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Navigating the pitfalls of bad data in AI-driven financial solutions

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The buzz around Artificial Intelligence (AI) often promotes it as a solution to numerous modern challenges. However, the true efficacy of AI hinges significantly on the quality and readiness of the data it processes.
Many financial institutions have embarked on their AI journeys but frequently overlook essential preparatory steps, such as ensuring data suitability, which is crucial for the successful deployment of AI technologies.
Napier AI, an end-to-end intelligent compliance platform, recently explored the impact of poor-quality data on AI in Anti-Money Laundering (AML).
The Challenge of Bad Data
Bad data, or data that is unsuitable for the intended model, presents several challenges. It might be inconsistently collected, contain inaccuracies, or suffer from insufficient sample sizes, all of which hinder the development of effective models. Additionally, irrelevant data can mislead models by suggesting non-existent correlations, while misunderstood data may introduce bias or lead to incorrect models.
Ensuring Data Suitability
To address these issues, it’s essential to match the data set size with the problem at hand. For example, collecting data on the height of individuals at a basketball convention would skew towards taller measurements, providing an unrepresentative sample of the general population. This common error can result in biased AI that doesn’t accurately reflect real-world scenarios.
Utilizing sufficient historical data is also critical for making accurate predictions. Short-term data might only reveal transient variations, whereas long-term data helps identify enduring trends and behaviors. Furthermore, distinguishing genuine outliers from mere anomalies is crucial to avoid misinforming the model development process.
Managing Missing Data
Addressing missing data is equally important. Understanding whether the absence of data points is due to collection issues or is an inherent aspect of the data helps manage them appropriately. For example, missing daily transactions might be normal for some individuals, but missing medical readings could signify critical issues.
The Role of Synthetic Data
Synthetic data plays a vital role by supplementing small datasets and ensuring privacy while reducing bias. However, this data must be rigorously tested to ensure it accurately reflects real-world conditions and does not foster spurious correlations.
The Importance of Rigorous Testing
Finally, relentless testing is paramount to guarantee that AI models are robust and reliable. This ensures they are built on quality data and are capable of generating actionable insights. By focusing on rigorous data preparation and continuous testing, financial crime compliance professionals can harness the full potential of AI and make data science work effectively.
By addressing these crucial preparatory steps, financial institutions can better leverage AI technologies to enhance their operations and compliance efforts.
Source: fintech.global
The post Navigating the pitfalls of bad data in AI-driven financial solutions appeared first on HIPTHER Alerts.

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4 Days of Family Fun at Cotai Expo – Free-Admission Sands Shopping Carnival Open Now

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Sands China’s annual signature event, the 2024 Sands Shopping Carnival, kicked off Thursday at The Venetian® Macao with an opening ceremony attended by representatives from the government, finance, business, and community services sectors.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: “The Sands Shopping Carnival is celebrating its 5th anniversary this year. Over these five years, Sands China has maintained a steadfast partnership with the Macao SAR Government, the Macao Chamber of Commerce, and other supporting entities, providing relentless support to small and medium-sized enterprises (SMEs) through this platform without seeking any financial return. Together, we have successfully created nearly 2,800 exhibition booths over the years. This year also marks the momentous 20th anniversary of Sands Macao. As a long-standing pillar of Macao’s business landscape, we have deep ties with the local community. Our commitment to supporting local SMEs is unwavering, and we embrace the philosophy of growing with SMEs. Year after year, we have organised the Sands Shopping Carnival, fostering mutual assistance and collaboration across various sectors in Macao.”
Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office, said: “Shopping is a key component of tourism. In the first quarter of this year, 48 percent of visitor expenditure in Macao was dedicated to shopping, which constituted the largest category of tourism expenditure, followed by accommodation and dining. Delivering exceptional shopping experiences is therefore crucial for enhancing the overall travel experience of tourists. It is essential for the retail service industry to catch up with market demands by continuously introducing products that cater to customers’ preferences and providing meticulous and personalised services.”
U Kin Cho, vice president of the board of directors of the Macao Chamber of Commerce, said: “Sands China is committed to supporting the Macao SAR government’s initiatives to promote the growth of SMEs. For five consecutive years, they have organised the Sands Shopping Carnival, a remarkable event that serves as a free business platform for SMEs. This event helps them expand their market presence and create new business opportunities. The Sands Shopping Carnival has been a resounding success, attracting over 100,000 participants annually. It has become one of the largest discount sale events in Macao and a renowned signature event in the local retail industry. We firmly believe that with the active involvement of major corporations like Sands China, and the determined efforts of SMEs in their own transformation and upgrading, Macao will undoubtedly regain its economic vitality.”
The Sands Shopping Carnival offers a free business platform for local SMEs and Sands retailers, helping them create more business opportunities, while providing a fun weekend destination hotspot for local residents and tourists in support of the Macao government’s ‘tourism+’ initiative. It is the fifth year that Sands China is running the shopping and leisure hotspot, with total visitation for the last four carnivals surpassing 420,000.
The carnival is free-admission, and is the largest sale event in Macao. It is open from noon to 10 p.m. daily, Thursday-Sunday, July 18-21 at Cotai Expo Halls A and B, with a special invitation-only preview session on the first day. The carnival features more than 580 booths, with a record-breaking 325 booths dedicated to local SME suppliers. Additionally, the carnival offers nine exhibition zones across 21,000 square metres: Sands retailers; household products; parenting and family; gourmet and wine; food court; green living; Macao cultural and creative; play and fun; and Macao specialties and souvenirs. Among the more than 260,000 products, the 2024 Sands Shopping Carnival features a limited number of special daily MOP 1 items each day for shoppers.
Furthermore, the Sands Shopping Carnival has witnessed a continuous increase in the number of participating community organisations, encompassing a wide range of areas including culture and creativity, as well as food and beverage. This trend reflects the transformation of the carnival into a grand shopping extravaganza, uniting all sectors within Macao. As part of Sands China’s long-standing efforts to promote social inclusion, Sands Cares Ambassadors are providing on-site support to local community organisations participating in the carnival, such as by helping man their booths.
The carnival features free parking as well as complimentary shuttle buses running routes to and from various locations throughout the city: Luso International Bank Building at Nam Van, Hong Kong-Zhuhai-Macao Bridge Frontier Post at Macao Port, Border Gate, and Hengqin Port (Macao side).
The Sands Shopping Carnival features a variety of shopping, an international-cuisine food court area, and family-friendly entertainment, activities and games. Carnival highlights include:

Over 580 booths offering more than 260,000 products and some of the best deals in town, including special daily MOP 1 products and huge discounts of up to 90 per cent off; visitors are encouraged to support sustainability by bringing their own shopping bags
BOC Smart Kids Presents: Little Master Chef Workshop, a free food-prep and decorating activity for children, led by Sands China’s food and beverage team, featuring Mexican Tacos, Vietnamese spring rolls, handmade sushi, and more
ICBC ePay Presents: National Essence: Hanfu Styling Contest, with adults aged 18 or above from cities in the Greater Bay Area competing Saturday for the Excellence Award and a judging panel awarding prizes on the same day
Bank of Communications Presents: Rising Stars: 2024 Kids Talent Showdown, providing a platform for children aged 5 to 12 years old in cities in the Greater Bay Area to showcase their talents on stage on Sunday; outstanding individuals and teams will be awarded an Excellence Award on the same day
Food Court featuring a variety of regional and international choices, with free eco-friendly utensils available

The 2024 Sands Shopping Carnival is organised by Sands China Ltd. and co-organised by the Macao Chamber of Commerce, with the full support of the Economic and Technological Development Bureau, the Macao Government Tourism Office, and the Commerce and Investment Promotion Institute. It is sponsored by BOC Macau, ICBC (Macau), Bank of Communications Co., Ltd. Macau Branch, and BNU.
The carnival’s opening ceremony on Thursday was officiated by Dr. Wong; Maria Helena de Senna Fernandes; Tai Kin Ip, director of the Economic and Technological Development Bureau; U U Sang, chairman of the board of directors of the Commerce and Investment Promotion Institute; Sun Yaohua, director of the Economic Affairs Department of the Liaison Office of the Central People’s Government in the Macao SAR; U Kin Cho; Grant Chum, chief executive officer and executive director of Sands China Ltd.; Dave Sun, senior vice president and chief financial officer of Sands China Ltd. and managing director of Venetian Macau Limited; Stephen Ieong, managing director of Bank of China Macau Branch; Huang Xianjun, deputy chief executive officer of ICBC Macau; Xia Ying, vice president of Bank of Communications Co., Ltd. Macau Branch; and Carlos Cid Alvares, chief executive officer of BNU.
More information about the 2024 Sands Shopping Carnival is available at the event’s official website at https://en.sandsresortsmacao.com/sands-lifestyle/events/sands-shopping-carnival-2024.html.
The post 4 Days of Family Fun at Cotai Expo – Free-Admission Sands Shopping Carnival Open Now appeared first on HIPTHER Alerts.

