Global Risk Administration Method and System
First Claim
1. A method for assessing risk in approving applications for financial accounts, the method comprising:
- a user accessing a financial management system (FMS) user interface (UI) to configure a global risk administration (GRA) module, wherein the user comprises a financial institution (FI);
the user assigning attribution rules using the UI, wherein attribution rules comprise characteristics of applicants for financial accounts;
the user creating one or more decision classes using the UI, wherein one or more attribution rules place an applicant in a decision class; and
the user creating business rules, wherein a business rule determines a manner in which the GRA module interprets data from a plurality of data sources.
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Accused Products
Abstract
Embodiments of a Global Risk Administration (GRA) method and system include a GRA tool that assists an institution with various decision making processes by enabling the institution to customize the GRA tool to generate decisions based on information input by the institution or a customer of the institution. The GRA tool further accesses third party data sources for the purpose of verifying information and gathering additional information to be used in generating decisions. The data sources are selectable by the institution as an aspect of the customization in an embodiment. In an embodiment, the institution is a financial institution (FI), and customizing the GRA tool involves an FI user assigning attribution rules using, wherein attribution rules comprise characteristics of applicants for financial accounts. The user further creates one or more decision classes using the UI, wherein one or more attribution rules place an applicant in a decision class; and the user creates business rules, wherein a business rule determines a manner in which the GRA module interprets data from the third party data sources.
165 Citations
27 Claims
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1. A method for assessing risk in approving applications for financial accounts, the method comprising:
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a user accessing a financial management system (FMS) user interface (UI) to configure a global risk administration (GRA) module, wherein the user comprises a financial institution (FI); the user assigning attribution rules using the UI, wherein attribution rules comprise characteristics of applicants for financial accounts; the user creating one or more decision classes using the UI, wherein one or more attribution rules place an applicant in a decision class; and the user creating business rules, wherein a business rule determines a manner in which the GRA module interprets data from a plurality of data sources. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A global risk administration (GRA) method comprising:
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a management system (MS) providing access for multiple institutions to a single GRA module, wherein the GRA module is configurable by each institution to assess a risk of approving an application for a financial account; an institution accessing the GRA module via a user interface to configure the GRA module, wherein configuring comprises creating rules to be applied by the GRA module for assessing the risk; the MS accessing a plurality of data sources on behalf of the institution to gather raw data relevant to an applicant submitting the application; the GRA module converting the raw data to a data source outcome for each data source; and the GRA module using the data source outcomes to generate a final decision whether to approve the application. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A financial management system (FMS), comprising:
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a plurality of databases for storing financial data, wherein financial data comprises customer data regarding individuals and companies, and financial institution data regarding financial institutions (FIs); a plurality of service modules for providing a plurality of financial services to individuals, companies and FIs; and a global risk administration (GRA) module for providing GRA services to FIs, wherein GRA services facilitate assessing a risk of approving a customer application for a financial account submitted by a customer to an FI, wherein the GRA module is configurable to, receive input from an FI to configure the GRA to evaluate data from a plurality of data sources for generating a data source outcome for each data source; and receive input from the FI to configure the GRA to generate a final decision on whether to approve an application. - View Dependent Claims (20)
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21. A computer readable medium having instruction stored thereon, that when executed in a system, cause a global risk administration (GRA) method to be executed, the method comprising:
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a management system (MS) providing access for multiple institutions to a single GRA module, wherein the GRA module is configurable by each institution to assess a risk of approving an application for a financial account; an institution accessing the GRA module via a user interface to configure the GRA module, wherein configuring comprises creating rules to be applied by the GRA module for assessing the risk; the MS accessing a plurality of data sources on behalf of the institution to gather raw data relevant to an applicant submitting the application; the GRA module converting the raw data to a data source outcome for each data source; and the GRA module using the data source outcomes to generate a final decision whether to approve the application. - View Dependent Claims (22, 23, 24, 25, 26, 27)
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Specification