Methods of monitoring behavior/activity of an individual associated with an organization

• US 8,285,636 B2
• Filed: 08/10/2006
• Issued: 10/09/2012
• Est. Priority Date: 06/14/2006
• Status: Expired due to Fees

• Current Assignee: Edith L. Curry
• Original Assignee: Edith L. Curry
• Inventors: Curry, Edith L., Hailstones, Frank, Dement, Michael A., Holtz, Laurie S.
• Primary Examiner(s): Colbert, Ella
• Assistant Examiner(s): Shaikh, Mohammad Z
• Application Number:
  US11/463,678
• Publication Number:
  US 20080015978A1
• Time in Patent Office: 2,252 Days
• Field of Search: 705 35- 45
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• 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 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A cooperative arrangement and method to monitor behaviors and other activities by an individual in an organization are disclosed. A personal financial disclosure statement, personal financial records, and other relevant financial data associated with an individual who is associated with, or to be associated with, the organization are obtained. Information is extracted from the personal financial disclosure statement, the personal financial records, and the other relevant financial data and input into a risk assessment algorithm. The risk assessment algorithm operates on the input information and generates risk assessment data. The risk assessment data is evaluated to make a determination of certification with respect to the individual. A decision to certify means that the risk associated with the individual, with respect to committing fraud or some other improper act with respect to the organization, is acceptable. Risk assessment data on a plurality of key individuals within the organization may be generated and evaluated to make a determination of certification with respect to the organization as a whole.

Claims

1. A method to monitor the personal behavior/activity of an individual associated with an organization, said method comprising:

(a) obtaining a personal financial disclosure statement of an individual person associated with, or potentially to be associated with, said organization;

(b) obtaining personal financial records and other relevant personal financial data of said individual person;

(c) inputting first information from said personal financial disclosure statement, said personal financial records, and said other relevant personal financial data into a risk assessment algorithm implemented on a processor-based platform;

(d) said risk assessment algorithm operating on said first input information within said processor-based platform and thereby generating first risk assessment data;

(e) generating a composite risk factor in response to said first risk assessment data;

(f) comparing said composite risk factor to a threshold value; and

(g) making a first determination of certification of said individual person, with respect to a likelihood to commit fraud, in response to said first risk assessment data.

2. The method of claim 1 further comprising certifying said individual person if said determination of certification is to certify.

3. The method of claim 2 further comprising underwriting said individual person if said determination of certification is to certify.

4. The method of claim 1 further comprising documenting reasons for not certifying said individual person if said determination of certification is not to certify.

5. The method of claim 4 further comprising investigating said reasons for not certifying said individual person and thereby generating investigative results.

6. The method of claim 5 further comprising inputting second information from said investigative results, said personal financial disclosure statement, said personal financial records, and said other relevant financial data into said risk assessment algorithm.

7. The method of claim 6 further comprising:

said risk assessment algorithm operating on said second input information and thereby generating second risk assessment data; and

making an updated determination of certification of said individual person, with respect to a likelihood to commit fraud, in response to said second risk assessment data.

8. The method of claim 1 wherein said individual person comprises an agent of said organization.

9. The method of claim 1 wherein said organization comprises a publicly held corporation.

10. The method of claim 1 wherein said organization comprises a non-publicly held corporation.

11. The method of claim 1 wherein said organization comprises a government entity.

12. The method of claim 1 wherein said personal financial records include at least one of tax return records, treasury records, real estate records, banking records, a credit report, and a FICO score.

13. The method of claim 1 wherein said personal financial disclosure statement includes information related to financial assets, liabilities, and income of said individual person.

14. The method of claim 3 wherein said underwriting includes insuring said organization by accepting liability for designated losses suffered by said organization arising from improper behavior by said individual person.

15. The method of claim 2 wherein said method is conducted by a first entity which is independent of said organization and said individual person.

16. The method of claim 4 wherein said method is conducted by a first entity which is independent of said organization and said individual person.

17. The method of claim 3 wherein said underwriting is conducted by

a second entity which is independent of said organization, said individual person, and a first entity conducting the steps (a) through (g) of claim 1.

18. The method of claim 5 wherein said investigating is conducted by

a third entity which is independent of said organization, said individual person, and a first entity conducting the steps (a) through (g) of claim 1.

19. The method of claim 1 wherein the step of said risk assessment algorithm operating on said first input information and thereby generating first risk assessment data comprises said risk assessment algorithm comparing information from said financial disclosure statement with information from said personal financial records and other relevant financial data and thereby detecting any discrepancies.

20. The method of claim 1 wherein the step of said risk assessment algorithm operating on said first input information and thereby generating first risk assessment data comprises said risk assessment algorithm detecting evidence of irresponsible behavior on the part of said individual person.

21. The method of claim 1 wherein the step of said risk assessment algorithm operating on said first input information and thereby generating first risk assessment data comprises said risk assessment algorithm generating an assessment of financial stability of said individual person.

22. The method of claim 1 wherein the step of obtaining personal financial records and other relevant financial data of said individual person is only performed if said individual person gives permission to perform said step.

23. The method of claim 1 wherein said determination of certification is to certify, if said composite risk factor is below said threshold value.

24. The method of claim 1 wherein said determination of certification is to not certify, if said composite risk factor is above said threshold value.

25. The method of claim 23 further comprising underwriting said individual person when said determination is to certify, said underwriting comprising adding said individual person to an insurance or bonding policy for said organization and possibly adjusting a premium or terms of said policy in response to at least said composite risk factor.