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Financial Regulations: How do they impact your cloud strategy?

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Financial Regulations: How do they impact your cloud strategy? 1

By Michael Chalmers, MD EMEA at Contino

How exactly do financial regulations affect your cloud strategy? It’s a question many of our customers have been scratching their heads about. Some solutions are costly and over-complex – but by asking the right questions, the wrong solutions can be avoided.

Following the Financial Conduct Authority’s (FCA) 2020 review, it’s clear that highly regulated enterprises must work harder than ever to stay within various limits which protect customers during an economically strenuous pandemic. Below, I address three questions we’re hearing from customers about how to optimise the cloud whilst sticking to FCA regulations.

  1. What regulations must you consider before outsourcing to a cloud provider?

If you have an application or workload that you’re looking to put into the cloud, you will have various service levels that you’ve defined for that particular stack. When you’re looking at the cloud provider and asking yourself what services to use, you’ll need to consider how that aligns to your service levels. How do I architect it to make sure that it’s aligned and that it can tolerate failure?

At the very start of that journey, before you even start putting your workloads into the cloud, you need to set the standards that you will need to adhere to. The Shared Responsibility Model is a key asset in understanding where your responsibility lies.

There are a number of things that you need to make sure are in your contract with the cloud provider. Unless you specifically sign a contract addendum with them, you can’t guarantee that useful and knowledgeable assistance is included.

While the guidelines are very clear on a number of clauses that you need to put in your contract with the cloud provider, these regulations apply to outsourcing in general. Cloud providers are very mature, so they will come with pre-packed addendums to the standard contract they offer that are customised to comply with FCA regulations. However, if you start outsourcing IT functions in a different way, e.g. if you start using a Software-as-a-Service (SaaS) provider which is delivered using the cloud, the new provider will need to be vetted to make sure that you have the right clauses in your contract with them. While cloud providers are very mature on this, most SaaS tools are not.

  1. How can you control or restrict where data in the cloud moves?

When it comes to data security, there are various options available on Amazon Web Services (AWS). For example, you can securely lock particular regions into an account on AWS. It’s also worth looking at your account structure policy. If you have accounts where data can’t reside outside the EU, you can put the workloads into that bundle and you can lock it down at policy level. There is an element of trust with the provider here as well.

While AWS offers prescribed controls to block certain regions, other cloud providers have different strategies. In the case of Google Cloud (GCP), you can specify service controls so that, even for managed services such as Big Query, you can lock your data in not just one region, but within your virtual private cloud. In other words, not only can you block specific regions or allow specific regions, you can specify that only things within a region can assess data within a region as a general policy.

  1. What does the regulator need to see to approve your exit strategy?

In terms of documentation, it’s not a case of “show me your policies and test plan” but rather “show me how you exercise it”.

Most of the time it’s a months-long process and it comes down to personal relationships: you build trust over time with the regulator as you build your exit plan. You should be able to discuss what else they would like to see in there.  While there used to be a template for an exit plan in the European Banking Authority (EBA) regulations in a previous version, this has since been removed.

Regulators don’t tend to look at test reports. However, they do post a lot of information on audit reports and auditors. These auditors are there to check you’re doing what you say you’re doing. At the end of the day you are responsible for demonstrating your exit plan – it has to be coherent, consistent and compelling.

Final Thoughts

The truth is, most of the time, regulators are just trying to encourage you to do what works. That being said, sometimes their outlook doesn’t quite match with your view, or sometimes there’s an artificial difference that can be smoothed over or finessed. Occasionally you have to remember that we had 2008. What if in 2020 we have a massive AWS outage?

Multi-cloud is a natural strategy. There’s a number of high-level, cloud-native services that can be leveraged to simplify the implementation of multi-cloud in large financial institutions. Adhering to the multitude of guidelines can be complex and time-consuming, but forging the right path through the regulations will ensure that your multi-cloud is optimised to provide the most streamlined and efficient service possible to your business.

