A tech company under the Hong Kong Smart Government Innovation Lab recently announced that it has launched a new solution which is now ready to be acquired by companies and institutions.
The incubatee’s Mobile Surveillance System is designed for the automation of security and minimisation of human resources. Rapid deployment can be scheduled to the user’s needs, and customisation is available for emergency monitoring and controlling.
With its high mobility and easy installation, operating 24 hours a day, it is available anytime and anywhere. Information from real-time monitoring appears on the tech firm’s AI Video Analytics software feed that is equipped in its Mobile Surveillance Systems.
This state-of-the-art software filters out important information via deep learning, aiding in the process of target investigation. The technical capability is designed for data collection, analysis by IoT, AI, and Big Data technology.
The solution was developed to be applied across various areas including City Management, Commerce and Industry, Environment as well as Housing.
The solution employs Artificial Intelligence (AI), Data Analytics, Deep Learning, Internet of Things (IoT) and Video Analytics.
- Illegal Dumping Prevention: illegal dumping of industrial and domestic waste at over 80 danger-prone areas all over HK; Illegal bird-feeding.
Application Purpose: Collect evidence for prosecution; Use Deep-learning AI to detect the illegal dumping acts and give alert; recording footage of the vehicle used, people involved, and dumping patterns, captured the relevant video into the database.
- Rodent Monitoring
Application Purpose: prevention and control of rodents; rapidly deploy thermal imaging system to detect, count, and analyse rat population sizes and activities. After gathering the result, action can be taken.
Growing demand for automation
Digital process automation solutions and services offer crucial benefits to enterprises. These benefits include lowering inevitable losses, creating new opportunities, saving costs, and increasing the efficiency of business processes. The increasing demand for automation and the growing adoption of low code automation platform is expected to drive the growth of the digital process automation market.
The market also faces challenges such as compatibility issues with existing business process applications and services. The major factor that is said to be restraining the growth of the digital process automation market is data security and privacy issue as process automation deals with personal data of an individual. Various opportunities present in this market include increasing demand for streamlining business processes and integration of AI and ML.
The global digital process automation market is projected to grow from US$6.77 billion in 2018 to US$12.61 billion by 2023, at a CAGR of 13.3% from 2018 to 2023.
The market size in APAC is expected to grow at the highest CAGR during the forecast period. The digital process automation market is expected to grow considerably in APAC, due to the shift in the thought process of enterprises, from reducing operational costs to providing an enhanced customer experience.
About the Smart Government Innovation Lab
In 2018, the Government established the Smart Government Innovation Lab to explore hi-tech products such as AI and relevant technologies, including machine learning, big data analytics, cognitive systems and intelligent agent, as well as blockchain and robotics from firms, especially local start-ups.
The Lab is always on the lookout for innovation and technology (I&T) solutions that are conducive to enhancing public services or their operational effectiveness. I&T suppliers are encouraged to regularly visit the Lab’s website to check on the current business and operational needs in public service delivery and propose innovative solutions or product suggestions to address them.
The Indian Institute of Technology Madras (IIT-M) has announced it will offer two free online courses on artificial intelligence (AI) next year. These courses will be available on the National Programme on Technology Enhanced Learning (NPTEL) platform.
According to a media report, the courses will begin in January 2021 under Professor Deepak Khemani, from IIT-M’s Department of Computer Science and Engineering. While students will be able to take the course for free, for an e-certification, they will need to pay a fee and clear an examination, which will be conducted by the institute. The certificate will be awarded by IIT-M in collaboration with the NPTEL platform.
AI: Constraint Satisfaction and Artificial Intelligence
This course is 8 weeks long and aims to teach learners AI-centric diverse problem-solving methods. The curriculum will include constraint networks, equivalent and projection networks, search methods for solving CSPs, lookahead methods, dynamic variable and value order, model-based systems, model-based diagnosis, and truth maintenance systems, among others.
