Workflow Event Tracking With Signed Data for Compliance Audits
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Solution Overview
Problem
Financial companies face challenges in demonstrating compliance with government regulations by proving that their workflow management systems have properly executed business processes, such as opening a new credit card, which involve multiple events like verifying identity and checking credit score.
Innovation Solution
A workflow management system that uses cryptographically signed transaction event data from processing systems, stored on distributed ledgers, to verify the authenticity and completeness of transaction events, ensuring compliance with business process rules.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If financial companies implement comprehensive workflow management systems to track multiple transaction events, then compliance demonstration capability is improved, but system complexity increases
Solution Approach 1:
The patent introduces a workflow management system as an intermediary layer between processing systems and regulatory authorities. This system receives event data from multiple processing systems, validates it against business process rules, and generates compliance reports, thereby simplifying the overall compliance demonstration process while maintaining reliability
Solution Approach 2:
The patent creates a digital copy of the transaction workflow through structured event data that mirrors the actual business process. This digital representation includes all necessary event details and can be independently validated against compliance rules without requiring direct inspection of the complex underlying processing systems
2Reliability
If financial companies store detailed transaction event data for regulatory audit, then auditability is improved, but data storage requirements increase
Solution Approach 1:
The patent extracts only the essential event data elements needed for compliance validation from the complete transaction workflow. By identifying and storing only the critical event attributes required by business process rules, the system achieves full auditability while minimizing data storage requirements
Solution Approach 2:
The patent applies different levels of data detail to different events based on their compliance significance. Critical events that determine regulatory compliance receive detailed documentation, while routine events are recorded with minimal necessary information, optimizing the balance between auditability and storage efficiency
Data Source
AI summary
A workflow management system can be used to determine whether a set of transaction events have been properly processed according to a business process rule. A business process rule includes a set of transaction events setup in accordance with a government regulation or an internal company process. An event data may include information associated with a transaction event. A workflow management system includes a workflow management server that receives cryptographically signed transaction event data from one or more additional servers so that the workflow management server can determine whether the received transaction event data comprises a complete or an incomplete transaction.