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How robotic technology will disrupt the manufacturing industry

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How robotic technology will disrupt the manufacturing industry 2

By Marga Hoek, author of The Trillion Dollar Shift

Robotics technology has the potential to disrupt industries across all sectors – but its impact on the manufacturing industry will be transformative. Not only can robots increase productivity, efficiency and profit margins but adopting this tech for good will be a key way for the manufacturing industry to transition to a more sustainable future.

Driving productivity & efficiency

Manufacturing processes are faster, more efficient, and more cost-effective when humans and robots work together. Studies show that idle time is reduced by 85% when people work collaboratively with a human-aware robot, rather than in an all-human team.[1] Modern robotic automation is key to reshaping production processes to become more efficient and reliable. They deliver significant benefits for companies and investment is often recouped within just 18 months.[2]

Robots in manufacturing can allow businesses to monitor the production lines from anywhere and pinpoint issues quickly, allowing for production to continue smoothly and efficiently, ensuring companies surpass consumers’ expectations of supply chain speed and reliability. Intelligent industrial service robots are an upcoming industrial tool that will amplify manufacturing capabilities and allow businesses to safely operate faster, in places humans could never go, and with cognitive and physical capabilities not yet imagined.

Transitioning to a sustainable future

Robots are a vital way to reduce pollution and emissions from manufacturing operations. For starters, they reduce our reliance on larger vehicles and machines that are harmful to the planet. Robots’ ability to be extremely accurate and minimize errors is also hugely important in sustainability efforts to reduce waste. Robots also aid businesses in their energy-saving process because they do not require as much energy to operate as humans do. Where humans need facilities with sufficient lighting and heat, robots can work under cold and dark conditions. This drastically reduces the amount of energy used in the manufacturing production process. It is estimated that for every 1C reduced in factory heat levels, there is a potential saving of up to 8%.[3] In addition, up to 20% of energy savings can be reached if the plant turns off any unnecessary lighting.

Case Study: GE

Tech giant GE is a brilliant example of how robotics technology can both boost the bottom line and sustainability.

GE is at the forefront of robotics manufacturing technology. Their value proposition is tightly tied to productivity in field service and manufacturing and offers potential cost savings within operations. While delivering industrial-grade service robotic systems that enable automation, productivity and safety for GE and its customers, the company works closely with GE business units, GE customers and strategic partners across the globe to envision, shape and build intelligent robotic technologies from idea to commercialization.

Marga Hoek

Marga Hoek

GE’s recent $125 million investment project at its Decatur refrigerator plant boosted production capacity, added new “smart” technology and increased the site’s workforce.  This includes auto guided vehicles, or AGVs, that move materials through the assembly process and more than 50 robots that perform heavy lifting operations and repetitive tasks.

The expansion project, announced in June 2018, allowed GE Appliances to increase production to meet growing demand for its freezer-refrigerators, which are top-rated in the industry for both quality and reliability. The expansion created 255 jobs, bringing total employment at the plant to 1,300. The project boosts production capacity by 25 % and ensures early compliance with 2022 refrigerant changes, making the Alabama plant a super site for GE. GE Appliances said Industry 4.0 technology additions at the Decatur facility include data visualization, 3-D scanning, rapid prototyping and other smart automation that provides the operations team with real-time data to make better and faster decisions.

Achieving the UN’s Sustainable Development Goals

Utilizing robotics technology within the manufacturing industry can help to meet the UN’s 17 Sustainable Development Goals (SDG) for a healthier planet, to be met by 2030:

SDG 3 – Good Health & Wellbeing: Collaborating with people, service robots work with shoulder-to-shoulder and over long distances, to fulfil dull, dirty and dangerous work.

SDG 8 – Decent Work & Economic Growth: Presenting new growth opportunities for businesses and creating new jobs at manufacturing plants

SDG 9 – Industry, Innovation & Infrastructure:  Manufacturing value proposition of robotics ties tightly to productivity and brings potential cost savings into those operations.