AI: Knowledge Representation and Reasoning
This course is 12 weeks long and is designed for slightly advanced learners, who already understand formal languages, programming, and logic. The course is designed to train learners to become problem-solvers. The course curriculum includes proof systems, natural deduction, tableau method, resolution method, description logic (DL), structure matching, classification, default logic, autoepistemic logic, epistemic logic, and multi-agent scenarios, among others.
IIT-M recently began an online BSc programme in data science. It has seen a rise in demand for similar courses and the AI courses are mainly aimed at people who are working professionals or are pursuing another degree elsewhere. They can attend these courses part-time online and increase their qualification level. This programme is aimed at helping people acquire new skills and become job-ready.
The instructor, Prof Khemani, is an alumnus of IIT Bombay whose research focus is knowledge and memory-based reasoning. He said that a common opinion of computers is that they can do everything. The user states the problem, and the computer solves it – that is the broad goal of AI. It is a long-term goal and has not been realised yet. However, the availability of data, increases in computing power, use of AI solutions in fields like medical diagnosis, have brought it into the limelight. “[I] feel that it is important for students and specifically computer science students to opt for AI courses”, he said.
The course has garnered interest from various age groups, the majority of them are professionals. Prof Khemani noted that among the people who have registered, the oldest learners are over 80 years old and the majority are around 30 years of age. These courses are not designed to be a primary degree but a secondary one.
India is expected to become a global leader in the development of AI, which could add up to US $957 billion to India’s economy by 2035. The country hopes to stand out in the international community as a model of responsible AI use for social empowerment. The nation has robust plans to leverage AI for inclusive development, representing the country’s ‘AI for All’ strategy.
Param Siddhi, the high-performance computing-artificial intelligence (HPC-AI) supercomputer has ranked 63rd in the top 500 most powerful non-distributed computer systems in the world, according to a report released on 16 November.
The supercomputer was established under the National Supercomputing Mission (NSM) at the Centre for Development of Advanced Computing (C-DAC).
The AI system will strengthen the application development of packages in areas such as advanced materials, computational chemistry, and astrophysics. Several packages are being developed under the mission on the platform for drug design and preventive health care systems and flood forecasting for flood-prone metro cities like Mumbai, Delhi, Chennai, Patna, and Guwahati. This will accelerate research and development in the war against COVID-19 through faster simulations, medical imaging, genome sequencing, and forecasting. A press release claimed it was a boon for Indian masses and start-ups and micro, small, and medium enterprises (MSMEs), in particular.
It will aid application developers and the testing of weather forecasting packages by the National Centre for Medium Range Weather Forecasting (NCMRWF) and the Indian Institute of Tropical Meteorology (IITM). Geo-exploration packages will aid oil and gas recovery. There are packages for aero-design studies, computational physics, mathematical applications, and even online education courses.
The supercomputer with a Rpeak of 5.267 Petaflops and 4.6 Petaflops Rmax (sustained) was conceived by C-DAC and developed jointly with support from the Department of Science and Technology (DST), under the Ministry of Electronics and Information Technology (MeitY).
“It is a historical first. India, today, has one of the largest supercomputer infrastructures in the world. This is evidenced by the ranking that Param Siddhi-AI has received today,” Secretary, DST Professor Ashutosh Sharma noted. “I truly believe that Param Siddhi-AI will go a long way in empowering our national academic and research and development institutions as well as industries and start-ups spread over the country networked on the national supercomputer grid over the National Knowledge Network (NKN).”
He pointed out that with the infusion of Param Siddhi-AI, the scientific and technology community in the country will further be enabled and empowered to solve the multidisciplinary grand challenges of healthcare, agriculture, education, energy, cybersecurity, space, AI applications, weather and climate modelling, and urban planning.
The Param Siddhi supercomputer is built on the NVIDIA DGX SuperPOD reference architecture networking, along with C-DAC’s indigenously developed HPC-AI engine, software frameworks, and cloud platform. It will aid deep learning, visual computing, virtual reality, accelerated computing, as well as graphics virtualisation.
