Systems and methods for automated political risk management

• US 8,706,614 B2
• Filed: 12/07/2007
• Issued: 04/22/2014
• Est. Priority Date: 01/30/2001
• Status: Expired due to Term

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Lawrence, David, Nitze, Peter, MacDonald, Alasdair
• Primary Examiner(s): Oyebisi, Ojo O
• Application Number:
  US11/952,419
• Publication Number:
  US 20080319922A1
• Time in Patent Office: 2,328 Days
• Field of Search: 705/38, 705/1, 705/35
• US Class Current: 705/38
• CPC Class Codes: G06F 16/24 Querying
• CPC Class Codes: G06F 16/95 Retrieval from the web
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to some embodiments, a computer-implemented method to facilitate management of risk related to political exposure associated with a financial transaction may comprise receiving financial transaction data associated with the transaction, determining that the participant is a politically identified person, calculating a first category political risk score based on the financial transaction data, calculating a second category political risk score based on the financial transaction data, calculating an overall transaction political risk quotient associated with the financial transaction based on the first and second category politically risk scores, generating a suggested action for the financial transaction based on the overall transaction political risk quotient, and delivering the matching name and a suggested action to a user interface in a format based on a user preference and a user device configuration.

Claims

1. A computer-implemented method to facilitate management of risk related to political exposure associated with a financial transaction, comprising:

receiving, via a computer, digital financial transaction data associated with the transaction;

determining, via the computer, that a participant associated the financial transaction is a politically identified person (“

PIP”

) by;

comparing, via the computer, data identifying the participant associated with the financial transaction data to information stored in a database, wherein comparing comprises searching for both identical and similar names in the database; and

verifying, via the computer, the data identifying the participant by comparing the financial transaction data to information associated with the data identifying the participant stored in the database if the data identifying the participant matches a name in the database,

wherein verifying the data identifying the participant further comprises determining a certainty of the match by scoring the comparisons between the financial transaction data and the information associated with the data identifying the participant;

calculating, via the computer, an overall transaction political risk quotient associated with the financial transaction; and

generating, via the computer, based on the overall transaction political risk quotient, a suggested action for the financial transaction.

2. The computer-implemented method of claim 1, wherein the overall transaction political risk quotient is calculated based on a first category risk score and a second category political risk score, wherein the first category political risk score is an indication that a participant in the financial transaction is at least one of:

(i) an elected official, (ii) a bureaucrat, (iii) a political appointee, (iv) a World Bank Official, and (v) a military personnel.

3. The computer-implemented method of claim 1, wherein the financial transaction data is pre-qualified.

4. The computer-implemented method of claim 1, wherein the overall transaction political risk quotient is calculated based on weights applied to first and second category political risk scores, the first and second category political risk scores based on the financial transaction data.

5. The computer-implemented method of claim 1, wherein the suggested action is at least one of:

(i) a recommendation to decline the financial transaction;

(ii) a recommendation to gather additional information associated with the financial transaction;

(iii) a recommendation to monitor the financial transaction; and

(iv) notifying an authority.

6. The computer-implemented method of claim 1, wherein the financial transaction is at least one of:

(i) a request to open a new account; and

(ii) a transaction associated with an existing account.

7. The computer-implemented method of claim 1, wherein the financial transaction is associated with a financial institution, the method further comprising:

aggregating via the computer the overall transaction political risk quotient with a plurality of overall transaction political risk quotients associated with a plurality of financial transactions to identify an aggregate political risk quotient associated with the financial institution.

16. The computer-implemented method of claim 1, wherein verifying the data identifying the participant further includes aggregating the scores of the comparisons to generate an overall score associated with the match.

17. The computer-implemented method of claim 16, wherein verifying the data identifying the participant further includes:

determining whether the overall score exceeds a pre-determined value; and

verifying the match when the overall score exceeds the pre-determined value.

8. A system for facilitating management of risk related to political exposure associated with a financial transaction, comprising:

a processor;

computer-readable instructions that program the processor to;

receive digital financial transaction data associated with the transaction;

determine that a participant associated with the financial transaction is a politically identified person (“

PIP”

) by;

comparing data identifying the participant associated with the financial transaction data to information stored in a database, wherein comparing comprises searching for both identical and similar names in the database; and

verifying the data identifying the participant by comparing the financial transaction data to information associated with the data identifying the participant stored in the database if the data identifying the participant matches a name in the database;

wherein verifying the data identifying the participant further comprises determining a certainty of the match by scoring the comparisons between the financial transaction data and the information associated with the data identifying the participant;

calculate an overall transaction political risk quotient associated with the financial transaction;

generate based on the overall transaction political risk quotient, a suggested action for the financial transaction.

9. The system of claim 8, wherein the overall transaction political risk quotient is calculated based on a first category risk score and a second category political risk score, wherein the first category political risk score is an indication that a participant in the financial transaction is at least one of:

(i) an elected official, (ii) a bureaucrat, (iii) a political appointee, (iv) a World Bank Official, and (v) a military personnel.

10. The system of claim 8, wherein the financial transaction data is pre-qualified.

11. The system of claim 8, wherein the overall transaction political risk quotient is calculated based on weights applied to first and second category political risk scores, the first and second category political risk scores based on the financial transaction data.

12. The system of claim 8, wherein the suggested action is at least one of:

(i) a recommendation to decline the financial transaction;

(ii) a recommendation to gather additional information associated with the financial transaction;

(iii) a recommendation to monitor the financial transaction; and

(iv) notifying an authority.

13. The system of claim 8, wherein the financial transaction is at least one of:

(i) a request to open a new account; and

(ii) a transaction associated with an existing account.

14. The system of claim 8, wherein the financial transaction is associated with a financial institution, wherein the computer-readable instructions that program the processor further program the processor to:

aggregate via the computer the overall transaction political risk quotient with a plurality of overall transaction political risk quotients associated with a plurality of financial transactions to identify an aggregate political risk quotient associated with the financial institution.

18. The system of claim 8, wherein verifying the data identifying the participant further includes aggregating the scores of the comparisons to generate an overall score associated with the match.

19. The system of claim 18, wherein verifying the data identifying the participant further includes:

determining whether the overall score exceeds a pre-determined value; and

verifying the match when the overall score exceeds the pre-determined value.

15. A non-transitory, computer-readable medium comprising computer-executable instructions, the computer-executable instructions comprising instructions that, when executed by one or more processors, direct the one or more processors to:

receive digital financial transaction data associated with the transaction;

determine that a participant associated the financial transaction is a politically identified person (“

PIP”

) by;

comparing data identifying the participant associated with the financial transaction data to information stored in a database, wherein comparing comprises searching for both identical and similar names in the database; and

verifying the data identifying the participant by comparing the financial transaction data to information associated with the data identifying the participant stored in the database if the data identifying the participant matches a name in the database,

wherein verifying the data identifying the participant further comprises determining a certainty of the match by scoring the comparisons between the financial transaction data and the information associated with the data identifying the participant;

calculate an overall transaction political risk quotient associated with the financial transaction; and

generate based on the overall transaction political risk quotient, a suggested action for the financial transaction.

20. The non-transitory, computer-readable medium of claim 15, wherein verifying the data identifying the participant further includes:

aggregating the scores of the comparisons to generate an overall score associated with the match;

determining whether the overall score exceeds a pre-determined value; and

verifying the match when the overall score exceeds the pre-determined value.