With compliance costs expected to double by 2022, a growing number of financial institutions are replacing spreadsheet-based reporting processes with Trifacta to increase speed and accuracy
Trifacta, the global leader in data preparation, today announced that use of its Wrangler products is increasing among financial services organisations to address increasingly demanding risk and compliance initiatives, such as CCAR, BCBS 239, and AML.
Regulatory requirements are constantly evolving — growing ever more granular and nuanced. In fact, financial institutions need to track and address an average of 200 new international regulatory revisions every day, according to Thomson Reuters Regulatory Intelligence service. Complying to the unique requirements of each jurisdiction places more demand on resources within financial services companies.
Furthermore, financial institutions manage a huge volume and variety of transaction data, which can create major quality issues that need to be addressed before they can even begin to navigate the growing web of reporting requirements. Data preparation alone can account for 80 percent of an analytics project — meaning process inefficiencies and issues with data quality and accuracy can have a snowball effect on operational costs.
Trifacta allows financial institutions to retire the use of common spreadsheet tools for regulatory reporting in order to increase speed, collaboration and accuracy among compliance teams. Perhaps most importantly, Trifacta’s ability to track data lineage allows for increased visibility both internally and externally into how the data has been transformed, a critical feature for compliance.
With Trifacta’s intuitive data preparation platform, Commerzbank is accelerating the process of data cleaning in collaboration with IT.
“Trifacta has become a mainstay in our newly minted Big Data & Advanced Analytics division, allowing for huge adoption amongst business users to clean and prepare the data that’s most familiar to them,” said Kerem Tomak, EVP & Divisional Board Member, Big Data & Advanced Analytics at Commerzbank. “Risk and compliance reporting is a huge area of focus for Commerzbank, and we’ve seen rapid improvement in our time-to-market. With Trifacta, we’re able to visually inspect data quality issues before they affect our compliance output, which has saved us untold hours in redoing previous work, and we can iterate faster with Trifacta’s immediate feedback on transformations. We know that Trifacta has even greater potential at Commerzbank, and are excited to expand its usage across the organization.”
Crédit Agricole’s market risk team has been able to simplify its compliance and reporting workflow drastically with the help of Trifacta.
“Trifacta has been instrumental in providing business users with the ability to transform data on the lake to meet a variety of compliance standards,” said Pierre Castellani, Head of IT Market Risk at Crédit Agricole. “With Trifacta, our business users receive an immediate understanding of the data and can prepare it themselves using intelligent suggestions, which has accelerated our regulatory reporting. Prior to Trifacta, we had a dedicated team hand-coding data reports. Now, we have significantly reduced this process, allowing the team to spend more time on analysis.”
“Financial institutions face onerous compliance and regulatory reporting requirements across hundreds of jurisdictions,” said Adam Wilson, CEO of Trifacta. “Our ability to enable the people who understand the rapidly evolving regulatory landscape to do this work themselves has streamlined the compliance processes of the world’s leading financial services businesses. Using Trifacta not only accelerates end-to-end reporting efforts, but also provides transparent visibility into every preparation step in the process.”
In addition to supporting compliance, Trifacta is also seeing increased momentum among financial institutions using Wrangler to enable customer 360initiatives, risk management, machine learning and artificial intelligence (AI) efforts. The race for innovation is redefining the financial services landscape as more and more institutions adopt data-driven customer relationship management, machine learning and AI to radically improve their operations and customer experience. Clean data is square one for those initiatives, making Trifacta’s data preparation platform critical to their success for a growing number of institutions.
Valley National Bank is utilizing Trifacta to bring together diverse interaction data in order to provide a more personalized experience for their customers.
“As a data-driven company, we look for every opportunity to make better use of our data and streamline inefficiencies across the organization. We see Trifacta as a key driver of both,” says Giovanna Clark, Senior Vice President, Director of Strategic Information at Valley National Bank. “With Trifacta’s data preparation platform, we’re enabling our business users to become data citizens across multiple lines of businesses. Improving the customer experience is an important initiative, and we’ll be using Trifacta to accelerate the time needed to complete necessary requirements. There is huge opportunity for Trifacta at Valley National Bank, and we’re excited to get started.”
Other notable financial institutions using Trifacta include Deutsche Börse, Nordea Bank, Luxembourg Stock Exchange and The Royal Bank of Scotland.
For more information about Trifacta as a solution for financial compliance and regulatory reporting, see our webinar with Nordea.
Climate extremes seen harming unborn babies in Brazil’s Amazon
By Jack Graham
(Thomson Reuters Foundation) – A new study that links extreme rains with lower birth weights in Brazil’s Amazon region underscores the long-term health impacts of weather extremes connected to climate change, researchers said on Monday.
Exceptionally heavy rain and floods during pregnancy were linked to lower birth weight and premature births in Brazil’s northern Amazonas state, according to the researchers from Britain’s Lancaster University and the FIOCRUZ health research institute.
They compared nearly 300,000 births over 11 years with local weather data and found babies born after extreme rainfall were more likely to have low birth weights, which is linked to worse educational, health and even income attainment as adults.
Even non-extreme intense rainfall was linked to a 40% higher chance of a child being low birth-weight, according to the study, published on Monday in the Nature Sustainability journal.
Co-author Luke Parry said heavy rains and flooding could cause increases in infectious diseases like malaria, shortages of food and mental health issues in pregnant women, leading to lower birth weights.
“It’s an example of climate injustice, because these mothers and these communities are very, very far from deforestation frontiers in the Amazon,” Parry told the Thomson Reuters Foundation.
“They’ve contributed very little to climate change but are being hit first and worst,” he added, saying he had been “surprised by just how severe these impacts are”.
Severe flooding on the Amazon river is five times more common than just a few decades ago, according to a 2018 paper in the journal Science Advances.
