The risk industry received some interesting news over the weekend when MetricStream, a Palo Alto (News - Alert), California-based company, announced the introduction of its big data capability to help clients more clearly identify and mitigate risk.
In a January 13th, 2013 report, the company’s “Big Data analytics functionality will enable customers to better manage the increasing volume, velocity, and variety of data, thereby helping them overcome their risk management and regulatory compliance challenges.”
This latest innovation is called the GRC Platform, and the company boasts that it has a lot in store for its big data analytics:
Whether a consumer brand strengthening its reputation by monitoring social media, a hospital improving patient safety based on health records or a bank fighting fraud by analyzing trades, MetricStream GRC Platform provides the unique ability to tackle massive volumes of structured and unstructured data. Customers can tap into big data sources such as social media, location, multimedia, text, documents, surveillance, medical records, videos, e-commerce, e-mails, voice, audio transcripts, stock trades, transaction logs, geospatial data and weblogs.
More and more companies are embracing products, services, and consultants that are big data-focused. Because data is constantly being acquired and stored, more companies are quickly learning that they need an efficient solution to read and analyze all the information (and quickly) to obtain a solid understand about an array of matters including: customer demand, emerging markets, and in this case, where risk is concentrated or expected to develop.
The report notes, “To deliver Big Data analytics capabilities, MetricStream has enhanced its GRC (Governance, Risk, and Compliance) platform to support the two most popular data architecture frameworks in the industry: Hadoop, the open source Java-based framework for processing large sets in a distributed computing environment, and MongoDB, the open source NoSQL database system.”
As more companies acquire massive amounts of information, companies like MetricStream will start to answer the demand. Big data analytics will soon be a staple industry in developed countries (if it isn’t already!) and will likely continue to grow alongside of the data it analyzes.
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