Every company carries valuable data, whether it’s relevant to a specific client’s private information, statistics, or finances. Alongside the fear that you might lose precious data or incur a security breach with faulty programs, data needs to be filed and exported accurately in order to meet certain deadlines and practical standards; which is why Kibana reporting has proven to be an imperative tool for loss prevention within any given company.
Kane LPI Solutions is a prime example of how Kibana reporting achieved higher marketability within the cognoscente program Skedler. A trusted provider of Third Party Administration services for more than 15 years, Kane LPI has issued over US$11 billion of offshore annuity and investment products for an extensive global client base. They needed a robust solution to help prevent financial and reputation losses as well as boost KPIs. As it stood, competition was fierce — there were many much larger players out there on the field.
The company’s practical processes specifically involved sending sensitive and accurate post-trading files on a timely basis. Kane LPI’s clients had strict operational requirements for control and compliance: if the time window for sending files was missed, financial loss was borne both for them and the company. Delays like this could incur strict penalties by settlement and clearing corporations such as The Depository Trust and Clearing Corporation (DTCC). With so much at stake, our challenge was to fundamentally satisfy operational concerns to prevent those losses, as well as improve pragmatic business flow.
Kibana reporting allowed Kane LPI to send out daily scheduled reports to both clients and internal users from thousands of lines of log entries within multiple systems, serving as a key monitoring tool and satisfying auditing requirements in the process. As a result, Skedler became a critical go-to ELK stack tool for this company and its clients, allowing Kane LPI to send out reports to their clients and internal users, which the company couldn’t do before.
Developers were able to receive automated error reports at the beginning of the day, allowing them to ensure information is sent to regulatory and settlement organizations to meet deadlines. Simultaneously, managers received daily and weekly reports on SLA performance and non-compliance, enabling them to take remedial steps to prevent recurrence and to protect time-sensitive transactions. Vendors also received daily and weekly reports on SLA performance and non-compliance of their product in KPI solution, which fundamentally reused the investment of energy and time in an ELK stack based solution.
As a precautionary measure, Skedler introduced a critical line of defence to errors by inaugurating manager and software vendors with automated reporting sent at the beginning of the day, which described potential errors during transfer of files, allowing future errors to be minimized. We then added another layer of security by administering any issues during batch runs from the previous 24 hours.
Statistically, all of these enhancements enabled Kane LPI’s clients to avoid up to $5 million per month in trade and exchange losses, as well as protect their well-nurtured reputation as a high-quality provider.
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