Biometric risk management

• US 20040024694A1
• Filed: 06/19/2003
• Published: 02/05/2004
• Est. Priority Date: 03/20/2001
• Status: Active Grant

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Inventors: Young, Carl, Lawrence, David
• Granted Patent: US 7,676,426 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention provides methods and systems for managing Risk by associating a biometric profile with other data relevant to a Risk subject. Computerized systems can receive informational data that relates generally to Risk variables and relate the information to known biometric profiles. Compiled information can be situated and conveyed to a compliance department and be able to demonstrate to regulators that a financial institution has met standards relating to Risk containment.

Claims

1. A computer implemented method for managing regulatory and reputational Risk, the method comprising the steps of:

receiving into a computer system data descriptive of informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk;

receiving into the computer system data descriptive of one or more biometric measurements;

associating one or more Risk variables relating to a financial transaction with the received data descriptive of a biometric measurement; and

providing an indication of one or more informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk, which are associated with any of the Risk variables associated with the data descriptive of the biometric measurement, or an indication that none of the informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk, are associated with any of the Risk variables associated with the data descriptive of the biometric measurement.

2. The method of claim 1 additionally comprising the step of:

generating in the computer system a Risk quotient indicative of a quantitative amount of at least one of;

reputational Risk, regulatory Risk and legal Risk, associated with the financial transaction, wherein the Risk quotient is based upon the at least one informational artifact associated with the Risk variables.

3. The method of claim 1, additionally comprising the step of:

generating a report comprising a description of the informational artifacts associated with the Risk variables identified.

4. The method of claim 1 additionally comprising the step of generating a suggested action based upon to informational artifacts associated with the Risk variables identified.

5. The method of claim 1 additionally comprising the steps of:

organizing the received data descriptive of a biometric measurement into multiple biometric profiles, each profile associated with a person;

establishing one or more links between disparate biometric data profiles; and

associating the one or more Risk variables relating to a financial transaction with one or more linked biometric profiles.

6. The method of claim 1 wherein the biometric data comprises a photo image of an individual.

7. The method of claim 1 wherein the biometric data comprises data based upon an iris scan of an individual.

8. The method of claim 1 wherein the biometric data comprises a photo image of an individual.

9. The method of claim 1 wherein one or more Risk variables relating to a financial transaction comprises at least one of:

a position held by the transaction participant;

a country in which the position is held;

how long the position has been held;

the veracity of previous dealings with persons from the country in which the position is held;

the propensity of people in similar positions to execute unlawful transactions;

the propensity of people in similar positions to execute unethical transactions; and

the type of account.

10. The method of claim 1 wherein one or more Risk variables relating to a financial transaction comprises the name of an entity associated with fraud.

11. The method of claim 1 additionally comprising the steps of:

receiving an indication of a source for the data descriptive of one or more biometric measurements;

receiving a request for the source of the data descriptive of one or more biometric measurements; and

transmitting the indication of a source for the data descriptive of one or more biometric measurements.

12. The method of claim 1 additionally comprising the step of associating a name with the one or more biometric measurements.

13. The method of claim 1 additionally comprising the step of:

generating a report comprising a description of the informational artifacts associated with the Risk variables identified and excluding identification of a name associated with the biometric measurements.

14. The method of claim 1 wherein the data descriptive of one or more biometric measurements is received in an encrypted format.

15. The method of claim 1 additionally comprising the steps of:

organizing the received data descriptive of a biometric measurement into multiple biometric profiles, each profile associated with a person;

establishing one or more links between disparate biometric data profiles, wherein the data relating to a biometric profile comprises more than one distinct physiological feature; and

associating the one or more Risk variables relating to a financial transaction with one or more linked biometric profiles.

16. The method of claim 1 wherein the indication of one or more informational artifacts with content related to at least one of:

reputational Risk, regulatory Risk and legal Risk, which are associated with any of the Risk variables identified is based upon association of a name of an individual with the biometric data.

17. The method of claim 1 wherein the indication of one or more informational artifacts with content related to at least one of:

reputational Risk, regulatory Risk and legal Risk, which are associated with any of the Risk variables identified is based upon association of a name of an individual with the biometric data and additionally comprising the step of indicating whether a degree of correlation surpasses a minimum threshold of correlation.

18. A computer implemented method of conducting a financial transaction, the method comprising:

transmitting the details descriptive of a particular financial transaction to a computer system accessible via a communications network, wherein the computer server is operative with executable software to;

receive into the computer system data descriptive of one or more biometric measurements;

organize the data descriptive of one or more biometric measurements into biometric profiles;

receive into the computer system the details descriptive of the particular financial transaction;

receive into a computer system data descriptive of informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk;

associate one or more biometric profiles with the received data descriptive of the particular financial transaction;

associate at least one informational artifact with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk, with the Risk variables associated with the biometric profile; and

transmit data descriptive of the content of the at least one informational artifact associated with the Risk variables associated with the biometric profile;

receiving the data descriptive of the content of the at least one informational artifact associated with the Risk variables associated with the biometric profile; and

determining a course of action related to the financial transaction based upon the data descriptive of the content of the at least one informational artifact associated with the Risk variables associated with the biometric profile.

19. A computerized system for managing Risk, the system comprising:

a computer server accessible with a system access device via a communications network; and

executable software stored on the server and executable on demand, the software operative with the server to cause the system to;

receive into a computer system data descriptive of informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk;

receive into the computer system data descriptive of one or more biometric measurements;

associate one or more Risk variables relating to a financial transaction with the received data descriptive of a biometric measurement; and

provide an indication of one or more informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk, which are associated with any of the Risk variables associated with the data descriptive of the biometric measurement, or an indication that none of the informational artifacts with content related to at least one of;

reputational Risk, regulatory Risk and legal Risk, are associated with any of the Risk variables associated with the data descriptive of the biometric measurement.

20. The computerized system of claim 19 wherein the software is additionally operative to receive into the computer system, data descriptive of informational artifacts with content related to financial Risk and provide an indication of one or more informational artifacts with content related to financial Risk, which are associated with any of the Risk variables associated with the data descriptive of the biometric measurement.