Last week, Brazilian President Jair Bolsonaro visited the neighbouring state of Acre in the Brazilian rainforest, which is under a state of emergency after heavy flooding.
Parry said local people had adapted their lifestyles to deal with climate change, but that “the extent of the extreme river levels and rainfalls has basically exceeded people’s adaptive capacities”.
The negative impacts were even worse for adolescent and indigenous mothers.
The study said the “long-term political neglect of provincial Amazonia” and “uneven development in Brazil” needed to be addressed to tackle the “double burden” of climate change and health inequalities.
It said policy interventions should include antenatal health coverage and transport for rural teenagers to finish high school, as well as improved early warning systems for floods.
(Reporting by Jack Graham; Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
Energy leaders grapple with climate targets at virtual CERAWeek
By Ron Bousso and Jessica Resnick-Ault
NEW YORK (Reuters) – Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday.
Numerous speakers at CERAWeek were prepared to talk about the energy transition and the need for future investment in renewables. But many oil and gas executives were vocal about the need for more fossil-fuel investment in coming years, even as a way of leading the world to a lower-carbon future.
“One of the most urgent things we can do to combat global warming is to back carbon-emitting companies that are committed to get to net zero,” said Bernard Looney, CEO of BP Plc, one of several European oil majors to have committed to ambitious targets of cutting emissions to reach net zero carbon by 2050.
CERAWeek was canceled last year due to the coronavirus pandemic, which stopped billions of people from traveling and wiped out one-fifth of worldwide demand for fuel.
The U.S. fossil fuel industry is still reeling after tens of thousands of jobs were lost. The pandemic has instead accelerated the transition to renewable fuels and electrification of key elements of energy use. Global majors have been playing catch-up, responding to demands from investors to lower production of fuels that contribute to global warming.
The primary message on Monday, however, was that achieving net zero – where polluting emissions are offset by technologies that absorb carbon dioxide for the atmosphere – is going to be difficult.
“There just isn’t yet enough renewable energy to fuel all of the energy that people need. That’s in developed countries,” said Andy Jassy, head of Amazon.com Inc’s cloud division who will succeed Jeff Bezos as CEO this summer.
He said the company had announced its goal for net zero emissions at a time when it had not entirely figured out how to get there.
Since the 2019 conference, many of the world’s major oil companies have set ambitious goals to shift new investments to technologies that will reduce carbon emissions to slow global warming. BP has largely jettisoned its oil exploration team; U.S. auto giant General Motors Co announced plans to stop making gasoline and diesel-powered vehicles in 15 years.
Oil companies have come under increasing pressure from shareholders, governments and activists to show how they are changing their businesses from fossil fuels toward renewables, and to accelerate that transition. However, numerous speakers warned that the viability of certain technologies, such as hydrogen, remains far in the future.
Hydrogen “is a very small business at this point in time, it will scale up, and it will take a long time before it is a business that is large enough to start making a real difference on sort of planetary scale,” said Royal Dutch Shell CEO Ben van Beurden.
Other speakers expected to appear include several representatives from national oil companies along with CEOs of Exxon Mobil, Total, Chevron and Occidental Petroleum, though many are participating in panels focusing on the energy transition.
Mohammed Barkindo, secretary general of the Organization of the Petroleum Exporting Countries, was scheduled to appear, but backed out, citing a conflict.
Some CEOs said more oil and gas investment was necessary.
“We don’t think peak oil is around the corner – we see oil demand growing for the next 10 years,” said John Hess, CEO of Hess Corp. “We’re not investing enough to grow oil and gas in the future,” he said, explaining that prices would need to rise to support that investment.
(Reporting By Ron Bousso, Jessica Resnick-Ault and Marianna Parraga; additional reporting by Valerie Volcovici, Stephanie Kelly, Jeffrey Dastin and Gary McWilliams; writing by David Gaffen; Editing by Marguerita Choy)
AstraZeneca sells stake in vaccine maker Moderna for nearly $1 billion
(Reuters) – AstraZeneca sold its stake in rival COVID-19 vaccine maker Moderna for roughly $1 billion over the course of last year as the Anglo-Swedish drugmaker cashed in on the meteoric rise in the U.S. company’s shares.
London-listed AstraZeneca recorded $1.38 billion in equity portfolio sales last year, with “a large proportion” of it coming from the Moderna sale, according its latest annual report.
Shares in Moderna, which went public in 2018 at $23 per share, surged more than five times last year after it began working on a COVID-19 vaccine based on a new mRNA technology that won U.S. approval in December.
Its shot relies on synthetic genes to send a message to the body’s immune system to build immunity and can be produced at a scale more rapidly than conventional vaccines like AstraZeneca’s.
Last week, Moderna said it was expecting $18.4 billion in sales from the vaccine this year, putting it on track for its first profit since its founding in 2010.
AstraZeneca began investing in Moderna in 2013, paying $240 million upfront and by the end of 2019 had built up its stake to 7.65%.
That would be worth about $3.2 billion based on Moderna’s 2020 closing stock price of $104.47, Reuters calculation showed.
AstraZeneca’s vaccine being developed with Oxford University has not been authorized in the United States and uses a weakened version of a chimpanzee common cold virus to deliver immunity-building proteins to the body.
In December, U.S. drugmaker Merck & Co said it had sold its equity investment in Moderna, but did not disclose the details of the sale proceeds.
Asset manager Baillie Gifford on Monday disclosed in a separate filing it now held 11% passive stake in Moderna as of Feb. 26.
Moderna shares were down 5% at $146.62 in afternoon trading.
(Reporting by Ankur Banerjee, Pushkala Aripaka, Kanishka Singh and Maria Ponnezhath in Bengaluru; Editing by Jason Neely, David Evans and Arun Koyyur)
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