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Financial markets watchdog boosts analytics in fight against fraud

The FMA wants to expand its use of SAS and IBM analytics to use information as a strategic asset.
Financial markets watchdog the FMA seeks help in analytics efforts.

Financial markets watchdog the FMA seeks help in analytics efforts.

The Financial Markets Authority (FMA) is calling on SAS and IBM partners to help it push its analytics capabilities.

The regulator wants to expand its use of analytics to better use its information as a strategic asset and with fraud detection a key focus area.

The FMA says it has already dipped its toes in the water with small initial investment in products from SAS, Tableau, IBM and Microsoft.

Most of the FMA's current analytics tools, including SAS Enterprise Guide and IBM i2 Analyst's Notebook, are desktop based.

"This initial investment has proven its value over the last two to three years and we are now looking to formally grow our capabilities in the data and analytics area," it says in a tender notice.

"We are now looking to grow our data analytics capability and are looking for vendors to provide us with additional advance analytics capability to complement the products we current utilise."

The FMA is now seeking a SAS and/or IBM partner who can assist with the purchase of licenses, design and implementation of an analytics platform that is hosted in the IaaS Revera service.

The regulator says it wants to use its information better and develop a culture of learning, improved understanding and informed decision making.

The suppliers will have to work to an "aggressive" time-frame and will be required to provide ongoing support and maintenance for the life of the contract.

"Whilst we are open to different hosting options, most of FMA’s major applications are currently hosted on an All of Government Infrastructure as a Service (IaaS)," the tender says.

"FMA’s intent is to increasingly utilise public cloud capabilities and services in the mid-term future, the software solutions chosen should be capable of being deployed in a public cloud scenario when required."