INTEGRATED RISK ASSESSMENT AND MANAGEMENT SYSTEM
Embodiments of the present invention relate to systems, apparatus, methods and computer program products for integrated risk assessment and management. More specifically, embodiments of the present invention provide for a risk database that collects and/or receives transaction data. In other embodiments of the present invention, the risk database collects and/or receives asset data and liability data associated with multiple financial institutions. The data is accessed to monitor customers' risk and one or more risk management actions are initiated based on the monitored customer risk.
1 . An apparatus for risk assessment and management, the apparatus comprising:
a computing platform including at least one processor and a memory; and
a risk database stored in the memory and configured to receive, from a plurality financial institutions, customer transaction data;
wherein the data in the risk database is accessible to monitor customers' risk and initiate one or more risk management actions based on the monitored customer risk.
2 . The apparatus of claim 1 , further comprising a risk evaluation module stored in the memory, executable by the processor and configured to access the transaction data, to monitor customers' risk and initiate one or more risk management actions based on the monitored customer risk.
3 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from the plurality of financial institutions, at least one of product data, account data, channel data or customer data.
4 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from the plurality of financial institutions, at least one of asset data or liability data.
5 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from the plurality of financial institutions, negative data.
6 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from the plurality of financial institutions, counterparty data.
7 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from the plurality of financial institutions, claims data.
8 . The apparatus of claim 1 , wherein the risk database is further configured to receive, from one or more non-financial institution entities, non-financial institution data.
9 . The apparatus of claim 8 , wherein the risk database is further configured to receive the non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, asset and liability data or claims data.
10 . The apparatus of claim 2 , wherein the risk evaluation module further comprises a behavioral baseline scoring routine configured to determine one or more customer, segment, counterparty or population behavioral baseline scores based at least in part on the customer transaction data.
11 . The apparatus of claim 10 , wherein the risk evaluation module further comprises a risk-alert routine configured to generate and initiate communication of an alert associated with a behavioral baseline score deviation.
12 . The apparatus of claim 2 , wherein the risk evaluation module further comprises a risk pattern analysis routine configured to identify an emerging risk type based on at least the customer transaction data.
13 . The apparatus of claim 12 , wherein the risk evaluation module further comprises a risk scoring module configured to determine a risk score associated with one or more risk types and based on risk patterns and customer transaction data, wherein the risk score indicates a likelihood of a negative financial impact when doing business with an associated customer based on one or more specific types of risk.
14 . The apparatus of claim 2 , wherein the risk evaluation module further comprises an identity monitoring routine configured to monitor the customer transaction data for suspicious activity potentially associated with an identity theft incident.
15 . A method for risk assessment and management, the method comprising:
receiving, at a risk database stored in computing device memory, customer transaction data associated with a plurality of financial institutions;
accessing, via a computing device processor, the customer transaction data to monitor customer's risk; and
initiating, via a computing device processor, one or more risk management actions based on the monitored customer risk.
16 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, at least one of product data, account data, channel data or customer data associated with the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the at least one of product data, account data, channel data or customer data to monitor the customer's risk.
17 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, at least one of asset data or liability data associated with the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the at least one of the asset data or the liability data to monitor the customer's risk.
18 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, negative data associated with the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the negative data to monitor the customer's risk.
19 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, counterparty data associated with the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the counterparty data to monitor the customer's risk.
20 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, claims data associated with the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the claims data to monitor the customer's risk.
21 . The method of claim 15 , further comprising receiving, at the risk database stored in the computing device memory, non-financial institution data associated with one or more non-financial institution entities.
22 . The method of claim 21 , wherein receiving the non-financial institution data further comprises receiving, at the risk database stored in the computing device memory, non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, asset and liability data, or claims data.
23 . The method of claim 16 , wherein accessing further comprises determining, via a computing processor, one or more customer behavioral baseline scores based at least in part on the customer transaction data.
24 . The method of claim 23 , wherein initiating further comprises generating and initiating communication of an alert associated with a deviation in the behavioral baseline score.
25 . The method of claim 15 , further comprising identifying, via a computing device processor, an emerging risk type based at least in part on the customer transaction data.
26 . The method of claim 25 , further comprising determining a risk score associated with one or more risk types and based on risk patterns and customer transaction data, wherein the risk score indicates a likelihood of a negative financial impact when doing business with an associated customer based on one or more specific types of risk.
27 . The method of claim 15 , wherein accessing further comprises accessing, via the computing device processor, at least the customer transaction data to monitor for suspicious activities potentially associated with identity theft incidents.
28 . A computer program product comprising:
a computer-readable medium comprising:
a first set of codes for causing a computer to receive, from a plurality financial institutions, customer transaction data;
a second set of codes for causing a computer to access the customer transaction data to monitor customer's risk; and
a third set of codes for causing a computer to initiate one or more risk management actions based on the monitored customer risk.
29 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, at least one of product data, account data, channel data or customer data and wherein the second set of codes is further configured to cause the computer to access the at least one of product data, account data, channel data or customer data to monitor the customer's risk.
30 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, at least one of asset data or liability data, and wherein the second set of codes is further configured to cause the computer to access the at least one of the asset data or the liability data to monitor the customer's risk.
31 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, negative data and wherein the second set of codes is further configured to access the negative data to monitor the customer's risk.
32 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, counterparty data and wherein the second set of codes is further configured to cause the computer to access the counterparty data to monitor the customer's risk.
33 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, claims data and wherein the second set of codes is further configured to cause the computer to access the claims data to monitor the customer's risk.
