SYSTEM FOR MANAGING AND TRACKING AN INVENTORY OF ELEMENTS

• US 20120331131A1
• Filed: 08/26/2011
• Published: 12/27/2012
• Est. Priority Date: 06/27/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Milden, Robert L., Kennell, Terri C., Carbery, Timothy, Dunphy, Ann-Marie, Cooper, Heidi L.
• Granted Patent: US 8,606,615 B2
• Time in Patent Office: Days
• US Class Current: 709/224
• CPC Class Codes: G06Q 10/0633 Workflow analysis
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Embodiments of the invention relate to systems, methods, and computer program products for managing and tracking an inventory of controlled elements, wherein a database comprising a plurality of elements is maintained, an owner is assigned to each element, the relationships between elements are identified and related elements are linked. The elements are then monitored to identify changes to the elements. Any identified change is confirmed, and if material, the owners of related elements are notified of the changes the need to be made to the related elements and the plurality of elements are monitored to determine when all required changes have been made. Once all the required changes are a made, the owners of the identified elements are required to provide final confirmation that no further changes are needed.

Claims

1. A method for managing and tracking an inventory of elements, the method comprising:

maintaining a database comprising a plurality of elements;

assigning an owner to each element, wherein an owner is an individual primarily responsible for the implementation of an element;

identifying relationships between elements;

monitoring, via a processor, the plurality of elements to identify changes to the elements;

confirming an identified change to an element;

creating an event if an identified change is material, the event comprising activities that must be completed to incorporate the identified change;

notifying the owners of elements related to the element with the identified change of the event;

monitoring, via a processor, changes to the plurality of elements to determine when all of the activities required by the event are completed; and

requesting a final confirmation from all of the owners of elements related to the element with the identified change, once all activities in the event have been completed, that no further changes are required.

2. The method of claim 1 wherein the plurality of elements include one or more of the following:

laws, regulations, requirements, contracts, contract terms, policies, procedures, processes, enablements, training programs, supports, tools, incentives, business activities, controls and metrics.

3. The method of claim 1 wherein assigning an owner to each element comprises:

identifying elements without an owner;

selecting a new owner for the element;

communicating ownership of the element to the new owner wherein the new owner must confirm ownership of the element;

4. The method of claim 1 wherein assigning an owner to each element comprises:

identifying elements with an owner who is no longer suited to own the identified element;

selecting a new owner for the element;

communicating ownership of the element to the new owner, wherein the new owner must confirm ownership of the element.

5. The method of claim 3, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

6. The method of claim 4, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

7. The method of claim 1 wherein confirming an identified change comprises

identifying a stakeholder for the element with the identified change, wherein a stakeholder is an individual or group of individuals that is responsible for coordinating changes to a particular element type;

communicating the identified change to the stakeholder;

receiving a classification for the identified change from the stakeholder; and

confirming that the identified change is material.

8. The method of claim 7 wherein the classification for the identified change comprises one of the following:

a new change or a change in response to an existing event.

9. The method of claim 1 further comprising monitoring performance metrics and analyzing trends in the metrics resulting from a change to one or more of the plurality of elements.

10. The method of claim 1 further comprising presenting, via a display, a visual representation of the relationships between elements.

11. An apparatus, comprising

a memory, wherein a database comprising a plurality of elements is stored;

a processor operatively connected with the memory, wherein the processor is configured to;

assign ownership to each element, wherein an owner is an individual primarily responsible for the implementation of an element;

identify relationships between elements;

monitor the plurality of elements to identify changes to the elements;

confirm an identified change to an element;

create an event if an identified change is material, the event comprising activities that must be completed to incorporate the identified change;

notify the owners of elements related to the element with the identified change of the event;

monitor changes to the plurality of elements to determine when all of the activities required by the event are completed; and

request a final confirmation from all of the owners of elements related to the element with the identified change, once all activities in the event have been completed, that no further changes are required.

12. The apparatus of claim 11, wherein the plurality of elements include one or more of the following:

laws, regulations, requirements, contracts, contract terms, policies, procedures, processes, enablements, training programs, supports, tools, incentives, business activities, controls and metrics.