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CMA CGM Embarks on a Strategic Partnership with Google to Deploy AI across all Shipping, Logistics, and Media Activities

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CMA CGM, a global leader in sea, land, air and logistics solutions, and Google today announced a strategic partnership to accelerate the integration of artificial intelligence (AI) across CMA CGM’s operations worldwide.
By leveraging Google’s proven AI solutions and insights from experts, CMA CGM will help empower its employees’ decision-making. In fact, every program and tool developed within the partnership will be designed to assist users in their decision-making processes across several key workflows.
This comprehensive collaboration aims to revolutionize shipping by enhancing efficiency, responsiveness, and adaptability to market fluctuations and disruptions, resulting in faster and more responsive customer service. As part of the partnership, CMA CGM will actively seek to optimize vessel routes, container handling, and inventory management to ensure efficient and timely delivery of goods while minimizing costs and carbon footprints.
CEVA Logistics, the logistics arm of CMA CGM, will pioneer the data-driven future of logistics, focusing  first on warehouse smart management aimed at better operating its 10.3 million square meters of warehouse space. The smart management tool, built on Google technology, will allow CEVA Logistics to better anticipate and plan its operations thanks to an enhanced volume & demand forecasting.
Furthermore, the partnership will extend to CMA Media, providing an edge for CMA in the media landscape. Google’s AI expertise in this field will help CMA Media develop critical tools to assist its journalists in their day-to-day work, such as synthesizing and translating documents, generating media snippets for social networks, or digitizing and referencing archives from articles, photos, or videos.
The partnership will eventually benefit all CMA CGM associates thanks to dedicated high-impact training sessions at TANGRAM, the Group’s excellence centre for learning and innovation.
This collaboration is part of CMA CGM’s overall strategy to transform its business through AI innovation. It follows key moves such as CMA CGM’s investment in Mistral AI, PoolSide, and Dataiku, as well as the launch of open science lab, Kyutai.
Rodolphe Saadé, Chairman and CEO of CMA CGM, stated:
“I am pleased to announce this global partnership between the CMA CGM Group and Google to accelerate AI adoption across our operations. This collaboration aligns with our digital roadmap and investments, marking a crucial step in our transformation strategy. Together with Google, we will lead the digital revolution in shipping, logistics and media, optimize our processes, and enhance our competitive edge. We are committed to driving innovation with tangible benefits for our staff members and our customers.”
Sundar Pichai, CEO of Google and Alphabet
“By combining CMA CGM’s deep expertise in shipping and logistics with Google’s AI tools and secure infrastructure we can help CMA CGM digitally transform its own operations and those of its customers. This  partnership is a prime example of how AI can assist employees, improve outcomes for customers, and revolutionize industries.”
The post CMA CGM Embarks on a Strategic Partnership with Google to Deploy AI across all Shipping, Logistics, and Media Activities appeared first on HIPTHER Alerts.

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BioWorld by Clarivate Celebrates Nine Wins at 2024 APEX Awards

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BioWorld published by Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, has been honored with nine 2024 APEX Awards for Publication Excellence. This achievement underscores the BioWorld mission to deliver superior journalistic excellence, data-driven analysis and cutting-edge digital publishing.
The APEX Awards, now in their 36th year, recognize outstanding work by professional communicators in areas such as graphic design, editorial content, and overall communications excellence. With over 1,100 entries this year, the competition was fierce, making these nine wins a testament to the continued leadership and innovation in the field by BioWorld.
Lynn Yoffee, Publisher, BioWorld, said: “This recognition from the APEX Awards is a testament to our team’s unwavering dedication to journalistic excellence. In a fast-paced and ever-changing industry, BioWorld remains a leader through our insightful analysis and compelling storytelling, providing crucial insights into the development of therapeutics and devices, the companies driving these innovations, the business deals shaping the market, and the regulatory challenges that safeguard the process. We are proud to be at the forefront of delivering critical information that drives innovation and improves lives worldwide.”
Henry Levy, President, Life Science and Healthcare, Clarivate, said: “The BioWorld suite of news services delivers actionable intelligence on the most innovative therapeutics and medical technologies in development. They also make all of our products across Cortellis and our RWD solutions stronger by aligning to the key occurrences in the market.  The accolades received from the APEX Awards reflect the ongoing dedication of the BioWorld team to producing award-winning journalism that resonates with readers and the publishing industry alike.”
APEX Grand Awards honor outstanding works in each main category and Awards of Excellence recognize exceptional entries in the sub-categories. BioWorld has been recognized in the following 2024 APEX Awards categories:

Grand Award – Writing Category:Annette Boyle, BioWorld MedTechCytovale gets FDA nod for 10-minute sepsis testCytovale Inc. received U.S. FDA 510(k) clearance for its Intellisep sepsis test, which can aid in the diagnosis of the often-fatal condition within 10 minutes. Cytovale is one of several companies and collaborations that aim to sharply reduce the time to diagnosis and the mortality rate for sepsis by providing quicker, more informative test results and standardizing protocols.
Grand Award – Writing Category:Nuala Moran, BioWorld MedTech, BioWorld, and BioWorld ScienceLet there be walk: Onward Medical sees first use of movement-restoring leadThe researchers who enabled patients with spinal cord injuries to walk independently after implanting programmable electrodes below their lesions have now taken things one step further, restoring direct communication from the brain to the spinal cord, enabling the brain rather than an external computer to direct leg movements.
Award for Publication Excellence – Writing the Entire Issue Category:Jennifer Boggs, Karen Carey, Anette Breindl, Mari Serebrov, Marian Chu, Vinod Kamalakannan, Lee Landenberger, Harini Mathavan, Randy Osborne, Caroline Richards, Tamra Sami, Ann Marie Griffith, Amanda LanierBioWorld – June 6, 2023This issue exemplifies the typical content delivered every business day, featuring nine stories and a podcast covering global industry news. Highlights include a series A financing for a gene therapy company, phase III data from the American Society of Clinical Oncology conference, an M&A that took a public company private, and a comprehensive infographic on R&D spending.
Award for Publication Excellence in Design & Illustration – Infographics Category:Ann Marie Griffith and Amanda Lanier, BioWorld Top trends in 2023’s post-pandemic economyThis infographic provides a visual illustration of the impact that financial investment, licensing deals and M&As have on the biopharma industry’s ability to advance innovation. It gives a historical perspective of how 2023 fits into the bigger picture and includes expert commentary and graphics packed with data, assessing the biopharma industry’s overall health.
Awards for Publication Excellence in Writing – Series Category:Tamra Sami and Mari Serebrov, BioWorld, Anette Breindl, BioWorld ScienceRadiopharmaceuticals: The next big disrupter?Radiopharmaceuticals have been used for a long time for diagnostics, but radiopharma therapies are entering a new era in which they are becoming widely accepted as a key tool in the oncology armamentarium potentially providing patients with a big bump in efficacy with fewer side effects and less damage to healthy tissue. In this eight-part series, BioWorld takes a deep dive into this new treatment modality to explore what the new uses or alternatives are and what the future of radiopharmaceutical therapy might look like.
Awards for Publication Excellence in Writing – News Category:Karen Carey, BioWorld Wegovy wows investors, sends ripples throughout GLP-1 developer spaceInvestors have known for some time that the GLP-1 receptor agonist class offers tremendous promise for treating the underserved obesity population worldwide, but news from Novo Nordisk A/S on cardiovascular outcomes data sent a shiver throughout the space.
Awards for Publication Excellence in Writing – Mental Health Category:Anette Breindl, BioWorld ScienceECNP 2023: Boosting fear unlearning is one avenue toward treating PTSDFor most psychiatric illnesses, the precipitating event is mysterious. Many conditions are thought to result from a mix of genetic risk and environmental factors, but the specific trigger remains unknown. In post-traumatic stress disorder (PTSD), the environmental trigger is usually clear. In many cases, it is all the affected individuals can think about. “Intrusive reliving” of the triggering situation is one of the core features of PTSD.
Awards for Publication Excellence in Writing – Financial and Investment Category:Amanda Lanier, BioWorldLarger value, fewer transactions: biopharma deals up modestly while M&As soar 80% in 2023The landscape of biopharma deals and M&As has seen a transformative shift, with a year-over-year drop in transaction numbers while value has increased. Overall, biopharma deals saw an uptick in value of nearly 6%, and biopharma M&As concurrently soared 80% higher in value than the previous year.
Awards for Publication Excellence in Writing – Economics/The Economy Category:Marian (YoonJee) Chu and Tamra Sami, BioWorldAsia biotech ecosystems roaring back in 2023If the COVID-19 pandemic shocked countries to build self-reliance in biomedical ecosystems, the re-opening of borders in 2023 kickstarted international collaborations to grow major biohubs in Asia. Countries in the Asia Pacific region – including Singapore, China, Japan, Korea and Australia – increasingly drew overseas investors and collaborators, helping each country grow national biotech capabilities and expertise.

Join the conversation and mention BioWorld on X at BioWorld, BioWorldMedTech and BioWorldScience or on LinkedIn  at BioWorld, BioWorld MedTech and BioWorld News. Connect with Clarivate for Life Sciences & Healthcare on X and LinkedIn.
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