factor, liquidity risk factor, operational risk factor, legal risk factor, and reputational risk factor.

3. The method for assessing risk for a financial institution as in claim 2, the generating step further comprising computing an overall risk based on selected combined values of the plurality of risk factors.

4. The method for assessing risk for a financial institution as in claim 1, the method further comprising generating an alert when a risk factor has exceeded a predetermined threshold.

5. The method for assessing risk for a financial institution as in claim 4, the method further comprising defining a threshold parameter for generating the alert.

6. The method for assessing risk for a financial institution as in claim 5, wherein the threshold parameter step further comprises an early warning threshold parameter and a normal threshold parameter.

7. The method for assessing risk for a financial institution as in claim 6, the method further comprising storing the alert in a database.

8. The method for assessing risk for a financial institution as in claim 7, the method further comprising means communicatively coupled to a headlines page automatically displaying the alert on the headlines page.

9. Computer readable instructions stored on a computer readable medium, comprising:

computer readable instructions for receiving risk assessments for a financial institution from a plurality of sections, each risk assessment having a plurality of risk factors;

computer readable instructions for generating a composite risk assessment;

computer readable instructions for storing the composite risk assessment on a writeable computer readable medium

10. The computer readable instructions as in claim 9, wherein the plurality of risk factors are selected from the group consisting of credit risk factor, market risk factor, liquidity risk factor, operational risk factor, legal risk factor, and reputational risk factor.

11. The computer readable instructions as in claim 10, further comprising computer readable instructions for receiving risk assessment data from a national examination data examination database.

12. The computer readable instructions as in claim 10, the computer readable instructions for generating a composite risk assessment further comprising computer readable instructions for computing an overall risk based on the combined values of the plurality of risk factors.

13. The computer readable instructions as in claim 10, further comprising computer readable instructions for generating an alert when a new assessment is added to the database.

14. The computer readable instructions as in claim 10, the computer readable instructions further comprising computer readable instructions for defining a threshold parameter for generating the alert.

15. The computer readable instructions as in claim 14, wherein the threshold parameter further comprising an early warning threshold parameter and a normal threshold parameter.

16. The computer readable instructions as in claim 15, further comprising computer readable instructions for storing the alert in a database.

17. The computer readable instructions as in claim 16, further comprising computer readable instructions communicatively coupled to a headlines page for displaying the alert automatically on the headlines page.

18. A method for tracking at least one of an examination and inspection of a financial institution utilizing a computer based system, the steps comprising:

a) initiating a scheduled stage of the examination, the initiating stage including generating an examination form, the computer based system having means for receiving data to store on the form;

b) linking an additional form to the examination by the computer based system;

c) notifying an examiner when the examination is due to be completed;

d) receiving examination data into the examination form and additional forms associated with the computer based system;

e) verifying, by the computer based system, all necessary examination data has been entered into the system by performing a check thereof in accordance with pre-selected criteria;

f) communicating data representative of an examination form and additional forms to a supervisor for review;

g) receiving data representative of supervisory approval; and

h) storing and updating at least one database upon receipt of the data representative of supervisory approval.

19. The method of claim 18, wherein the generating stage further comprises automatically looking up and associating the financial institution data with the examination form and additional forms.

20. The method of claim 18, wherein the sending step is done by electronic mail, automatically after the verifying step has been completed.

21. The method of claim 18, wherein the notifying step is by electronic mail.

22. Computer readable instructions, stored on a computer readable medium comprising:

A) computer readable instructions for receiving instructions for initiating a scheduled stage of the examination;

B) computer readable instructions for generating an examination form, the computer readable instructions having means for receiving data to store on the form;

C) computer readable instructions for associating additional forms for the exam;

D) computer readable instructions for notifying an examiner when the exam is due to be completed;

E) computer readable instructions completing the examination form and additional forms by receiving examination data;

F) computer readable instructions for verifying all necessary examination data has been entered;

G) computer readable instructions for sending examination form and additional forms to a supervisor for review;

H) computer readable instructions for receiving supervisor approval;

I) computer readable instructions for storing examination data on a computer writeable storage medium and updating a plurality of databases.

23. The computer readable instructions of claim 22, the computer readable instructions for notifying an examiner when the examination is due to be completed further comprising computer readable instructions for automatically sending an electronic mail to an examiner.

24. The computer readable instructions of claim 22, the computer readable instructions for receiving supervisor approval further comprising computer readable instructions for automatically sending an electronic mail notification to a supervisor.

25. The computer readable instructions of claim 22, further comprising computer readable instructions to compare examination data to data of a past examination.

26. The computer readable instructions of claim 25, further comprising computer readable instructions for generating an alert when comparison of the examination detects a change of the data beyond a preset threshold.

27. The computer readable instructions of claim 26 further comprising storing the alert data in a database.

28. The computer readable instructions of claim 27 further comprising computer readable instructions for receiving the preset threshold.

29. The computer readable instructions of claim 28, wherein the preset threshold is comprised of an early warning threshold and a normal threshold.