UPDATED 14:17 EDT / FEBRUARY 02 2016

NEWS

HPE targets big banks with new cloud-based analytics service

Banks and other companies in regulated industries have an exponentially larger number of legal obligations to meet than the everyday enterprise, which makes it that much easier to end up on the wrong side of the compliance fence. Hewlett Packard Enterprise became the latest vendor to tackle the issue this morning with the introduction of a new cloud-based service that can automatically track down potential violations before they become an issue.

The aptly-named HPE Investigative Analytics platform starts the search at an organization’s core business infrastructure, which may encompass everything from its high-speed trading environment to the payroll servers. Activity logs from the various systems are pulled into a central database and fed into machine learning algorithms that look for risk factors like whether workers are accessing important company information over insecure connections. Customers can use the pre-defined set of rules that comes bundled with the service or create their own from scratch.

After passing through the initial inspection, the system records are put into context with external variables collected from sources such as market activity feeds and newswires. HPE says that the service could potentially even use the insights from a research paper about some new regulation in order to determine whether a customer meets their compliance obligations. Positive hits are ranked according to their severity in order to help analysts prioritize their work and tackle the most important violations first.

HPE Investigative Analytics is touted as a more efficient alternative to tracking down compliance issues manually, which is labor-intensive and creates plenty of opportunity for human error. But even if the service is only able to detect a fraction of the violations that pass undetected during an audit, it could still potentially save regulated organizations a substantial amount of money: Morgan Stanley Group Inc. estimates that financial institutions alone spent $260 million in fines since 2009. And that’s in addition to the damage wrought by fraudsters who took advantage of their substandard operational procedures.

Image via Pixabay

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