18610388. METHOD FOR IDENTIFYING POTENTIAL REGULATORY VIOLATIONS simplified abstract (Truist Bank)
Contents
METHOD FOR IDENTIFYING POTENTIAL REGULATORY VIOLATIONS
Organization Name
Inventor(s)
Gregory Wright of Kennesaw GA (US)
METHOD FOR IDENTIFYING POTENTIAL REGULATORY VIOLATIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18610388 titled 'METHOD FOR IDENTIFYING POTENTIAL REGULATORY VIOLATIONS
The abstract describes a method for using a machine learning model to determine if an entity is violating regulatory requirements by processing data from multiple databases and transmitting a communication if a violation is detected.
- The method involves providing a repository with multiple databases storing data available to authorized users.
- The databases are updated as new data becomes available, and the machine learning model processes this data to identify potential violations.
- If a violation is detected, a communication is sent to the entity so remedial steps can be taken to correct the issue.
Potential Applications: - Compliance monitoring in various industries such as finance, healthcare, and manufacturing. - Risk management for regulatory compliance. - Fraud detection and prevention.
Problems Solved: - Efficient identification of regulatory violations. - Timely communication of violations to entities. - Proactive compliance monitoring.
Benefits: - Improved regulatory compliance. - Reduced risk of penalties and fines. - Enhanced data security and integrity.
Commercial Applications: Title: Regulatory Compliance Monitoring System This technology can be used by regulatory bodies, compliance departments in companies, and auditing firms to ensure adherence to regulations and prevent violations. It can have significant market implications in industries where compliance is critical.
Questions about the technology: 1. How does the machine learning model analyze data from multiple databases to detect regulatory violations? 2. What are the potential challenges in implementing this method in different industries?
Original Abstract Submitted
A method for determining whether an entity is violating regulatory requirements using a machine learning model. The method includes providing a repository having a plurality of databases each storing data and information where the data and information is available to authorized users, updating and revising the plurality of databases as the data and information stored therein changes and new data and information becomes available by the users, processing the databases and the data and information contained therein using the machine learning model to determine whether the entity is potentially violating regulatory requirements, and transmitting a communication identifying that the entity is violating regulatory requirements, where remedial steps could then be taken to correct the violation of the regulatory requirements.