India is home to the world’s third-largest startup ecosystem, elite science, technology institutions like the IITs, robust and ubiquitous digital infrastructure, and millions of newly-minted STEM graduates every year. Therefore, the country is expected to become a global leader in the development of AI. Industry analysts predict that AI could add up to US$ 957 billion to India’s economy by 2035.
The government hopes to stand out in the international community not just as a leader in AI, but also as a model to show the world how to responsibly direct AI for social empowerment. The nation has robust plans to leverage AI for inclusive development, representing the country’s ‘AI for All’ strategy.
A tech company under the Hong Kong Smart Government Innovation Lab recently announced that it has launched a new solution which is now ready to be acquired by companies and institutions.
The solution, called ParallelChain™, is the company’s high-performance hybrid private blockchain system, with real-time updates and a speed of up to 100,000 Transactions Per Second (TPS). Businesses can utilise existing white-label blockchain solutions and build custom apps on solution’s distributed ledger technology to create “trustless trust” where between two or more businesses around the world enabling all types of transactions to take place without needing trust.
The solution was developed to be applied across a variety of areas including City Management, Commerce and Industry, Development, Finance as well as Infrastructure.
The solution uses Artificial Intelligence (AI) and Blockchain technologies.
By using the company’s suite of enterprise-focused blockchain products to create “trustless trust”, entities can remove reliance on traditional middlemen in industries such as finance, logistics, supply chain, cybersecurity, and process management such as auditing.
The blockchain includes features such as 100,000 transactions per second, <0.1 latency, privacy ordinance compliance, and provable immutability. Moreover, the firm’s technology has been audited by an international management consulting firm.
Supporting blockchain tech in Hong Kong
Blockchain technology has been developing rapidly in recent years and its applications have broadened. Not only is the technology being applied to various segments of the financial industry, but it has also expanded to cover other trades, allowing the process and storage of data to become more efficient and transparent.
This has facilitated the development of new business models. Several Cyberport community members firms are using blockchain technology to develop diversified solutions in the financial and non-financial industries. This includes enhancing asset transactions and improving business operation efficiency and transparency.
The Chief Public Mission Officer of Cyberport stated that the business park strongly believes that advancing Hong Kong’s innovation and technology development relies on a revolutionary and cutting-edge technology with the potential to grow. Blockchain is a ground-breaking technology that allows multiple parties to participate and collaborate.
The data storage and processing system is highly effective, transparent and credible. With its potential applications in the financial industry and other trades are far beyond imagination, Cyberport has identified blockchain as one of our key technology clusters.
The park takes the initiative to collaborate with leading companies in this realm to provide start-ups with knowledge and usage examples of blockchain applications. Within its community, a growing number of start-ups have successfully developed blockchain solutions that address the pain points of many industries. Not only has this enhanced a company’s operational efficiency and transparency, but it has also created many new business models.
Cyberport has implemented several measures to promote blockchain development. Key initiatives include teaming up with R3, a world-leading blockchain platform provider and FORMS HK, a pioneer of blockchain applications, to launch the “Block AdVenture Programme”.
The programme provides technical training for start-ups, assisting them in developing blockchain technology solutions. In promoting its applications for enterprises, Cyberport has launched the “Blockchain & RegTech Speaker Series” between this August and October, where the financial industry was briefed on blockchain’s applications in digital assets, insurance and compliance. Later in November, Cyberport will also co-organise “Hong Kong Blockchain Week 2020” to examine topical issues such as “decentralised finance” and blockchain applications for enterprises.
Vietnam is making great strides in its digital transformation journey – establishing policies and regulations, laying all the relevant infrastructure in place and forging new international partnerships.
The nation has been on its digital ambitions that are well articulated in its National Digital Transformation Programme. Strategies have been put in place to ensure Vietnam’s digital economy accounts for 20% of the nation’s GDP. By 2025, Vietnam is aiming to be one of the 50 leading countries for IT development. Targets to 2030 are even more aspiring and Vietnam wants to be in the group of 30 leading IT countries in the world, universalise fibre and 5G cables, have 100,000 digital technology businesses and have digital technology human resources of 1.5 million people.
