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Joint Forum of Financial Market Regulators continues work on collaboration and information sharing at its Annual Meeting

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5 years ago

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The Joint Forum of Financial Market Regulators (Joint Forum) has concluded its Annual Meeting. The Joint Forum brings together members of the Canadian Council of Insurance Regulators (CCIR), the Canadian Securities Administrators (CSA), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representation from the Canadian Insurance Services Regulatory Organizations (CISRO).  Representatives of the Financial Services Regulatory Authority of Ontario (FSRA) and the Mortgage Broker Regulators’ Council of Canada(MBRCC) also attended the meeting.

The dynamic nature of the financial services landscape was reflected in the Plenary Session, during which CAPSA introduced its Strategic Plan for 2019-22 and the CSA and CCIR provided highlights on its key initiatives. Themes included enhancing consumer protection and a focus on market conduct and efficiencies.

Angela Mazerolle, CAPSA Chair and Superintendent of Pensions and Insurance with the Financial and Consumer Services Commission (New Brunswick), shared CAPSA’s proposed initiatives which take into account the changing environment that has created opportunities for new plan designs, products, processes and requirements. CAPSA has considered the resulting complexities to develop a Strategic Plan that can assist pension plan administrators in meeting their fiduciary duty while protecting the entitlements of pension plan beneficiaries. The new Plan also includes a review and update of the Capital Accumulation Plans Guideline. CAPSA will collaborate with CCIR and CSA as it leads this initiative.

Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers presented an update on CSA members’ participation in the International Monetary Fund (IMF) Financial Sector Assessment Program (FSAP). The goals of this assessment are to gauge the stability and soundness of the financial sector and to assess its potential contribution to growth and development. The IMF assessment of the securities sector covered the analysis and review of securities and derivatives market intermediaries in Canada. Additionally, Mr. Morisset provided updates on the status of ongoing enhanced investor protection regulatory initiatives.

On behalf of CCIR, Patrick Déry, CCIR Chair and Superintendent, Solvency of the Autorité des marchés financiers brought forward two major milestones since last year’s Joint Forum meeting. In support of its priority of building cooperative supervision and aligning with best international practices, the Fair Treatment of Customers Guidance (Guidance) was released in September 2018, in partnership with CISRO. The Guidance sets out the overarching expectations of insurer and intermediary regulators across the country. CCIR also released its full fee disclosure requirements for segregated funds and is currently working with industry towards implementation. These initiatives will provide more information for consumers to make better decisions while strengthening confidence in the financial services sector. He also presented an update on the IMF FSAP assessment of the insurance sector.

This year’s meeting provided opportunities for focused discussion through break-out sessions on topical issues such as the integration of environmental, social and governance factors in investment decisions, international focus on consumer protection, financial exploitation of vulnerable investors and cybersecurity. Members were able to provide valuable insights on these issues in the cross-sectoral context. While discussing the complexities their sectors face in these areas, they were able to learn about each others’ experiences and challenges. Members also shared updates on ombudservice oversight across banking services and investments, life, health and general insurance sectors.

FSRA CEO, Mark White, provided an update on the implementation of Ontario’s new financial services regulator, including highlights of FSRA’s transformation mandate. Mr. White highlighted that FSRA’s objectives include national collaboration and harmonization of regulation, and FSRA welcomed the opportunity to engage with members of the Joint Forum.

MBRCC Chair and Director of Consumer Affairs with the Financial and Consumer Services Commission (New Brunswick), Alaina Nicholson, introduced the MBRCC and indicated that the MBRCC welcomed the opportunity to participate. Ms. Nicholson noted the broader, and often common challenges faced by financial services regulators, including the management of conflicts of interest, appropriate disclosures to consumers, product suitability, the emergence of digital service models, fintech and, of course, the increasing complexity of products.

 

SOURCE Joint Forum of Financial Market Regulators

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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Ottonomy.IO Unveils High Information Navigation Mapping for Autonomous Robots at NVIDIA GTC 2022

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2 years ago

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March 23, 2022

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CTO & Co-Founder Pradyot Korupolu of leading autonomous delivery robotics company, Ottonomy.IO, will be presenting at the NVIDIA GTC 2022 virtual conference. In his session he will discuss autonomous navigation solutions in the event’s “Automotive transportation-autonomous robotics” Industry segment, focusing on moving towards high information navigation maps.

The consumer facing retail and restaurant industry has seen a huge surge in robots operating in everyday, regular human environments (both indoors and outdoors). Ottonomy.IO has deployed robots in multiple consumer environments including airports, retail spaces and campuses.

“With a strong track record in autonomous driving technologies, our team has been able to translate principles of vehicle autonomy to near-term practical use cases for consumer environments,” says Pradyot. “Leveraging high information maps as an input to our contextual navigation engine, Ottonomy.IO has the most robust navigation suite running in live conditions for both indoor and outdoor navigation for restaurants, retail spaces and airports.”

While new use cases are on the rise, data sets are still limited. Pradyot will discuss fusion tools and techniques that Ottonomy.IO’s delivery robots use to bridge this gap, while operating safely and efficiently in crowded and complicated environments. The presentation at the conference will be in the Automotive Transportation-Autonomous Robotics track of NVidia’s 2022 conference addressing “efficient camera and lidar fusion” as a way to get high-Information navigation maps.

