Researchers Submit Patent Application, “Multimedia Risk Summarizer”, for Approval (USPTO 20200265521)

2020 SEP 04 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Washington, D.C., NewsRx journalists report that a patent application by the inventors CHAN, Khue Hiang (Singapore, Singapore); YU, Chien Siang (Singapore, Singapore), filed on February 17, 2020, was made available online on August 20, 2020.

The patent’s assignee is Amaris.ai Pte. Ltd. (Singapore, Singapore).

News editors obtained the following quote from the background information supplied by the inventors: “Financial markets are fraught with risks, due to inherent uncertainties and volatility associated with the increasingly complex global environment in which they operate. A risk may be defined as a likelihood that an event will occur and adversely affect achieving an objective. A risk may be quantified as impact times probability. For example, a probability of an event occurrence is multiplied by the impact of the event. Risks can arise from various sources. For example, risks can arise from sources which are internal and external to the financial markets. Internal market risks may include interest rate risk, equity risk, currency risk and commodity risk. As for external risks, they may include political turmoil, changes in regulatory frameworks, natural causes, cybercrime and terrorist attacks.

“A fundamental difficulty in risk evaluation or assessment is a lack of reliable statistical information due to the infrequent nature of many types of adverse events. In addition, evaluating an impact or risk is not always straightforward for intangible assets. As such, key sources of information have to include both available statistics and best-educated opinions. Risk management may include the identification and characterization of threats, calculation of vulnerability of critical assets to specific threats, evaluation of expected likelihood and impact of specific events on respective classes of assets, identification of approaches to reduce the risks as well as the prioritization of risk reduction measures in order to timely coordinate and apply resources to either mitigate, survey and control the likelihood or severity of adverse events or to maximize the realization of opportunities. It is worth noting that the Basel II framework has adopted a requirement for a formal risk modeling to be conducted by all major international financial institutions and enforced by their national regulators.

“The difficulty in risk assessment is further exacerbated by the tedious traditional methods of risk analysis which require periodic and systematic data gathering and risk evaluation against predefined hazards and vulnerabilities. At present, a vast majority of risk models are still spreadsheet-based. The reason for this is largely due to the fact that risk evaluation processes are nearly always conducted at an institution-specific level. As the global economy becomes increasingly more decentralized, diversified and disruptive, it is even harder to constantly generate progressive risk assessments that can keep up with a dynamic and fast-changing financial market. This is especially so when the process is still carried out either manually by Finance/Risk Officers or by information technology (IT) systems.

“Therefore, from the foregoing discussion, there is a desire to provide methods and systems which effectively assess market risks despite market dynamics and new regulatory requirements.”

As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventors’ summary information for this patent application: “Embodiments generally relate to market risk assessments. In particular, the embodiments relate to operational market risk assessments using AI configured to support multimedia processing with comprehensive 4D analysis views.

“In one embodiment, a method for market risk assessment includes receiving instream data from different data sources and processing the instream data. Processing the instream data includes identifying one or more content types in the instream data and extracting features from the one or more content types to form a multivariate dataset. The method further includes computing risk analytics using the multivariate dataset and generating results of risk analytics as reports including multimedia reports. The processing is configured to provide multimedia processing for a more meaningful and accurate risk assessment.

“These and other advantages and features of the embodiments herein disclosed, will become apparent through reference to the following description and the accompanying drawings. Furthermore, it is to be understood that the features of the various embodiments described herein are not mutually exclusive and can exist in various combinations and permutations.”

The claims supplied by the inventors are:

“1. A method for market risk assessment comprising: receiving instream data from different data sources; processing the instream data, wherein processing the instream data comprises identifying one or more content types in the instream data and extracting features from the one or more content types to form a multivariate dataset; computing risk analytics using the multivariate dataset; and generating results of risk analytics as reports, the reports including multimedia reports, wherein the processing is configured to provide multimedia processing for a more meaningful and accurate risk evaluation.”

For additional information on this patent application, see: CHAN, Khue Hiang; YU, Chien Siang. Multimedia Risk Summarizer. Filed February 17, 2020 and posted August 20, 2020. Patent URL: http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.html&r=1&f=G&l=50&s1=%2220200265521%22.PGNR.&OS=DN/20200265521&RS=DN/20200265521

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