Systems and methods for automated political risk management
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.
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.
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.
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.
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.
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.
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.