SDG 12 – Responsible Production & Consumption: Providing a new and rich data source for companies to produce products responsibly

Marga Hoek is a global thought-leader on sustainable business, international speaker and the author of The Trillion Dollar Shift, a new book revealing the business opportunities provided by the UN’s Sustainable Development Goals. The Trillion Dollar Shift is published by Routledge, in hardback and e-book. For more information go to www.margahoek.com

[1] https://www.weforum.org/agenda/2020/08/here-s-how-robots-can-help-us-confront-covid/

[2] https://www.industrialtechnology.co.uk/products–transforming-your-sustainability-with-robotic-automation.html

[3] https://greencleanguide.com/how-robotics-is-revolutionizing-sustainability/

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RPA, the software robots that finance and banking professionals need to hear about.

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RPA, the software robots that finance and banking professionals need to hear about. 3

By Rory Gray, Vice President of Sales at leading software automation firm, UiPath, explains what role Robotic Process Automation (RPA) can play in improving the efficiency of finance and banking departments.

Pre-coronavirus, the finance and banking industries were already facing a myriad of challenges. Now, this myriad is quickly becoming ever more complicated. There is increasing pressure to react to declining business health, be flexible to changing customer behaviour and to adapt to evolving workforce dynamics.

Unfortunately, for these teams, improving agility is easier said than done. Many processes involve legacy systems, paper-based documents and unstructured data. These processes are time-consuming and mundane, leaving finance and banking professionals hard-pressed to fit in client-centric and strategic work.

Take processing invoices. The way it’s done hasn’t changed for years in many organisations. It often involves a member or members of the finance team receiving the invoice by mail or email, approving it manually, printing, signing and submitting it to Accounts Payable. An AP Clerk then has to pick it up, read it, verify the approvals, extract the data and input it into to the accounting package. This all takes time and costs money. What’s more, it’s dull and prone to errors. People don’t want to spend their days doing it.

Imagine if processes such as invoicing, but also loan processing, credit card disputes and many more, could be automated. Finance and banking teams would spend much less time copying, pasting and printing and could refocus on business health and transformation.

RPA is the key to finding more time in the day  

Robotic Process Automation or RPA, is software that can work just like a human. It can use AI capabilities to read and interpret data from both physical and digital documents. It can extract the necessary information and it can transfer this to multiple IT applications. It’s a software robot – or digital assistant.

For finance and banking professionals, RPA could help them break free from the time constraints caused by inefficient and complex legacy operations by passing rule-based repetitive tasks to software robots. This saves time and money – and allows people to focus on the tasks that can make a difference to the business.

RPA can help carry the burden of compliance

Rory Gray

Rory Gray

With data extracted, processed and formatted by software robots, employees will also no longer have to carry the full and heavy burden of compliance.

However accurate we aim to be, the reality is that processing data is always open to mistakes. This is exacerbated by ever shifting market regulations. Software robots, however, are programmed by finance and banking professionals to strictly follow the same steps every time and thus do not fall victim to the same blunders as all humans inevitably do.

Of course, many regulatory compliance functions will often need to involve some human validation or decision making. While the robots work around the clock without fatigue to complete tasks, professionals can still intervene if there is an inaccuracy that requires the personal touch or a loop in the workflow where a decision is needed. Therefore, time-consuming compliance tasks can be passed to software robots, but humans ultimately remain in control.

This in turn provides better risk management and compliance, higher accuracy, better cycle times and improved throughput.

RPA in practice

This may all sound very futuristic, but in practice, many firms are already using RPA to free up employee time, improve compliance and save money.

For example, a leading smart infrastructure solutions firm we work with has created a software robot affectionately named Archie, which has taken over the responsibility for processing all invoices.

Pre-Covid, the 400,000 invoices received by the firm each year were dealt with manually. With Archie this is now fully automated freeing up on average 11 minutes per invoice of time which employees can now use to focus on value-adding activities. It also means that no employee needs to come into the office to process the invoice, nor does any paper need to be passed around the team. Thus helping to keep the workforce safe.

With all this extra time, finance and banking departments can focus on adapting to and thriving in the current crisis. Moving away from data processing and towards advisory roles where they can best use their strategic skills.