These high information maps achieve several objectives:

  • Thin layer of condensed information maps useful for intelligent navigation.
  • Optimized for edge hardware running the mapping and localization pipelines.
  • Real-time fusion of multimodal sensors, specifically 3D lidars and RGB cameras.
  • Navigation maps that combine both metric and semantic distance.
  • information of the environment as an input to Ottonomy’s Contextual Navigation.

You can view Ottonomy.IO’s presentation at NVidia GTC 2022 on Wednesday, March 23, 2022 at 10:00a.m. EST. To gain access to the session, register for NVIDIA GTC conference here.

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Artificial Intelligence

Algonomy to Unveil Its Algorithmic Decisioning Platform that Drives Real-time Customer Engagement at Scale During Retail’s BIG Show 2022

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2 years ago

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January 17, 2022

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Algonomy, a leader in algorithmic decisioning, will showcase its expanded platform that features new and advanced uses of AI that enable real-time customer engagement during the National Retail Federation’s Annual Convention and Trade Show at the Jacob K. Javits Center from Jan. 16-18, 2022.

Working with some of the world’s largest brands such as eBay, McDonald’s, Price Chopper, Tiffany & Co., Pizza Hut, Domino’s, HP and Boots, Algonomy leads the industry when it comes to creating a data-centric single view of today’s digitally native consumer, and decisioning intelligence to drive hyper-personalized engagement.

The retail technology solution partner will have several demonstrations for marketing, commerce and merchandising leaders available in its booth (#6403) throughout the three-day exhibition, including:

Social Proof Messaging

One of the main highlights of the company’s latest release is Social Proofing, technology that gives retailers the ability to build credibility and aid consumer decisions using social approval. Social Proofing offers a way to create trust, urgency and reliability during the shopping journey and is algorithmically optimized in real-time to provide shoppers critical information on trending products through views, purchases, inventory levels and more. The product is enterprise grade and self-serve for marketers.

Visual AI Deep Recommendations

Visual AI helps companies replicate in-store personal shopping experiences on digital commerce properties, and uses deep learning to help online shoppers find products that resemble what they like and also get complete-the-look recommendations. Using product images that do not require historical events and behavioral data to generate relevant product recommendations, Visual AI is unlike traditional recommender engines.

Real-Time Customer Data Platform

The CDP is the foundation of the company’s Algorithmic Decisioning Platform, enabling intelligence-infused decisions by integrating demand and supply to create granular customer segments. In addition to identity resolution and built-in customer analytics, this enhanced version comes with real-time capabilities such as data ingestion, profile updates, audience discovery, decisioning intelligence, and audience activation.

Algorithmic Catalog Enrichment

This new capability will help e-commerce retailers create rich high-quality product catalogs, thereby helping shoppers select products that meet their nuanced requirements. Algorithmic Catalog Enrichment also uses deep learning and image-based feature extraction techniques to automatically identify product attributes and metadata from descriptions and images. In addition to reducing the burden of manually updating product attributes, a well-developed catalog improves product discovery and search results, and eases shopper decision-making, leading to higher conversions and reduced instances of product returns.

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Artificial Intelligence

As organizations look to respond to COVID-19, Avanade launches tool to help businesses accelerate their adoption of artificial intelligence

Published

4 years ago

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June 24, 2020

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Companies looking to recover from the COVID-19 pandemic should focus on accelerating their adoption of artificial intelligence (AI) to improve resilience and prepare for the future, according to Avanade, the leading digital innovator on the Microsoft ecosystem.

Newly published research carried out for Avanade by independent research firm Vanson Bourne, shows that only one percent of companies are fully “AI Mature”. But those who are successful in fully integrating AI into their businesses can experience up to five times return on investment through a combination of increased productivity, improved process efficiency and lower operating costs.

To help companies assess where they are on their AI journey and rethink how to accelerate it, Avanade has developed a specialized tool that measures an organization’s AI maturity across five key areas of AI adoption, including:

  • AI Strategy
  • AI Talent & Culture
  • Digital Ethics
  • Data Supply Chain and Analytics
  • Technology and Process

The tool then uses the assessment information, together with data collected from the Avanade AI Maturity Survey of 1700 senior business and IT decision-makers across 15 countries, to plot the company’s position and highlight key areas to develop and insert AI for business optimization.

“While uncertainties around the human impact of AI have diminished significantly in recent years, most companies are still grappling with how to implement it to achieve meaningful, sustainable business outcomes,” said Simon Thomas, Avanade Data and AI lead. “With business resilience currently being tested to its fullest, organizations need to rethink and accelerate their integration of AI to take full advantage of it benefits, whatever the future holds. Our AI assessment tool can help them start and take that journey.”

Avanade’s research showed that while most companies recognize the potential of AI to have a positive impact on their businesses, many executives are struggling to successfully implement it:

  • AI Strategy:  95% of respondents find AI is critical but a third (32%) cite building AI strategy as one of the top three barriers, and a similar amount (35%) are looking externally to get help creating their strategy.
  • Talent and Culture:  80% of respondents agree that business culture and change are THE make or break for AI’s long-term success, and over half (54%) are struggling with recruiting AI talent and/or shifting their culture.
  • Digital Ethics: 96% find that ensuring “digital ethics by design” is necessary to implement AI and 66% are implementing a digital ethics framework.
  • Technology and Process:  61% of respondents have experimented with automation and advanced analytics, with half of those using computer vision (35%) or virtual agents (34%).
  • Data Supply Chain: 65% of organizations say that their data quality needs improvement.

Summaries highlighting each of the five areas explored by Avanade’s research are available on Avanade.com.

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