SYSTEM AND METHODS FOR DETERMINING AND REPORTING RISK ASSOCIATED WITH FINANCIAL INSTRUMENTS
First Claim
1. A computer-implemented financial instrument risk assessment system for determining and reporting risk associated with a financial instrument to a client, comprising:
- a computer memory; and
a processor coupled to the computer memory and operative to implement;
financial instrument data processing logic, the financial instrument data processing logic operative to (a) receive financial instrument data comprising digitized image files and financial instrument origination data corresponding to an input financial instrument, (b) normalize the financial instrument data, and (c) store normalized financial instrument data corresponding to the input financial instrument in the computer memory for use by other logic;
expert underwriting logic, the expert underwriting logic operative to (a) provide a user interface to a financial instrument analyst for inspection of the normalized financial instrument data stored in the computer memory, (b) access third party information sources to obtain supplemental data for use in connection with determining a risk of the financial instrument, (c) automatically determine the existence of a discrepancy between data in the normalized financial instrument data and any supplemental information obtained from a third party information source, (d) automatically assign a predetermined fraud type to any determined discrepancy, and (e) store information corresponding to the financial instrument data, any determined discrepancies, and any assigned predetermined fraud types in the computer memory as underwritten financial instrument data;
forecast modeling logic for assigning a risk assessment score to the input financial instrument as represented by the normalized financial instrument data and the underwritten financial instrument data, the forecast modeling logic based upon a historical collection of financial instrument data, the historical collection of financial instrument data comprising data corresponding to a plurality of prior financial instruments that (i) are of a type similar to that of the input financial instrument and (ii) have been predetermined to possess at least one of the predetermined fraud types, the forecast modeling logic being operative to store the risk assessment score in the computer memory in association with data corresponding to the input financial instrument; and
export results logic for providing the risk assessment score corresponding to the input financial instrument stored in the computer memory to the client via a client user interface.
1 Assignment
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Accused Products
Abstract
A system and methods for detecting and reporting risk associated with financial instruments, based on financial instrument data submitted by clients such as banks and financial institutions and on additional data obtained from various third party information sources. A financial risk and (associated) fraud detection system processes the financial instrument data along with data obtained from various third party information sources in order to determine a risk assessment. The risk assessment comprises a risk score and level of risk associated with the financial instrument. Further, a type of fraud associated with the financial instrument is also reported for financial instruments that are deemed to be fraudulent. Comprehensive reports are generated and reviewed by clients in order to assist in approval or rejection of individual loans or in management of multiple loans in existing portfolios.
153 Citations
42 Claims
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1. A computer-implemented financial instrument risk assessment system for determining and reporting risk associated with a financial instrument to a client, comprising:
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a computer memory; and a processor coupled to the computer memory and operative to implement; financial instrument data processing logic, the financial instrument data processing logic operative to (a) receive financial instrument data comprising digitized image files and financial instrument origination data corresponding to an input financial instrument, (b) normalize the financial instrument data, and (c) store normalized financial instrument data corresponding to the input financial instrument in the computer memory for use by other logic; expert underwriting logic, the expert underwriting logic operative to (a) provide a user interface to a financial instrument analyst for inspection of the normalized financial instrument data stored in the computer memory, (b) access third party information sources to obtain supplemental data for use in connection with determining a risk of the financial instrument, (c) automatically determine the existence of a discrepancy between data in the normalized financial instrument data and any supplemental information obtained from a third party information source, (d) automatically assign a predetermined fraud type to any determined discrepancy, and (e) store information corresponding to the financial instrument data, any determined discrepancies, and any assigned predetermined fraud types in the computer memory as underwritten financial instrument data; forecast modeling logic for assigning a risk assessment score to the input financial instrument as represented by the normalized financial instrument data and the underwritten financial instrument data, the forecast modeling logic based upon a historical collection of financial instrument data, the historical collection of financial instrument data comprising data corresponding to a plurality of prior financial instruments that (i) are of a type similar to that of the input financial instrument and (ii) have been predetermined to possess at least one of the predetermined fraud types, the forecast modeling logic being operative to store the risk assessment score in the computer memory in association with data corresponding to the input financial instrument; and export results logic for providing the risk assessment score corresponding to the input financial instrument stored in the computer memory to the client via a client user interface. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 16, 17, 18, 19, 20, 21, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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15. The system of claim J14, wherein the expert underwriting logic is further operative to:
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receive input from the analyst that identifies a new determined discrepancy in data corresponding to the input financial instrument, and store any received input from the analyst corresponding to the new determined discrepancy as part of the underwritten financial instrument data.
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22. A computer-implemented method for determining and reporting risk associated with a financial instrument to a client, comprising the steps of:
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receiving financial instrument data input to a computer system having a computer memory and a processor coupled to the computer memory, the financial instrument data comprising digitized image files and financial instrument origination data corresponding to an input financial instrument for which risk is to be determined and reported to a client; normalizing the financial instrument data with the computer system; storing normalized financial instrument data corresponding to the input financial instrument in the computer memory for use in other processing steps; executing an expert underwriting process in the computer system, the expert underwriting process operative to (a) provide a user interface to a financial instrument analyst for inspection of the normalized financial instrument data stored in the computer memory, (b) access third party information sources to obtain supplemental data for use in connection with determining a risk of the financial instrument, (c) automatically determine the existence of a discrepancy between data in the normalized financial instrument data and any supplemental information obtained from a third party information source, (d) automatically assign a predetermined fraud type to any determined discrepancy, and (e) store information corresponding to the financial instrument data, any determined discrepancies, and any assigned predetermined fraud types in the computer memory as underwritten financial instrument data; assigning a risk assessment score to the input financial instrument as represented by the normalized financial instrument data and the underwritten financial instrument data, the risk assessment scored calculated by the computer system based upon a historical collection of financial instrument data, the historical collection of financial instrument data comprising data corresponding to a plurality of prior financial instruments that (i) are of a type similar to that of the input financial instrument and (ii) have been predetermined to possess at least one of the predetermined fraud types; storing the risk assessment score in the computer memory in association with data corresponding to the input financial instrument; and outputting the risk assessment score corresponding to the input financial instrument stored in the computer memory to the client via a client user interface.
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Specification