Consequently, businesses will benefit during the pandemic and beyond and employees could see their roles shifting away from the mundane and towards tasks that keep them on their toes. A rare win-win in a difficult time.

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WeWALK joins Microsoft’s AI for Accessibility Programme Using artificial intelligence to change the lives of the visually impaired 

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WeWALK joins Microsoft’s AI for Accessibility Programme Using artificial intelligence to change the lives of the visually impaired  4

WeWALK, the smart cane designed for people who are blind or with low vision which is now in use across 37 markets, has joined Microsoft’s AI for Accessibility programme to accelerate WeWALK’s capability by developing and validating a human behaviour model for visually impaired users and creating a Voice Assistant designed for the visually impaired, providing the right mobility information when needed and allowing for even greater control of the WeWALK mobility experience.

Microsoft’s AI for Accessibility $25 million 5-year programme is aimed at harnessing the power of AI to amplify human capability for the more than one billion people around the world with disabilities. Through grants, technology, and AI expertise, the program aims to accelerate the development of accessible and intelligent AI solutions and build on recent advancements in Microsoft Cognitive Services to help developers create intelligent apps that can see, hear, speak, understand and interpret people’s needs.

WeWALK’s new Voice Assistant will be released later in 2020 and will have immediate usability benefits, improving the user’s confidence as they mobilise. The assistant will be built on clearly derived requirements and natural usage patterns and the challenge that WeWALK is seeking to overcome is to make the assistant truly ‘smart’ and dynamic, where it will effectively categorize and deliver on the user’s commands in a host of different environments.

WeWALK’s human behaviour model is due for release in 2021 and is of significant importance as currently there are no accurate models for how a person who is blind moves and how their mobility holistically evolves, especially after receiving orientation and mobility training. As a result, healthcare, government, and mobility trainers cannot effectively track how a person who is blind mobilizes and whether or not intervention has had benefit. By using WeWALK’s built-in IMU (inertial measurement unit) sensors, including the gyroscope, accelerometer, and compass, as well as data collected from a connected smartphone, the model can be implemented and expanded organically through daily usage. The first stage will be rigorous data collection and user testing, followed by data manipulation and classification to ensure that optimum reliability and system usability can be achieved.

Commenting upon WeWALK’s entry into the program Jean Marc Feghali, R&D Lead at WeWALK. “By working on these two objectives, WeWALK can set the standard for visually impaired mobility for both the individual user and the organisations that support them. We are now rigorously collecting mobility data with novel experimentation, validating our work by continuously engaging our users to ensure an exceptional product powered by Microsoft’s best. Being a part of the Microsoft family truly excites us, bringing us closer to mobility trainers, researchers, and the global visually impaired community.”

Mary Bellard, principal innovation architect lead at Microsoft adds “At Microsoft, we believe AI solutions built thoughtfully by and with the disability community have incredible potential to offer meaningful independence in people’s daily lives.  That’s why we’re thrilled to support WeWALK on this important assistive tool that stands to empower the millions of people around the world who use a white cane.”

With the power of Microsoft AI, WeWALK’s impact will be wide-reaching explains Kürşat Ceylan, WeWALK’s co-founder & CPO  “As a blind person from birth, I know that it is very important to get the right habits of using a cane from a young age. It is amazing to see how WeWALK can enhance this aspect of our lives with high tech, making training and orientation more effective. I believe that the smart cane will be a symbol for the fully independent journey people who are blind or with low vision.”

Selected as one of the best inventions of 2019 by TIME Magazine, WeWALK is a member of YGA Ventures, which is an ecosystem of impact entrepreneurs.  The team envisions WeWALK as a platform for continuous and collaborative development, putting it at the forefront of cutting-edge assistive technologies. This is exemplified through WeWALK’s collaboration with Microsoft, where WeWALK participated in Microsoft’s 2019 AI for Good in the UK.

The WeWALK smart cane is currently available on the market and can be purchased on the company website www.wewalk.io. The free WeWALK mobile app which provides various features such as VIP friendly navigation and public transport tracking capabilities is also available for immediate download on both iOS and Android devices.

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