Automated Risk Assessment System Using Data Normalization
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Solution Overview
Problem
Current risk assessment processes face challenges in automating the conversion of unstructured data from non-standard sources and complex data semantics, leading to suboptimal accuracy and increased likelihood of fraud and criminal activity.
Innovation Solution
A computer-based system and method for automated risk assessment, utilizing an enrollment module, data aggregation module, and risk assessment module to convert risk information into standardized assessment information, with an adjudication module determining risk levels based on predictive models and adjudication parameters.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual risk assessment processes are used to handle unstructured data, then flexibility in processing complex data semantics is maintained, but accuracy rates decrease and productivity is reduced
Solution Approach 1:
The patent introduces an intermediary layer consisting of data normalization modules and vocabulary mapping systems that translate unstructured data from multiple sources into a standardized format. This intermediary processing layer enables automated systems to accurately interpret complex data semantics while maintaining high processing throughput, resolving the contradiction between accuracy and productivity
Solution Approach 2:
The system transforms unstructured data into structured parameters through standardized vocabularies and coding schemes. By changing the parameter representation from free-text to standardized codes, the system enables both high accuracy in risk assessment and efficient automated processing, simultaneously improving both accuracy rate and productivity
2Productivity
If automated rule-based engines are used to process risk information, then productivity increases, but the system cannot handle non-standard data vocabulary and complicated data semantics
Solution Approach 1:
The patent implements a universal data normalization framework that can process multiple types of unstructured data from diverse sources using a single standardized vocabulary system. This multi-functional approach enables the automated engine to handle various data formats and semantics while maintaining high productivity, resolving the contradiction between automation level and data compatibility
Solution Approach 2:
The system performs preliminary data normalization and vocabulary standardization before the main risk assessment processing. By pre-processing unstructured data into standardized formats, the automated engine can efficiently process the normalized data without losing adaptability to handle non-standard vocabularies, thus achieving both high productivity and data compatibility
3Reliability
If more unstructured data sources are integrated into the assessment process, then the comprehensiveness of risk assessment improves, but the difficulty of conversion to automated format increases
Solution Approach 1:
The patent segments the complex data integration process into modular components: data collection modules for different sources, normalization modules for each data type, and a central assessment engine. This segmentation allows the system to integrate multiple unstructured data sources comprehensively while managing processing complexity through modular architecture, resolving the contradiction between assessment comprehensiveness and data processing complexity
Data Source
AI summary
The invention describes systems and methods of assessing risk using a computer. A computer-based system including an enrollment module, a data aggregation module, a risk assessment module, and a memory is provided for assessing risks. The enrollment receives, at a computer, personal information regarding at least one entity. The data aggregation module receives, at the computer, risk information regarding the entity according to the personal information from at least one data source. The risk assessment module converts the risk information to assessment information. The memory stores the personal information, the risk information, and/or the assessment information on the computer.