Artificial and Augmented Intelligence (AI) is a big part of the nation’s journey. With heavy investments in AI by large corporations such as FPT, Viettel, VNPT and Vingroup, many overseas Vietnamese experts in AI have returned to Vietnam. Most recently, the Ministry of Information and Communications (MIC) held a launch for the comprehensive AI platform FPT.AI. This was part of a chain of events to introduce Make in Vietnam digital platforms to implement the national program on digital transformation.
FPT.AI provides products that help automate repetitive tasks, improving the efficiency of business operations and customer care. After three years of launch, the platform has provided services to hundreds of domestic and foreign enterprises.
The ecosystem includes a variety of products and services such as automatic conversation platform – chatbot (FPT.AI Conversation), FPT.AI Virtual Agent for Call Center, online customer identification and image information extraction solution (FPT.AI Vision and FPT.AI eKYC), and automatic synthesis and voice recognition Solution (FPT.AI Speech).
According to a representative of FPT, the chatbot used in the customer care process at FPT Shop’s retail system has had results. The system has helped answer the questions to more than 160,000 users, reducing 60% of the workload and increasing online sales by 20%. The figures, they believe, are clear evidence of the effectiveness of the application of AI to change the traditional working method.
As part of the country’s digital ambitions for the region and the world, Vietnam aims to become AI hub. FPT.AI is the second AI platform introduced by MIC. Prior to that, the Viettel AI Open Platform, an artificial intelligence (AI) platform, developed by the military-run telecoms group Viettel, was launched by the Ministry of Information and Communications (MIC) at a ceremony in late August.
Do Cong Anh, deputy director of the MIC’s Authority of Information Technology Application, said AI has been developed by Vietnam in recent years. According to some reports, Vietnam ranks 21st in the world in AI. However, Vietnam’s investment in AI remains modest. The investment is $155 per capita in the US, $68 in Singapore. Meanwhile, the figure is less than $1 in some Southeast Asian countries such as Thailand, Malaysia, the Philippines and Vietnam.
Explaining the gap in the figures, Anh said the surveys might have been conducted in previous years, and therefore, there is some certain latency. In Vietnam, investments in AI are not always made public. According to Anh, though the investment is not high, Vietnam’s position in AI technology application has improved rapidly. With the investments to develop AI technology by large corporations such as FPT, Viettel, VNPT and Vingroup, Vietnamese experts from overseas have come to Vietnam.
Anh believes that AI will bring value to the digital economy. He cited a forecast as saying that AI could make up 12% of Vietnam’s GDP by 2030. The MIC is encouraging businesses to prioritise development in eight fields in the national digital transformation program, namely healthcare, education, banking and finance, agriculture, transportation, energy, resources and environment, and industrial production.
To stimulate the demand for digital transformation in businesses, FPT.AI Platform provides an unlimited free trial version for every individual and business.
The Hong Kong Smart Government Innovation Lab recently announced that one of its incubatees launched a new solution which is now ready to be acquired by companies and institutions.
The firm’s AI chatbot solution can be used in various teaching and learning scenarios that can be scaled up to teaching or training large groups of students or employees. One breakthrough for the firm was the development of the software that enables online classroom flipping, which greatly enhances the experience of remote teaching due to COVID-19 pandemic. The research ideas behind the firm’s technologies have been published in academia venues and the filing of trademarks and patents are in the process. The benefits to end clients (students/employees) are supported by real data collected over three years.
The solution was designed to be applied in the areas of Broadcasting, Education as well as Training.
The solution employs Artificial Intelligence (AI), Cloud Computing, Data Analytics, Deep Learning, Machine Learning and Mobile Technologies.
The firm’s AI Chatbot is a complete solution aimed at empowering students of all abilities to learn effectively reaching their full potential while enabling scalable personalized learning on a real-time scale using Artificial Intelligence (AI) software technologies. It is common knowledge that the one-size-fits-all common education system that focuses on rigid assessment and pressurized competition leads to high dropout rates and stressed-out teachers and students.
