Biometric risk management
The present invention provides methods and systems for managing Risk by associating a biometric profile with other data relevant to a Risk subject. Computerized systems can receive informational data that relates generally to Risk variables and relate the information to known biometric profiles. Compiled information can be situated and conveyed to a compliance department and be able to demonstrate to regulators that a financial institution has met standards relating to Risk containment.
1. A processor-implemented method for managing risk related to a financial transaction, the method comprising:
receiving, by a processor, a biometric search input including biometric profile data and financial transaction risk related variables used to identify a biometric profile;
processing the biometric search input to extract the biometric profile data and the financial transaction risk related variables;
determining a correlation factor for each of one or more biometric profiles, where each correlation factor indicates a mathematical likelihood of a relationship between the biometric profile and the extracted biometric profile data and the financial transaction risk related variables;
selecting one or more biometric profiles that have a correlation factor above a minimum threshold;
processing the selected biometric profiles and the financial transaction risk related variables to generate a risk quotient for each selected biometric profile; and
generating a relevance ranked report of the selected biometric profiles.
2. The method of claim 1 , further comprising:
aggregating the financial transaction risk related variables and the biometric profile data into a data structure; and
creating an index file for the data structure.
3. The method of claim 2 , further comprising:
supplementing the selected biometric profiles by data mining the aggregated data structure.
4. The method of claim 1 , further comprising:
associating the biometric search input with the selected biometric profiles.
5. The method of claim 1 , wherein the minimum threshold is a user determined variable and included with the biometric search input.
6. The method of claim 1 , wherein the minimum threshold is determined based on the extracted biometric profile data.
7. The method of claim 1 , wherein the determining is based on a Boolean model.
8. The method of claim 1 , wherein the determining is based on a relevance model.
9. The method of claim 1 , wherein the biometric search input further includes a photo image.
10. The method of claim 9 , wherein the biometric search input further includes a finger print.
11. The method of claim 10 , wherein the biometric search input further includes a retina scan.
12. The method of claim 1 , wherein the financial transaction risk related variables include money laundering or terrorist activity information.
13. The method of claim 12 , wherein the financial transaction risk related variables further include translation of names in different languages.
14. The method of claim 1 , wherein generating the relevance ranked report includes allowing a subscriber to set a threshold for inclusion in the report.
15. The method of claim 14 , further comprising:
generating the relevance ranked report periodically.
16. A system for managing risk related to a financial transaction, comprising:
a memory;
a processor disposed in communication with said memory, and configured to execute a plurality of executable instructions stored in the memory, wherein the executable instructions direct the processor to:
receive a biometric search input including biometric profile data and financial transaction risk related variables used to identify a biometric profile;
process the biometric search input to extract the biometric profile data and the financial transaction risk related variables;
determine a correlation factor for each of one or more biometric profiles, where each correlation factor indicates a mathematical likelihood of a relationship between the biometric profile and the extracted biometric profile data and the financial transaction risk related variables;
select one or more biometric profiles that have a correlation factor above a minimum threshold;
process the selected biometric profiles and the financial transaction risk related variables to generate a risk quotient for each selected biometric profile; and
generate a prioritized report of the selected biometric profiles.
17. The system of claim 16 , wherein the executable instructions further direct the processor to:
generate the prioritized report periodically.
18. The system of claim 16 , wherein the executable instructions further direct the processor to:
aggregate the financial transaction risk related variables and the biometric profile data into a data structure; and
create an index file for the data structure.
19. The system of claim 18 , wherein the executable instructions further direct the processor to:
supplement the selected biometric profiles by data mining the aggregated data structure.
20. The system of claim 16 , wherein the executable instructions further direct the processor to:
extract a user determined biometric correlation threshold variable included with the biometric search input.
21. The system of claim 16 , wherein the executable instructions further direct the processor to:
determine a biometric correlation threshold variable based on the extracted biometric profile data.
22. A financial transaction risk managing processor-readable medium storing a plurality of processing instructions, comprising issuable instructions by a processor to:
receive a biometric search input including biometric profile data and financial transaction risk related variables used to identify a biometric profile;
process the biometric search input to extract the biometric profile data and the financial transaction risk related variables;
determine a biometric correlation threshold;
determine a correlation factor for each of one or more biometric profiles, where each correlation factor indicates a mathematical likelihood of a relationship between the biometric profile and the extracted biometric profile data and the financial transaction risk related variables;
select one or more biometric profiles that have a correlation factor above the biometric correlation threshold;
process the selected biometric profiles and the financial transaction risk related variables to generate a risk quotient for each selected biometric profile; and
generate a prioritized report of the selected biometric profiles.