Capital one services, llc (20240303571). AUTOMATED RISK CONTROL simplified abstract
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 20240303571 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, monitors their status, captures an audit record, and streams it to an uneditable archive.
Potential Applications: - Compliance management in various industries - Risk mitigation in financial institutions - Quality assurance in manufacturing processes
Problems Solved: - Streamlining control execution processes - Ensuring compliance with organizational requirements - Enhancing audit trail accuracy
Benefits: - Increased efficiency in control execution - Improved compliance monitoring - Enhanced audit trail security
Commercial Applications: Risk management software for financial institutions
Questions about Risk Mitigation Controls: 1. How does the system determine control components within text?
- The system uses text analysis to identify control components related to 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.
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.