Stakeholders such as parents and school management often lack the understanding of problems faced by classroom teachers who in turn lack the knowledge on how their students perform in classrooms individually or across groups (within and across schools). Over years, disinterested students would have either given up already at an early stage or lag in foundational subjects like mathematics, thus leading to persisting education equity problems.
With pedagogy as the driver, tech innovations in education need to be relevant to the generations of students and teachers. Educational software — fuelled by the proliferation of mobile devices — creates the very tools needed to solve the education equity problem.
Technology can and must be mobilized to make the process of teaching and learning more efficient and engaging to curtail the critical decline of quality teachers in the industry, as well as unlock a fascination within students for intellectual subjects, inspiring students to pursue lifelong learning.
Ongoing research in neuroscience has provided new insights into the intricacies of neural processes underlying learning, offering clues that engaging individualized instruction with feedback can nurture learning. The feedback loop between teachers and individual students must be closed and reinforced with pedagogical innovations. The feedback loop between stakeholders like management, parents and teachers must be closed and reinforced with innovations that equalize equity gaps and optimise learning.
The company provides a complete solution to innovate K-16 education learning based on integrated software products driven by mobile AI Chatbot technologies and proprietary techniques in cognitive cloud computing big data analytics. For K-12 students, the firm’s AI Chatbot running on mobile tablets connect students with educational contents curated by a creative gamification process.
For K-16 (covering tertiary students) and adult learners, the mobile AI Chatbot technologies provide in-classroom and remote learning based on pedagogical innovations like classroom flipping with peer instructions that allow at scale delivery to a large number of students worldwide, opening up the possibility to teach 21st-century skill-sets and to groom an AI workforce. Data analytics-driven by cloud computing and machine learning algorithms provide deep insights and real-time feedback on students’ learning process to stakeholders like school management, teachers and parents.
A firm under the Hong Kong Smart Government Innovation Lab recently announced the launch of a new solution. The innovation is now ready to be acquired by companies and institutions.
The solution, called VR Fire Drill Training, is a disaster training device that can simulate disaster escape from a fire scene in VR (virtual reality) environment, suitable for people over 13 years old.
Information can be obtained through the VR experience which includes:
- Interactions with blurry surroundings in the event of a fire (black smoke)
- Users’ ability to follow the emergency lighting instructions to determine the correct escape route
- A simulation where users squat down and walk as much as possible to the nearest escape
- Alerts to remind users to not breathe directly, use a (wet) handkerchief or towel to cover their mouth and nose
Summary of experience:
- In the virtual experience, users will experience how to escape in a building full of black smoke and fire
- From the VR head-mounted display, they can experience a 360-degree realistic scene
- The viewing angle can be moved by the controller (the experience takes about 3 minutes)
The solution was designed to be applied in the areas of City Management as well as Environment.
The solution employs Virtual Reality.
The use of virtual reality to imitate fire situations to conduct fire escape drills can reduce the time for implementing real fire drills. For example, government departments do not need to leave the workplace. Users can take turns using portable VR devices to experience fire situations and learn how to escape skills. It can also be used in schools, gymnasiums and commercial organizations, etc.
Propelling CEM technology
According to Everbridge, a critical event is a disruptive incident which poses serious risk or threat to assets or people. An effective Critical Event Management program and strategy is an integrated, end-to-end process that enables organizations to significantly speed up responses to critical events and improve outcomes by mitigating or eliminating the impact of a threat.
This means business continuity, disaster recovery, active assailant, emergency response, natural disaster, IT incident risk management, and mass notification are all rolled up into an easy-to-execute, strategic plan with long-term benefits.
The aforementioned solution is an example of a Critical Event Management solution. A CEM platform uses technology to take manual processes and automate them. Amplifying ad hoc data feeds to provide richer intelligence and correlating threats with locations of assets and people, ensures more rapid and comprehensive incident assessment and remediation.
