Hewlett Packard Enterprise Introduces Risk Detection Offering for Financial Services Organizations

Hewlett Packard Enterprise (HPE) has announced the availability of HPE Investigative Analytics, a new software solution to enable financial institutions and other organizations in highly regulated industries to use big data technologies to detect patterns, relationships,  behaviors, and anomalies across structured and unstructured data stores. The software is aimed at helping companies reduce risk by proactively preventing fraudulent actions.

According to the HPE, companies in the financial services arena, as well as in industries such as pharmaceuticals, life sciences, energy, oil & gas, utilities, and manufacturing, are under pressure to comply with constantly changing regulatory requirements, and need to be able to identify rogue activity and halt fraudulent behavior.

These companies need to better manage risk particularly  in light of the large amount of information that is being created combined with the high fines and sanctions that can impact their bottom line if they do not adequately monitor and protect that information, said Joe Garber, global vice president of marketing at Hewlett Packard Enterprise - Big Data Solutions.

In total, global financial institutions have paid fines totaling $260 billion since 2009, says HPE, citing an industry report. 

The goal with the new solution, Garber said, is to help these organizations betterunderstand and analyze their information, as well as understand what might be a risk, and take action proactively to prevent those risky behaviors from occurring.

HPE Investigative Analytics combines products and technologies that HPE has built over time in the compliance, e-discovery, and analytics spaces. HPE Investigative Analytics combines aspects of the company’s information governance software, including HPE Digital Safe, with its big data analytics technologies HPE IDOL and HPE Vertica, for mining and understanding data. The new solution automatically detects risks by considering both structured (risk systems, pricing systems, directories, HR systems and unstructured data (voice, chat, email).

HPE Investigative Analytics offers a “curated data lake”with enriched information from disparate data sources, including unstructured (email, IM, and voice archives) as well as structured data from trading, risk, market, and surveillance systems to provide a single view across both structured and unstructured information – regardless of source. The information is massaged and enriched to determine key and pertinent information, resulting in richer, more focused results, according to Robert Patrick, director, Product Management for Big Data Advanced Analytics at HPE.

HPE Investigative Analytics also takes advantage of machine learning-based analytics based on investigative analytic human behavior models to measure for risks and flag potential problems. This is achieved, the vendor says, by connecting to business and market activity feeds and scoring information against these events using a series of KPIs. The goal is to look at both standard and anomalous behavior and feed that continuously feed that back into the system.

In addition, the company says, the solution secures and audits access to the data lake while utilizing the capabilities of HPE IDOL and HPE Vertica to analyze and produce actionable insights and ensure regulatory compliance.

HPE Investigative Analytics is available from Hewlett Packard Enterprise, and from VAR partners.