13. The apparatus of claim 11, wherein the processor, in assigning an owner to each element, is further configured to:

identify elements without an owner;

select a new owner for the element;

communicate ownership of the element to the new owner wherein the new owner must confirm ownership of the element.

14. The apparatus of claim 11, wherein the processor, in assigning an owner to each element, is further configured to:

identify elements with an owner who is no longer suited to own the identified element;

select a new owner for the element;

communicate ownership of the element to the new owner, wherein the new owner must confirm ownership of the element.

15. The apparatus of claim 13, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

16. The apparatus of claim 14, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

17. The apparatus of claim 11, wherein the processor, in confirming an identified change, is further configured to:

identify a stakeholder for the element with the identified change, wherein a stakeholder is an individual or group of individuals that is responsible for coordinating changes to a particular element type;

communicate the identified change to the stakeholder;

receive a classification for the identified change from the stakeholder; and

confirm that the identified change is material.

18. The apparatus of claim 17, wherein the classification for the identified change comprises one of the following:

a new change or a change in response to an existing event.

19. The apparatus of claim 11, wherein the processor is further configured to:

monitor performance metrics; and

analyze trends in metrics resulting from a change to one or more of the plurality of elements.

20. The apparatus of claim 11, further comprising a display and wherein the processor is configured to present on the display a visual representation of the relationships between elements.

21. A computer program product comprising a non-transitory computer-readable medium having computer-executable code stored thereon, the computer-executable code comprising:

a first code portion configured to receive inputs from a user to create and maintain a database comprising a plurality of elements;

a second code portion configured to output a list of the plurality of elements and an interface that allows the user to assign an owner to each element, wherein an owner is an individual primarily responsible for the implementation of an element;

a third code portion configured to identify one or more elements wherein a change to one of the elements requires a change to the other element;

a fourth code portion configured to monitor the plurality of elements to identify changes to the elements;

a fifth code portion configured to determine the nature of an identified change to an element;

a sixth code portion configured to create an event if an identified change is material, the event comprising activities that must be completed to incorporate the identified change;

a seventh code portion configured to communicate the creation of an event to the owners of elements related to the element with the identified change;

a eighth code portion configured to monitor changes to the plurality of elements to determine when all of the activities required by the event are completed; and

a ninth code portion configured to request a final confirmation from all of the owners of elements related to the element with the identified change, once all activities in the event have been completed, that no further changes are required.

22. The computer program product of claim 21 wherein the plurality of elements include one or more of the following:

laws, regulations, requirements, contracts, contract terms, policies, procedures, processes, enablements, training programs, supports, tools, incentives, business activities, controls and metrics.

23. The computer program product of claim 21, wherein the second code portion is further configured to:

identify elements without an owner;

receive inputs from the user identifying a new owner for the element; and

communicate ownership of the element to the new owner, wherein the new owner must confirm ownership of the element

24. The computer program product of claim 21, wherein the second code portion is further configured to:

identify elements with an owner who is no longer suited to own the identified element;

receive inputs from the user identifying a new owner for the element; and

communicate ownership of the element to the new owner, wherein the new owner must confirm ownership of the element.

25. The computer program product of claim 23, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

26. The computer program product of claim 24, wherein confirming ownership of the element further comprises acknowledging and confirming the requirements of owning the element.

27. The computer program product of claim 21, wherein the fifth code portion is further configured to:

identify a stakeholder for the element with the identified change, wherein a stakeholder is an individual or group of individuals that is responsible for coordinating changes to a particular element type;

communicate the identified change to the stakeholder;

receive a classification for the identified change from the stakeholder; and

confirm that the identified change is material.

28. The computer program product of claim 27, wherein the classification for the identified change comprises one of the following:

a new change or a change in response to an existing event.

29. The computer program product of claim 21 further comprising:

a code portion configured to monitor performance metrics;

a code portion configured to analyze trends in the metrics resulting from a change to one or more of the plurality of elements; and

a code portion configured to display the performance metrics on a display.

30. The computer program product of claim 21 further comprising a code portion configured to display a visual representation of the relationships between elements.