Risk management customer registry

• US 7,904,361 B2
• Filed: 06/18/2003
• Issued: 03/08/2011
• Est. Priority Date: 03/20/2001
• Status: Active Grant

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Lawrence, David
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US10/463,918
• Publication Number:
  US 20040078321A1
• Time in Patent Office: 2,820 Days
• Field of Search: 705 35- 38
• US Class Current: 705/35
• 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 computer-implemented risk management customer registry method, comprising:

receiving in a computer risk related information descriptive of a customer of an intermediary financial institution for a proposed transaction with a primary financial institution;

performing a risk management clearinghouse search related to the customer;

searching for additional customer business related information, the searching performed by the computer, the searching including searching a list of business related information generated by a regulatory authority;

generating by the computer a customer certification from a neutral entity independent of the primary financial institution and the intermediary financial institution comprising the risk related information for the customer based at least in part on results of the risk management clearinghouse search and the searching for additional customer business related information;

receiving in the computer an instruction to convey the customer certification to the primary financial institution;

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

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

conveying the customer certification to the primary financial institution by authorizing access to the certification.

2. 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.

3. 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.

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

5. The method of claim 1 wherein a name of the customer, is kept anonymous to the primary financial institution.

6. The method of claim 1 additionally comprising the steps of

receiving updated information relating to the certification and

transmitting the updated information to the primary financial institution that had previously received the certification relating to the customer.

7. The method of claim 1 wherein conveying the certification 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.

8. A risk management customer registry 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;

receive in a computer risk related information descriptive of a customer of an intermediary financial institution, for a proposed transaction with a primary financial institution;

perform a risk management clearinghouse search related to the customer;

search for additional customer business related information, the searching performed by the computer, the searching including searching a list of business related information generated by a regulatory authority;

generate by the computer a customer certification from a neutral entity independent of the primary financial institution and the intermediary financial institution comprising the risk related information for the customer based at least in part on results of the risk management clearinghouse search and the searching for additional customer business related information;

receive in the computer an instruction to convey the customer certification to the primary financial institution;

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

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

convey the customer certification to the primary financial institution by authorizing access to the certification.

9. A non-transitory processor-readable medium having processor-executable program instructions residing thereon, wherein the processor-executable program instructions are issuable by a processor to:

receive in a computer risk related information descriptive of a customer of an intermediary financial institution, for a proposed transaction with a primary financial institution;

perform a risk management clearinghouse search related to the customer;

search for additional customer business related information, the searching performed by the computer, the searching including searching a list of business related information generated by a regulatory authority;

generate by the computer a customer certification from a neutral entity independent of the primary financial institution and the intermediary financial institution comprising the risk related information for the customer based at least in part on results of the risk management clearinghouse search and the searching for additional customer business related information;

receive in the computer an instruction to convey the customer certification to the primary financial institution;

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

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

convey the customer certification to the primary financial institution by authorizing access to the certification.