In our last news letter, we reported breaking news concerning SocGen's Trading Fraud. At over US$ 7 billion, it is world's single largest financial fraud. So for it seems SocGen has been luckier than Barings in one respect - survival [even if it may mean not on its own]. Its indeed a big wake-up call for all of us.
Not only because of its size, but also risk of potentially serious effect on globally interconnected financial world of today, SocGen fraud had very wide coverage in the global media.
Interestingly, some highly respected international financial news papers while covering SocGen fraud reported that "technology is yet to catch-up to prevent such frauds".
They were partially right - technology is only just now catching-up! ReadiONE is such a solution!
+++ ReadiONE - a new generation fraud prevention system, resides in the middle-office, monitors various front-office systems in real-time namely FX, Money Market, Fixed Income, Funds, as well as real-time news sources namely Reuters, Bloomberg etc. It detects potential fraudulent transactions, trading book(s), positions and compliance breaches across-systems, analyzes them and responds, thereby preventing frauds - all in real-time!
+++ In other words, ReadiONE monitors cross-systems and enforces real-time control and compliance and prevents frauds. It's a comprehensive Fraud Prevention System.
+++ Use ReadiONE - Right-Time Response System. Prevent Financial Frauds.
Tip for Chief Information Security Officers: Make sure to remove access rights of people from trade audit and other such sensitive middle-office computers, soonest they move out to other departments. We find instances when access rights were not removed for persons, even after they moved to trading desk!
ReadiMinds is an emerging new generation software product company, with a proven and acknowledged track record of innovation and leading edge software solutions for financial and securities industry. Our ReadiONE: Right-Time Response System is the result of over 5 years of R&D, and is targeted for emerging new class of applications, requiring Right-Time Response to Prevent Losses and Optimize Opportunities!
ReadiMinds is privately held and backed by premier investors from USA, Singapore, and Hong Kong. We serve our clientele from strategically located offices and business partners.
Copyright: ReadiMinds 2010. All rights reserved. All trademarks and logos property of their respective owners and such are hereby acknowledged. Restricted private circulation. We are thankful and give credit to quoted sources. The views expressed and the information provided in this newsletter is of very general nature and is not intended to address the circumstances of any particular individual, entity, country or region. One should not act without seeking appropriate professional advise.