Westpac has hired IBM’s Promontory to improve security and compliance.
The bank has a new committee called the Westpac Board Financial Crime Committee.
It aims to help the bank deal with financial crime and build trust among its customers.
Promontory Financial Group is a whollyowned subsidiary of IBM.
What does this mean?
Promontory practice leader Jeff Carmichael commented that the “huge volume of transactions” taking place every day present huge challenges for government and financial institutions in terms of monitoring suspicious activity, according to Finextra. It’s hoped a review undertaken by Promontory will help Westpac combat cybercrime and be more aware of such activity.