Custom Risk Profile Assessment via Dynamic User Interface
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Solution Overview
Problem
Current systems for verifying and assessing potential customers for compliance with due diligence procedures are inefficient due to redundant information submission and storage, and limited ability to customize risk assessments according to varying user needs.
Innovation Solution
A system configured to assess entities based on custom risk profiles defined through a user interface, allowing compliance organizations to specify risk criteria and automate risk assessments, while maintaining a highly encrypted database of user profiles and securely sharing authenticated documentation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional systems use pre-set or hardcoded criteria for risk assessment, then the system structure is simple, but the adaptability to varying user needs is limited
Solution Approach 1:
The system transforms static, pre-set risk assessment criteria into dynamic, customizable parameters that can be adjusted by compliance organizations through a user interface. Risk profiles are no longer fixed but can be modified based on specific organizational needs, regulatory requirements, and customer types, enabling the system to adapt to varying assessment requirements without requiring complete system redesign.
Solution Approach 2:
The patent implements customizable risk assessment by allowing compliance organizations to modify key parameters including risk criteria, weighting factors, and threshold values. The system stores these customized parameters in a database and applies them dynamically during risk assessment, enabling flexible adaptation to different regulatory environments and organizational policies without changing the underlying system architecture.
2Measurement precision
If compliance organizations specify sets of criteria for each potential customer, then the risk assessment is customized, but redundant information submission and storage occurs
Solution Approach 1:
The system creates a universal risk assessment framework where a single customer profile contains all necessary information that can be evaluated against multiple different risk criteria sets. Compliance organizations can apply their specific customized criteria to the same standardized customer data, eliminating the need for separate information collection for each organization while maintaining customized assessment capabilities.
Solution Approach 2:
The system performs preliminary data collection and standardization during customer onboarding, storing comprehensive customer information in a structured format. This preliminary action enables future risk assessments to be conducted by simply applying different customized criteria to the already-collected data, eliminating redundant information submission and accelerating subsequent assessments.
3Reliability
If a highly encrypted database is used to store user profiles, then data security is improved, but data access and processing speed may be reduced
Solution Approach 1:
The system segments data access into different levels and types based on user roles and assessment needs. The encrypted database is divided into accessible portions for risk assessment operations and highly protected portions for sensitive personal information. This segmentation allows efficient processing of assessment-relevant data while maintaining strong security for sensitive information, balancing security requirements with processing efficiency.
Data Source
AI summary
Systems and methods to assess entities based on custom risk profiles defined through a user interface are disclosed. Exemplary implementations may: obtain user profiles associated with users; generate user interface information defining a user interface through which risk profiles are defined by compliance organizations; effectuate communication of the user interface information to computing platforms associated with the compliance organizations; obtain user input information conveying user input into the instances of the user interface by the compliance organizations including definitions of valuation information and weighting information of individual risk profiles; obtain requests to verify the users; generate sets of weighted risk parameter values; generate aggregate risk parameter values; and/or perform other operations.