Critical event management has come to the fore with the pandemic. Forecasting, planning and management of critical events help organisations and authorities prevent disruption of life and damage to property.
Governments rely on several, specific systems for critical event management. Such programmes are essential to national well-being especially with the increase in natural disasters. But, more often than not, they operate in isolation of each other. According to world experts in Critical Event Management – Everbridge, this siloed approach can create duplication in information and processes, data contradictions and, when unchecked, could lead to loss of life and damages.
Everbridge’s software automates the key steps for responding to a critical event. It aggregates threat data from third-party and internal sources so customers can assess risk, and locate people and assets at risk and those needed to respond.
It then enables customers to act by executing pre-defined processes based on the type of threat for who should be contacted and how what message to send, and who to escalate to if a responder is not available.
Everbridge’s platform then sends out notifications and instructions via text, voice, email—over 100 modalities—in 15 languages as needed, organizes conference bridges for people to collaborate, and analyzes return messages. Automating these steps enables them to be completed quickly, highly reliably and at scale at a time when minutes often matter.
Having battled the global pandemic for more than 6 months and foreseeing its lasting impact in the times to come, it is important to ask how prepared we are for the life after COVID–19. What are some of the valuable lessons that we have learnt in the past few months that we must take with us as we venture into the ‘new normal’?
In an attempt to discover and delve into the answers to these questions, OpenGov Asia hosted an OpenGovLive! Virtual breakfast insight with financial industry executives based in Indonesia.
The timely and thought-provoking issues saw a 100% attendance and high engagement rate from the audience for the session.
Balancing digital transformation along with managing fraud and risk is a major challenge for banks
Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia set the tone for the discussion by pointing out that the new, transformed workspace is no longer a physical place that employees go to but a cluster of virtual work tools that lets employees stay productive anytime and anywhere.
This free and flexible style of working has posed a major challenge for the financial sector industry. They are under a lot of pressure to balance their digital transformation efforts with the increasingly stringent regulatory guidelines alongside managing stakeholder expectations.
Apart from being resilient, banks have to constantly ensure that they are compliant and not flouting any regulations to ensure their presence amongst other contemporaries.
Operational resilience, which was earlier a seldom-discussed topic in the boardrooms, has been elevated on the priority list of CIO’s.
Mohit also highlighted the fact that mere compliance is not enough to ensure survival in the post-COVID-19 world. Constantly pushing the envelope by innovating and thinking outside the box is more important than ever.
He left the audience with advice that to effectively manage these distinct aspects of their business, it would be expedient to seek help and support of partners who specialise in it and who can help them prioritise right in the new uncertain normal.
How SAS can help and support financial institutions in the post COVID era
After Mohit’s challenging opening, Anggaraini Rahayu, Director-FSI, SAS Indonesia, shared her insights on the topic.
Anggaraini began by explaining how SAS can support, help respond to sudden changes and mitigate risk for the financial institutions as they recover in the post COVID–era.
She shared that SAS is doing this by identifying the volatility in macroeconomic factors that are key drivers of change, building up data and analytics capabilities along the journey to recovery and getting ahead of the innovation curve and applying analytics for future strategies.
Anggaraini elaborated on the various trends and opportunities in the FSI that have emerged beyond the pandemic. They are enhanced focus on digital transformation, better integration of financial services to the monetary policies, the robustness of asset and liability management, heightened security risks and surge in contactless payments.
She also talked about the way SAS operates in the financial industry space by enabling effective operations and working with innovative solutions that are driving amazing outcomes for their customers. As SAS champions driving value from analytics, she some of their use cases across the financial institution value chain shared with the delegates.
Anggaraini delved into the biggest focus area of SAS I.e. risk management for banking and insurance industry. She shared with the delegates the details of the SAS fraud and security intelligence solutions and how it enables users to stay resilient and relevant in the post-COVID-era.
She concluded her presentation by sharing some successful implementations of the above-mentioned solution.
