Hierarchical User Profiles for Reducing Entity Verification Redundancy
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current systems for entity verification and risk assessment in compliance with due diligence procedures face issues of redundant information storage and submission of requests, leading to increased processor and data storage requirements, as well as user dissatisfaction due to repetitive verification processes.
Innovation Solution
A system utilizing a secure centralized database with hierarchical user profiles to manage and store entity verification information, allowing for automatic access and sharing of subordinate node information within the hierarchy, reducing redundant storage and submissions by treating business entities as superior nodes with subordinate entities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional verification systems store complete information for each constituent separately, then verification completeness is maintained, but data storage requirements and processor requirements increase due to redundancy
Solution Approach 1:
The patent implements a hierarchical profile structure where business entity profiles contain nested constituent profiles, and those constituents may themselves have nested profiles. This nesting allows the system to store complete verification information at each level while avoiding redundancy through shared references. When a constituent is verified once at the business entity level, that verification is automatically available to all parent entities, eliminating the need to store duplicate verification data.
Solution Approach 2:
The patent creates user profiles that serve multiple functions across different hierarchical levels. A single constituent profile can be referenced by multiple business entity profiles, and the same profile data serves verification purposes for all parent entities. This multi-functionality allows one verification process to satisfy compliance requirements for multiple entities simultaneously, reducing overall data storage needs while maintaining complete verification coverage.
2Measurement precision
If traditional systems process verification requests for each constituent individually, then detailed verification is achieved, but processing time and user effort increase due to repetitive submissions
Solution Approach 1:
The patent performs verification of constituents at the business entity level before requiring separate constituent-level verifications. When a business entity submits verification information for its constituents, the system processes and stores this information in the constituent profiles. Subsequently, when parent entities or regulatory bodies request verification, the pre-processed information is automatically retrieved and presented, eliminating the need for repeated submission and processing of the same data.
Solution Approach 2:
The patent introduces a hierarchical profile structure as an intermediary layer between individual constituents and regulatory compliance requirements. This intermediary structure aggregates constituent information at business entity levels, allowing verification requests to be processed once at the aggregate level and then automatically distributed to all relevant entities. The hierarchical profiles act as mediators that translate detailed constituent data into consolidated verification evidence for compliance purposes.
3Reliability
If verification information is stored separately for each business entity and constituent, then entity-specific verification is maintained, but system complexity increases
Solution Approach 1:
The patent segments the verification system into distinct hierarchical levels: business entity profiles, constituent profiles, and nested constituent profiles. Each segment maintains its own verification data appropriate to its level, with clear boundaries between them. This segmentation allows entity-specific verification to be maintained at each level while the overall system complexity is managed through standardized interface protocols and hierarchical relationships that simplify data access and management.
Data Source
AI summary
Systems and methods to store and manage entity verification information to reduce redundant entity information and redundant submission of requests are disclosed. Exemplary implementations may: obtain user profiles associated with users; obtain requests to verify the users by compliance organizations; in response to the user profiles identified by the requests being part of one or more profile hierarchies, access content of subordinate user profiles; generate user interface information defining a user interface through which the content of the user profiles is accessed by the compliance organizations; effectuate communication of the user interface information to computing platforms associated with the compliance organizations to cause the computing platforms to present the user interface displaying the content of the user profiles that satisfy the request criteria; and/or perform other operations.