34 . The computer program product of claim 28 , wherein the first set of codes is further configured to cause the computer to receive, from a plurality of non-financial institutions, non-financial institution data and wherein the second set of codes is further configured to cause the computer to access the non-financial institution data to monitor the customer's risk.
35 . The computer program product of claim 34 , wherein the first set of codes is further configured to cause the computer to receive the non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, asset and liability data, or claims data.
36 . The computer program product of claim 28 , wherein the second set of codes is further configured to cause the computer to determine one or more customer behavioral baseline scores based at least in part on the customer transaction data.
37 . The computer program product of claim 36 , wherein the third set of codes is further configured to cause the computer to generate and initiate communication of an alert associated with a deviation in the behavioral baseline score.
38 . The computer program product of claim 28 , further comprising a fourth set of codes configured to cause a computer to identify an emerging risk type based at least in part on the customer transaction data.
39 . The computer program product of claim 38 , further comprising a fifth set of codes for causing a computer to determine a risk score associated with one or more risk types and based on risk patterns and customer transaction data, wherein the risk score indicates a likelihood of a negative financial impact when doing business with an associated customer based on one or more specific types of risk.
40 . The computer program product of claim 28 , wherein the second set of codes is further configured to cause the computer to access at least the customer transaction data to monitor for suspicious activities potentially associated with identity theft incidents.
41 . An apparatus for risk assessment and management, the apparatus comprising:
a computing platform including at least one processor and a memory; and
a risk database stored in the memory and configured to receive, from a plurality financial institutions, asset data and liability data;
wherein the data in the risk database is accessible to monitor customers' risk and initiate one or more risk management actions based on the monitored customer risk.
42 . The apparatus of claim 41 , further comprising a risk evaluation module stored in the memory, executable by the processor and configured to access the asset data and liability data, to monitor customers' risk and initiate one or more risk management actions based on the monitored customer risk.
43 . The apparatus of claim 41 , wherein the risk database is further configured to receive, from the plurality of financial institutions, at least one of product data, account data, channel data or customer data.
44 . The apparatus of claim 41 , wherein the risk database is further configured to receive, from the plurality of financial institutions, negative data.
45 . The apparatus of claim 41 , wherein the risk database is further configured to receive, from the plurality of financial institutions, counterparty data.
46 . The apparatus of claim 41 , wherein the risk database is further configured to receive, from the plurality of financial institutions, claims data.
47 . The apparatus of claim 41 , wherein the risk database is further configured to receive, from one or more non-financial institution entities, non-financial institution data.
48 . The apparatus of claim 47 , wherein the risk database is further configured to receive the non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, claims data or asset and liability data.
49 . A method for risk assessment and management, the method comprising:
receiving, at a risk database stored in computing device memory, customer asset data and customer liability data, from a plurality of financial institutions;
accessing, via a computing device processor, the asset data and liability data to monitor customers' risk; and
initiating, via a computing device processor, one or more risk management actions based on the monitored customer risk.
50 . The method of claim 49 , further comprising receiving, at the risk database stored in the computing device memory, at least one of product data, account data, channel data or customer data from the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the at least one of product data, account data, channel data or customer data to monitor the customer's risk.
51 . The method of claim 49 , further comprising receiving, at the risk database stored in the computing device memory, negative data from the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the negative data to monitor the customer's risk.
52 . The method of claim 49 , further comprising receiving, at the risk database stored in the computing device memory, counterparty data from the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the counterparty data to monitor the customer's risk.
53 . The method of claim 49 , further comprising receiving, at the risk database stored in the computing device memory, claims data from the plurality of financial institutions and wherein accessing further comprises accessing, via the computing device processor, the claims data to monitor the customer's risk.
54 . The method of claim 49 , further comprising receiving, at the risk database stored in the computing device memory, non-financial institution data associated with one or more non-financial institution entities.
55 . The method of claim 54 , wherein receiving the non-financial institution data further comprises receiving, at the risk database stored in the computing device memory, non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, claims data or asset and liability data.
56 . A computer program product comprising:
a computer-readable medium comprising:
a first set of codes for causing a computer to receive, from a plurality financial institutions, asset data and liability data;
a second set of codes for causing a computer to access the asset data and liability data to monitor customer's risk; and
a third set of codes for causing a computer to initiate one or more risk management actions based on the monitored customer risk.
57 . The computer program product of claim 56 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, at least one of product data, account data, channel data or customer data and wherein the second set of codes is further configured to cause the computer to access the at least one of product data, account data, channel data or customer data to monitor the customer's risk.
58 . The computer program product of claim 56 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, negative data and wherein the second set of codes is further configured to access the negative data to monitor the customer's risk.
59 . The computer program product of claim 56 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, counterparty data and wherein the second set of codes is further configured to cause the computer to access the counterparty data to monitor the customer's risk.
60 . The computer program product of claim 56 , wherein the first set of codes is further configured to cause the computer to receive, from the plurality of financial institutions, claims data and wherein the second set of codes is further configured to access the claims data to monitor the customer's risk.
61 . The computer program product of claim 58 , wherein the first set of codes is further configured to cause the computer to receive, from a plurality of non-financial institutions, non-financial institution data and wherein the second set of codes is further configured to cause the computer accessing further comprises accessing, via the computing device processor, the non-financial institution data to monitor the customer's risk.
62 . The computer program product of claim 61 , wherein the first set of codes is further configured to cause the computer to receive the non-financial institution data, wherein the non-financial institution data includes one or more of transaction data, product data, account data, channel data, customer data, negative data, counterparty data, claims data or asset and liability data.