THIRD PARTY CONTROL ALIGNMENT

• US 20150186899A1
• Filed: 01/01/2014
• Published: 07/02/2015
• Est. Priority Date: 01/01/2014
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Pathrose, Tomy Victor, Rivera, Nicola D., Fox, Ellen J. IV
• Application Number:
  US14/145,970
• Publication Number:
  US 20150186899A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 10/06395 Quality analysis or management
• CPC Class Codes: G06Q 30/018 Certifying business or products

Abstract

The present invention includes a system for third party control alignment. The system comprises: a memory; a processor; and a module stored in memory, executable by a processor, and configured to: receive a guideline associated with a third party; compare the received guideline associated with a third party with a plurality of control objectives; determine a match between the received guideline associated with a third party and at least one control objective from the plurality of control objectives; and assign the at least one control objective to the received guideline associated with a third party in response to determining a match.

Claims

1. A system for third party control alignment, the system comprising:

a memory;

a processor; and

a module stored in memory, executable by a processor, and configured to;

receive a guideline associated with a third party;

compare the received guideline associated with a third party with a plurality of control objectives;

determine a match between the received guideline associated with a third party and at least one control objective from the plurality of control objectives; and

assign the at least one control objective to the received guideline associated with a third party in response to determining a match.

2. The system of claim 1, wherein the at least one control objective comprises at least one of a control objective internal to a financial institution and a third party guideline.

3. The system of claim 2, wherein the third party guideline is associated with COBIT.

4. The system of claim 1, wherein comparing the at least guideline associated with a third party to the plurality of control objectives comprises generating an overall control effectiveness via an electronic workbook.

5. The system of claim 4, wherein the electronic workbook comprises at least one of a menu, a table, a list, a map, or a spreadsheet.

6. The system of claim 4, wherein the electronic workbook comprises means for enabling a user to input information associated with at least one of the guideline associated with a third party and the plurality of control objectives via an interface.

7. The system of claim 6, wherein information associated with the guideline associated with a third party and the at least one control objective comprises at least one of an identification number, a grouping, a service name, a description, included activities, a process description, a control objective, a control objective description, a value driver, a control practice, or guidelines.

8. The system of claim 4, wherein the electronic workbook comprises means for identifying at least one gap in existing control.

9. The system of claim 8, wherein the electronic workbook comprises means for recommending deployment of at least one control objective to fill the at least one gap based on identifying the least one gap.

10. The system of claim 4, wherein the electronic workbook is integrated with an existing online platform associated with a financial institution.

11. The system of claim 1, wherein assigning the at least one control objective to the guideline associated with a third party enables at least one of the at least one control objective and the guideline associated with a third party to serve as a common translation means between at least one of a control objective and a third party guideline.

12. The system of claim 4, wherein the electronic workbook comprises means for enabling a user to add, edit, delete, modify, save, and store at least one of a service catalog item, a control objective, and a guideline associated with a third party.

13. The system of claim 1, wherein the system comprises generating a message in response to assigning the at least one control objective to the guideline associated with a third party.

14. The system of claim 13, wherein the message is transmitted to an apparatus associated with a user, wherein the user is at least one of a project manager, an internal operations specialist, a process owner, or a member of a quality assurance team associated with a financial institution.

15. The system of claim 1, wherein comparing the guideline associated with a third party with the plurality of control objectives comprises analyzing information associated with at least one of the guideline associated with a third party and the plurality of control objectives;

16. The system of claim 1, wherein assigning the at least one control objective to the guideline associated with a third party comprises associating the at least one control objective with the guideline associated with a third party so that when a user recalls the at least one control objective, the guideline associated with a third party is recalled as well.

17. The system of claim 4, wherein the electronic workbook comprises an interface for enabling a user to visually navigate information associated with the guideline associated with a third party and the plurality of control objectives.

18. The system of claim 4, wherein the workbook is integrated with an existing digital platform.

19. A method for third party control alignment, the method comprising:

receiving a guideline associated with a third party;

comparing the received guideline associated with a third party with a plurality of control objectives;

determining a match between the received guideline associated with a third party and at least one control objective from the plurality of control objectives; and

assigning the at least one control objective to the received guideline associated with a third party in response to determining a match.

20. A computer program product for third party control alignment, the product comprising:

a memory;

a processor; and

a module stored in memory, executable by a processor, and configured to;

receive a guideline associated with a third party;

compare the received guideline associated with a third party with a plurality of control objectives;

determine a match between the received guideline associated with a third party and at least one control objective from the plurality of control objectives; and

assign the at least one control objective to the received guideline associated with a third party in response to determining a match.