Speed of service delivery is of utmost importance in the new financial industry world
After Anngarani’s information-rich presentation, Gerard Mcdonell, Regional Solution Director Fraud & Security Intelligence, SAS came forward to share his perspectives with the audience.
In his very first slide, Gerard highlighted the importance of the speed of delivery in the post-Covid era. Banks and financial institutions are under a lot of pressure to meet the changing demands of their customers in this new world. The need to go digital for financial institutions in the current scenario comes with the downside of increased risk of financial crimes and fraud.
He underscored the need for speed by quoting Klaus Shwab, who said that in this new world it’s not the big fish that eat small fish but the fast fish eating the slow fish.
Gerard validated his statement by citing a recent example where a large European bank lost an opportunity to expand their market due to the lack of agility and velocity in their DNA.
He also echoed the sentiment that the pandemic has only exacerbated the situation for financial institutions forcing the unbanked population to make a leap to digital banking. This, on one hand, has added to the existing challenges for the banks but, on the other, has exposed them to a new customer base that they can tap on.
He went on to shed light on the ways AI can support them. They include accuracy and efficiency with compliance, quick identification of fraudulent transactions, fast and accurate credit scoring.
Gerard strongly advised the colleagues from the industry to embrace the latest advancements in AI to tap on this newly created customer base.
He concluded his presentation by sharing how SAS helped a major bank to significantly improve its fraud management by implementing the fraud management and credit authorisation solution together.
Learning to mitigate the effect of COVID-19 crisis in the financial sector industry
After Gerard, Alfanendya Safudi, Senior Vice President, Head of Credit Portfolio Risk at PT. Bank Mandiri shared his learnings with the delegates.
Alfanendya opened his slot by sharing that, just like the most of delegates and their organisations, Bank Mandiri had very limited visibility of the impact the COVID-19 crisis would have on the economy.
But early stress testing and contingency actions are key to mitigating the impact of COVID–19 outbreak. He ardently advocates stress testing as an effective way of mitigating COVID risk and also emphasised that the test needs to be updated frequently as well as supported by robust tools and systems.
He cautioned the delegates to not rely on a singular stress cycle and undergo multiple rounds of it as they did at Bank Mandiri.
Towards the end of his presentation, Alfanendya shared with the delegates how banks need to prepare as they move forward in the new normal. He also agreed that there is an increase in non-financial risks like fraud, scams, cyber-attacks etc. during the COVID-19 crisis that needs to be better prepared for in times to come.
After the informative presentations, it was now time for the more interactive part of the session: the polling questions and discussions.
On the question about your organisation having the tools to model out the P&L under a wide range of different economic and non-economic scenarios, a majority of the audience voted that they use traditional forecasting techniques, and they are good enough (77%).
One one of the delegated reflected that they are currently using the traditional techniques that are sufficient for now but they are also open to new technologies out there that can help them do it better.
On the question about the impact of the pandemic on their operational risk exposure, particularly relating to fraud and compliance, a major chunk of the delegates voted that increased online and application fraud, along with greater resource demands to keep AML/ KYC/ screening compliance under control have been impacted (50%).
A digital executive shared that increased online or payment fraud and application fraud are bigger impact areas in their organisation that they need to work on.
On the final question about the top priorities, while managing risk management portfolio, the delegates seemed divided between updating their legacy with a modernised risk infrastructure (36%) and using AI and machine learning for credit scoring, capital optimisation, back-testing and model validation and regtech (36%).
After the polling session, the Virtual Breakfast Insight reached a timely conclusion with closing remarks by Febrianto Siboro, Country Managing Director, SAS.
Febrianto began by thanking all the delegates and speakers for joining the session and sharing their insights with the audience. He encouraged the audience to make use of various AI/ML and analytics solutions by SAS to augment their service delivery and team SAS would be happy to entertain their queries and demonstrations for the same.
OpenGovLive! Virtual Breakfast Insight
Powering Smarter and Resilient Government with Advanced Analytics and AI