Castlepoint helps businesses sift through complex data to reduce risk and create actionable insights.
The old adage that knowledge is power is certainly true in the world of big data. Businesses these days have access to a treasure trove of information by tapping into their data streams.
However, regulated firms have accumulated a lot of data over the decades. In fact, they may not know what data they have, how to use it and if any of it opens them up to liabilities.
That is where Castlepoint comes in. The RegTech offers a compliance, security and discovery management solution for businesses’ electronic data, which is particularly important when there is a lot of it.
“What you have is a problem that you don’t know what you have,” said Rachael Greaves, CEO of Castlepoint, when Startup Daily recently interviewed her.
“You have a lot of stuff. You don’t know if you should keep it, if you should get rid of it, if it is risky to have it there, [or] whether you need it at all.
“So, what Castlepoint does essentially is to tell you what you have, where it is and who’s doing what to it. So you actually know for the first time what’s in that network. Large organisations have networks that spans decades and tens of thousands of users. So there is a lot of stuff in there that you just don’t know what it is.”
She explained that Castlepoint’s platform uses artificial intelligence (AI) to essentially read every document, email, database and webpage in the company’s systems to find out what is in there.
“Using the AI we can tell you whether that topic has risk or has value in your organisation and beyond that we can tell you which rules apply to that data and if they are being met,” Greaves said.
“So we can find things that are may [have be set to be] deleted that may need to be kept, things that are kept that may have risks that you don’t really need to be carrying, things that are being modified that may be subject to a freeze from the royal commission, for example.”
You can see the full interview here.
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