Hewlett Packard Enterprise has stepped up its analytics play with the release of new software - HPE Investigative Analytics - designed to enable businesses to identify risks and prevent fraud.
Launched at the LegalTech Conference in New York, the new-look tech giant allows financial institutions and other highly regulated organisations to identify and analyse risk events, and take action to prevent them.
“Keeping ahead of unethical and illegal activity is imperative for organisations of all sizes today in order to protect themselves from fines, sanctions and negative publicity that can materially affect shareholder value,” says David Jones, Senior Vice President and General Manager, Information Management & Governance, Hewlett Packard Enterprise.
“With HPE Investigative Analytics, we have built on our strong heritage in compliance and analytics software to deliver a solution that analyses more data at a deeper level than alternatives to deliver the greatest amount of insurance possible to our customers."
According to Jones, key features of the software include a curated data lake, machine learning-based analytics and secure access to data.
For Jones, financial institutions are under more regulatory pressure than ever before.
According to a 2015 Morgan Stanley report, global financial institutions have paid $US260 billion in fines since 2009.
Consequently, regulators are now on high-alert and new compliance guidelines and directives are being imposed on organisations every day.
A failure to meet these regulations, according to Jones, can result in “significant material damage” to the firm, in the form of multi-billion dollar fines and potential criminal prosecution.
Jones says HPE Investigative Analytics leverages HPE's software assets in archiving, compliance, and machine learning to automatically detect patterns and anomalies in structured and unstructured data, in order for an organisation to shut down bad behaviour before it becomes an issue.
“An ever-increasing amount of enterprise data combined with escalating fines and sanctions is creating a risk threshold that organisations are no longer able to ignore, particularly in highly regulated industries,” adds Laura DuBois, Group Vice President, Enterprise Storage, Servers and Infrastructure Software, IDC.
“A software solution like the one from Hewlett Packard Enterprise, which delivers insight into both structured and unstructured data - to not only identify and analyse risk events, but also take action to prevent them - is quickly becoming an industry mandate.”
In addition, Jones claims the software has a “200x greater hit rate” on identifying potentially risky information compared to other compliance and risk management systems.