Wall Street traders are already threatened by computers that can do their jobs faster and cheaper. Now the humans of finance have something else to worry about
: Algorithms that make sure they behave.
JPMorgan Chase & Co., which has racked up more than $36 billion in legal bills since the financial crisis, is rolling out a program to identify rogue employees before they go astray, according to Sally Dewar, head of regulatory affairs for Europe, who?s overseeing the effort. Dozens of inputs, including whether workers skip compliance classes, violate personal trading rules or breach market-risk limits, will be fed into the software.
?We?re taking technology that was built for counter-terrorism and using it against human language, because that?s where intentions are shown,? said Estes, whose company counts Goldman Sachs Group Inc. and Credit Suisse Group AG as clients and investors, but not JPMorgan. ?If you want to be proactive, you have to get people before they act.?
JPMorgan Algorithm Knows Youâ??re a Rogue Employee Before You Do - Bloomberg Business
we need to apply this technology to Police.