Today most enterprise GRC systems are focussed on internal data (production, financial, IT, governance, financial, etc.) as such structured data is relatively easy to combine, aggregate and present in a compelling dashboard.
While automated analysis of external information just recently came to the enterprise world thru sales and marketing in the form of social media and web analytics. This information is typically unstructured, thus much harder to understand for a computer and even harder to make sense of it to be able to structure and aggregate it.
Recent events have shown that ignorance of external social noise in the internet can put enterprises into serious troubles.
Thus, applying governance, risk and compliance monitoring only on internal information is not sufficient anymore. At the same time these systems need to change from a kind of “annual reporting” to a continuous, near-real-time measurement and notification to allow for timely management action.
The idea of the Dydon service is to combine classical GRC aggregation and rating of internal, numeric enterprise data with state of the art business intelligence, deep analytics and machine learning technologies on external and internal data.
The Dydon solution is a set of services which constantly gather and analyse information, combine this information based on rules and context and offers rich API’s to display information, results and alarms.
The key innovation of Dydon is the ability to continuously link and match industry complex aggregation logics with the corresponding taxonomy used to search and understand information in the web.
The building blocks for the Dydon service are neither completely new nor exotic, but combine in a new way intelligent data gathering, aggregation, rating, analytics and its presentation. The resulting report provides unique insight as a tool for understanding corporate weaknesses and potentials (e.g. potential risks, identified business opportunities) and supporting management decision-making, allowing directors to consider consequences of hypothetical decisions before choosing a course of action. Dydon’s distinctive service offering is its unique ability to aggregate complex source information, intelligently gather relevant external market information (e.g. from freely accessible data sources or professional data service providers) and to present clearly both current and hypothetical situations allowing informed decisions.
The Dydon system consists of four core system components. Such core components are
- Presentation Component: which handles all user interactions and the communication and coordination between all system components
- Search&Loading Component: responsible for gathering and loading external or internal information and data
- Analytics Component: Data analytics component using artificial intelligence and machine learning
- Predictive Reasoning Component: Intelligent data aggregation and analysis component
The cloud based system described is based on a very flexible system structure and technology (cloud technology) and uses, as far as possible existing framework platforms (e.g. Python) in order to support an incremental realisation of the overall application and keep the flexibility for future enhancements. A continuous further development and embedding of additional system modules and even complete components (e.g. further analysis, individual client front ends, functional enhancements, new functional service, etc.) is thus possible at any time. Furthermore, it is also possible to combine the cloud application with any existing and future server or cloud based application (e.g. existing client third party applications sending a rating or data analytics request to the Dydon application). This supports the various requirements across the wide range of different business areas this service is intended to support.
The innovation of Dydon focuses on connecting all previously mentioned areas into one integrated service. gathering data from many different sources, analysing the semantic and sentiment of the data, analysing it automatically with the latest machine learning algorithms and presenting the right and timely information to the customers.
API = Application Programing Interface , Dydon uses the REST technology
GRC = Governance Risk Compliance