Risk Control Monitoring

Variacode Risk Solutions is an integral solution for any market, business or e-commerce. The system monitors and detects anomalous events in real time, avoiding fines or losses caused by said events. This is achieved by tailoring the monitoring precepts based on business rules and/or regulations in force.

As an example:

There is a regulation, enforced by the “Superintendencia de Bancos e Instituciones Financieras” SBIF, that prohibits any bank to loan any amount of money to a member of its directive board. The Software then can be programmed to monitor the following:

  • Directive board list (with ID)
  • Ongoing credit negotiation list (with ID)

When, and if, the ID of the beneficiary of an ongoing credit matches with the ID of a member of the active directory and said member is part of the directive board, then the Software will alert the relevant personnel within the institution and thus ensure that the proper actions can be taken. Even if this example is one of the simplest rules that can be programmed into the system, being able to act before such anomalous events can be materialized it’s invaluable.

This image shows how our system takes data from different sources, filters them and notifies when an alert is triggered.

The system is build around a technology called “Complex event Processing” CEP a data analysis method that recognizes patterns and infers conclusions based on information from different sources. By cross referencing this data and filtering it with a series of rules, our software can detect anomalies in real time.

The software is made from four main parts:

Control Panel

It’s here where the user interacts with the system, reviewing ongoing cases, current rules set up, events and notifications log and, a section where files can be uploaded and comments about cases can be left.

Rules Motor

This is the brain of the system, where data is analysed and compared to the active set of rules.

Notification Center

Once data is processed and an anomalous event is identified, the system will notify all relevant personnel. It will also escalate, by alerting higher ranking personnel within the institution if said alert is not met with an appropriate action within a given period of time.

Enriched case comments

When an anomaly is discovered the system will file a “case” about it in wich will be included all the events and the type of alarm that they triggered. Here users tasked with the study of these alerts will be able to leave comments, giving context to the event and enriching it with external information to help give it context, upload files that might give important clues and any other information that might be vital to discern the true nature of the event.

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