18118230. AUTOMATED RISK CONTROL simplified abstract (Capital One Services, LLC)
Contents
AUTOMATED RISK CONTROL
Organization Name
Inventor(s)
Erik Mueller of Chevy Chase MD (US)
Jaime Mantilla of Cranford NJ (US)
Tanusree Datta Mccabe of Washington DC (US)
AUTOMATED RISK CONTROL - A simplified explanation of the abstract
This abstract first appeared for US patent application 18118230 titled 'AUTOMATED RISK CONTROL
The abstract describes a system, method, and computer program product for processing risk mitigation controls by analyzing text to identify control components, mapping them to a process model workflow, and automatically executing tasks based on trigger events.
- The system analyzes text to identify control components related to organizational process requirements.
- Machine learning models map control components to a process model workflow based on corresponding control code.
- Upon receiving a trigger, the system automatically executes tasks of the control code, monitors task status, captures an audit record, and streams it to an uneditable archive.
Potential Applications: - Compliance management in organizations - Risk mitigation in various industries such as finance, healthcare, and technology
Problems Solved: - Streamlining the execution of risk mitigation controls - Ensuring compliance with organizational process requirements - Automating the monitoring and auditing of control tasks
Benefits: - Increased efficiency in risk management processes - Enhanced compliance with regulatory standards - Improved transparency and accountability in control execution
Commercial Applications: Risk management software solutions for businesses to automate and streamline compliance processes, reducing manual effort and ensuring adherence to regulations.
Questions about Risk Mitigation Controls: 1. How does the system determine control components within text? The system uses text analysis to identify phrases defining measures for compliance with organizational process requirements.
2. What is the significance of mapping control components to a process model workflow? Mapping control components allows for the automatic execution of tasks based on trigger events, improving efficiency and accuracy in risk mitigation processes.
Original Abstract Submitted
Disclosed herein are system, method, and computer program product embodiments for processing risk mitigation controls. The system analyzes text to determine control components located within the text, where the text defines one or more measures to provide assurance of compliance with organizational process requirements. The system further maps, by machine learning models, the control components to a process executable model workflow based on corresponding control code. Upon receiving a trigger, the system automatically instantiates the process model workflow and executes tasks of the control code, monitors a status of the tasks, captures an audit record of the execution and streams the audit record to an uneditable archive.
