IT risk monitoring has become a real-time requirement for financial
institutions - Societe Generale's USD 7 billion in fraud losses provide
wake up call.
NEW YORK, March 27 /PRNewswire/ -- Vigilant, LLC, the leading provider
of IT Risk, SIEM Integration, and Co-Sourcing Services to the Fortune 1000,
today announced the release of their latest technical white paper,
analyzing the recent Societe Generale fraud case and positing how a
real-time risk monitoring system may have prevented the bank's
record-setting losses from occurring.
Jerome Kerviel, a former junior trader on Societe Generale's
proprietary equities arbitrage trading desk, single-handedly committed the
world's largest insider fraud case known to date. In Vigilant's white
paper, co-authored by Joe Magee, CTO and Co-Founder, and Steven Zaki,
Market Analyst, Vigilant's risk management experts perform a detailed
technical evaluation of Kerviel's activities. Dissecting each action, Magee
and Zaki demonstrate through a number of use cases how the innovative
application of real-time risk monitoring solutions could have alerted bank
officials to Kerviel's behavior and likely prevented the large-scale fraud.
"In this instance of fraud, various levels of access control were
breached, irregular trading patterns were either ignored or simply not
caught, and compliance rules and triggers were circumvented. We know that
Kerviel was able to commit these acts over a significant period of time.
Some of his actions were even flagged as suspicious, and yet the full
pattern of activity went undetected," said Magee.
The white paper details how Security Information and Event Monitoring
technology platforms (SIEM) could have been deployed to detect Kerviel's
various illicit activities and alert compliance and risk management
officers well before the bank's losses grew to the estimated USD 7 Billion
incurred.
Vigilant has created real-time risk monitoring systems using SIEM
technology for some of the world's largest and most complex financial
institutions to detect and prevent fraud, as well as a host of other
business risk issues. Alison Andrews, CEO of Vigilant comments, "Vigilant
strongly believes that operational risk mitigation must be conducted in a
real-time manner in order to maintain the integrity of market operations.
The cutting-edge solutions that Vigilant is building around fraud
detection, anti-money laundering, and compliance monitoring demonstrate how
Vigilant is responding to customer demands with advanced solutions to
address core business issues."
About Vigilant, LLC
Founded in 2003, Vigilant, LLC is the premier provider of Information
Security, IT Risk, and Data Center Optimization services to the Fortune
1000. The company focuses on the design and integration of systems that
provide holistic, real-time situational awareness -- thereby bringing
together the traditionally separate worlds of Information Security, IT
Asset Management, and Business Transaction Monitoring into one solution.
Vigilant LLC has headquarters in New York, NY and sales offices in
Washington, DC, Chicago and Boston.
To find out more about Vigilant's full suite of consulting and
co-sourcing services, or to request a copy of our white papers, please
contact us at sales@thevigilant.com, or join us in person at RSA 2008 in
San Francisco, CA, April 7th - 11th, 2008.
SOURCE Vigilant, LLC
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Related links:
http://www.thevigilant.com/
CONTACT:
Joni Moore, Acaggio Public Relations for
Vigilant, LLC, +1-508-308-7900, jmoore@acaggio.com; or Mark
Nicholson, COO, Managing Member, Vigilant, LLC, +1-917-952-1014,
mnicholson@thevigilant.com
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