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 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… deux a Nick Leeson.