AUDITING CUSTODIAL ACCOUNTS

• US 20130007022A1
• Filed: 06/27/2009
• Published: 01/03/2013
• Est. Priority Date: 06/27/2009
• Status: Active Grant

• Current Assignee: Christopher R. Petruzzi
• Original Assignee: Christopher R. Petruzzi
• Inventors: Petruzzi, Christopher R.
• Granted Patent: US 9,305,315 B2
• Time in Patent Office: Days
• US Class Current: 707/752
• CPC Class Codes: G06F 16/245 Query processing
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 30/0241 Advertisements
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

According to one embodiment of the present invention, a system for auditing custodian accounts is provided. The system includes a database system receiving customer and custodian information. A sorting processor performs a sort operation on the received customer and custodian information. A customer and custodian matching processor identifies matches between the sorted customer and custodian information. An interface unit outputs information relating to the existence of matches and non-matches between the customer and custodian information.

Claims

12. A method comprising:

receiving customer information from a customer relating to customer accounts and associated custodians;

receiving custodian information from a custodian relating to customer accounts managed by said custodian;

sorting said customer and said custodian information;

finding matches between said sorted customer and custodian information; and

providing information regarding matching and non-matching customer and custodian information.

1. A system comprising:

a database system receiving customer and custodian information;

sorting processor performing a sort operation on the received customer and custodian information;

customer and custodian matching processor for identifying matches between the sorted customer and custodian information; and

interface for outputting information relating to the existence of matches and non-matches between said customer and custodian information.

2. The system according to claim 1 wherein said database system is a relational database system.

3. The system according to claim 1 wherein said customer information includes information relating to assets owned by said customer and under the control of said custodian.

4. The system according to claim 3 wherein said customer information includes the value of said assets at a particular point in time.

5. The system according to claim 3 wherein said customer information includes information relating to the identity of at least one custodian of said assets.

6. The system according to claim 1 wherein said custodial information includes a list of customers of said custodian.

7. The system according to claim 1 wherein said custodial information includes the value of assets in customer accounts at a given point in time.

8. The system according to claim 1 wherein said custodian and customer matching processor identifies custodian accounts provided by customers which were missing from the custodian information provided by a corresponding custodian.

9. The system according to claim 1 wherein said custodian and customer matching processor identifies differences between the value of assets in custodian accounts provided by customers and the value of assets in corresponding custodian accounts provided by a corresponding custodian.

10. The system according to claim 1 further comprising a customer interface unit and a custodian interface unit for providing said customer and said custodian information.

11. The system according to claim 1 further comprising an auditor/customer interface unit for providing said customer with information regarding the existence of matches and non-matches between said customer and custodian information.

13. The method according to claim 12 further comprising performing an audit of said custodian using said provided information regarding matching and non-matching customer and custodian information.

14. The method according to claim 12 further comprising identifying custodian accounts contained in said received customer information which were missing from said received custodian information from a corresponding custodian.

15. The method according to claim 12 further comprising identifying discrepancies between asset values in said received customer information and asset values in said received custodian information from a corresponding custodian.

16. The method according to claim 12 wherein said sorting and finding matches further comprises using a relational database management system.

17. The method according to claim 16 further comprising using a Monte Carlo technique for performing said sorting and finding matches.

18. A computer program product for facilitating an audit, said computer program product comprising:

a computer readable storage medium having computer readable program code embodied therewith, said computer readable program code comprising;

computer readable program code configured to;

receive customer information relating to customer accounts and associated custodians;

receive custodian information relating to customer accounts managed by a custodian;

sort said customer and said custodian information;

find matches between said sorted customer and custodian information; and

provide information regarding matching and non-matching customer and custodian information.

19. The computer program product according to claim 18 wherein said customer is an investor and said custodian is a stockbroker.

20. The computer program product according to claim 18 wherein said custodian is an insurance company.

18-1. The computer program product according to claim 15 wherein said computer usable program code is further configured

19-2. The computer program product according to claim 15 wherein said computer usable program code is further configured

20-3. The computer program product according to claim 15 wherein said computer usable program code is further configured