Norwegian oil firm looks to leverage case-based analytics system for financial services
Case-based reasoning tools developed for the oil industry are being re-engineered for financial markets by a new division of the Swedish firm Verdande Technology with the intention of creating a systems monitoring tool for trading firms.
Jo Kinsella, chief executive of the new division, says that the company is currently working on a prototype with a client and expects to bring the system to market by the end of the year. She declined to name the client institution. At the same time, the company is “scaling up the teams in New York and Houston”, she said.
Case-based reasoning uses data about certain conditions and events to try to predict when those events are about to recur so that action can be taken beforehand. Currently Verdande is working on creating a library of cases and their characteristics that are common in financial services.
Data for the Verdande system will be supplied from the network and system monitoring tools created by London-based ITRS, whose US operations Kinsella used to run.
