lundberg
Fri, 25 Jan 2008 00:12:08 +0000
When I first started talking to clients and prospects about TIBCO BusinessEvents and CEP, I used to present the case study of Barings bank, the hallowed British bank that was essentially bankrupted by the extracurricular activities of a rogue trader in their Singapore office by the name of Nick Leeson.
After hearing me out, one of their suggestions that I heard was that the case occurred so long ago and banking security systems are so much better that the case really doesn’t apply these days.
But today’s news about the $ 7 Billion French bank fraud from a trader employee suggests that the topic is still quite relevent. Paul even had an idea that we should re-brand our software to be called CEB "Complex Event Banking" or something of that ilk.
(He has jokingly been on a new-naming / re-naming kick since watching many other vendors trying to rename CEP to something their own tool does…. )
When you think about it, given the recent advances in CEP, banks can now deploy off-the-shelf CEP tools for internal fraud and compliance – correlating positions and trading events in real-time to get an overall “situation assessment” of the banks’ trading position, and generating the necessary events in order to prevent these situations before they are able to… um… do a Nick Leeson.



Source...