Risk management customer registry

• US 20040078321A1
• Filed: 06/18/2003
• Published: 04/22/2004
• 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: Lawrence, David
• Granted Patent: US 7,904,361 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

Methods and systems are provided for managing Risk associated with a financial account initiated by an intermediary institution. Risk related information descriptive of a customer of the intermediary can be registered with a neutral entity and a certification can be generated that is associated with the customer and includes the registered information. An instruction can be received to convey the certification associated with the customer to a Primary Financial Institution after which the certification can be conveyed to the Primary Financial Institution.

Claims

1. A method for managing risk associated with a financial transaction, the method comprising:

registering risk related information descriptive of a customer of a intermediary financial institution;

generating a certification comprising the risk related information and associating the certification with the customer;

receiving an instruction to convey the certification associated with the customer to a primary financial institution; and

causing the certification to be conveyed to the Primary Financial Institution.

2. The method of claim 1 wherein conveying the certification descriptive of a customer comprises the steps of:

providing an indicator identifying the customer to the primary financial institution;

transmitting a network address at which a certification can be accessed according to the indicator identifying the customer; and

authorizing access to the certification.

3. The method of claim 1 wherein the certification is transmitted prior to the primary financial institution opening an account to the benefit of the customer of the intermediary financial institution.

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

performing a risk management clearinghouse search related to the customer; and

conveying the results of the risk management clearinghouse search to the Primary Financial Institution.

5. The method of claim 1 wherein the certification is transmitted prior to execution of a financial transaction by the primary financial institution, wherein the financial transaction is associated with the customer.

6. The method of claim 1 additionally comprising the step of ascertaining the completeness of the certification information conveyed.

7. The method of claim 1 wherein a name of the customer, is kept anonymous to the Primary Financial Institution.

8. The method of claim 1 additionally comprising the steps of receiving updated information relating to the certification and transmitting the updated information to a Primary Financial Institution that had previously received a certification relating to the customer.

9. The method of claim 1 wherein conveying the information descriptive of a customer comprises the steps of:

storing the certification on a resource accessible via a particular network address;

associating the certification with an identifier unique to the customer; and

transmitting the identifier and the network address to the Primary Financial Institution.

10. A method for managing risk associated with a financial transaction initiated by an intermediary financial institution, the method comprising:

registering information descriptive of a customer with a neutral entity;

initiating a transaction with a primary financial institution; and

issuing an instruction to the neutral entity to convey the registered information descriptive of a customer to the primary financial institution.

11. The method of claim 10 additionally comprising the steps of:

transmitting an indication of a customer identity to the Primary Financial Institution; and

authorizing access to a certification compiled by the neutral entity, wherein the certification comprises the information descriptive of the customer.

12. The method for claim 10 additionally comprising the steps of:

transmitting an update to information descriptive of the customer to the neutral entity; and

transmitting to the neutral entity an instruction to convey the updated information to one or more Primary Financial Institutions to which a certification associated with the customer has been transmitted.

13. The method of claim 12 additionally comprising the step of:

transmitting an indication to one or more primary financial institutions regarding the existence of updated information.

14. The method of claim 11 additionally comprising the step of providing to the neutral entity a statement guaranteeing the veracity of the registered information.

15. A system for managing risk associated with a financial transaction initiated by an intermediary financial institution, 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 server to;

register risk related information descriptive of a customer of the intermediary;

generate a certificate comprising the risk related information and associating the certificate with the customer;

receive an instruction to convey certification associated with the customer to a primary financial institution; and

cause the registered information descriptive of a customer to be conveyed to the primary financial institution.

16. A system for managing risk associated with a financial account initiated by an intermediary, 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 server to;

register information descriptive of a customer with a neutral entity;

initiate a transaction related to a financial account with a primary financial institution; and

issue an instruction to convey the information descriptive of a customer which is registered with the neutral entity to be conveyed to the primary financial institution.

17. Computer executable program code residing on a computer-readable medium, the program code comprising instructions for causing the computer to:

receive risk related information descriptive of a customer of the intermediary;

scrub the risk related information descriptive of a customer of the intermediary;

perform a risk clearinghouse search related to the customer of the intermediary;

organize the risk related information into a certification associated with the customer;

receive an instruction to convey certification associated with the customer to a primary financial institution; and

cause the registered information descriptive of a customer and results of the risk clearinghouse search to be conveyed to the primary financial institution.

18. A computer data signal embodied in a digital data stream comprising data relating to a financial account, wherein the computer data signal is generated by a method comprising the steps of:

registering information descriptive of a customer with a neutral entity;

receiving an instruction to convey the information descriptive of a customer to a primary financial institution; and

causing the registered information descriptive of a customer to be conveyed to the primary financial institution.

19. The computer data signal of claim 18 wherein the data signal is additionally generated by the steps:

receiving an update to registered information; and

transmitting the update to previous recipients of the registered information.

20. The computer data signal of claim 18 wherein the registered information comprises a risk management search of anti-terrorist related publications.

21. A method of conducting a financial transaction, the method comprising:

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

receive into the computer system the data descriptive of the particular financial transaction participant;

generate a certification comprising at least some of the data descriptive of the particular financial transaction participant;

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;

determine if one or more informational artifacts with content related to at least one of;

reputational risk, regulatory risk and legal risk, reference the transaction participant;

transmit the certification; and

if any informational artifacts reference the transaction participant then transmit data descriptive of the content of one or more informational artifacts which reference the transaction participant;

receiving the certification;

receiving any data descriptive of the content of informational artifacts which reference the transaction participant and was transmitted by the computer server; and

determining a course of action related to the financial transaction based upon at least one of;

the certification and the data descriptive of the content of the informational artifact referencing the transaction participant.

22. The method of claim 21 wherein the course of action comprises proceeding with the financial transaction.

23. The method of claim 21 wherein the course of action comprises refusing to proceed with the financial transaction.