Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Archive for June 14th, 2017

Getting Ready For The U.S. Open @ Erin Hills

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The first ever United States Open is being held this Thursday-Sunday at Erin Hills in Erin, Wisconsin.

It’s a good sign that professional players teeing it up at Erin Hills are complaining about the tall fescue grass days before the tournament:

Maintenance crews on Tuesday trimmed the tall fescue along the fairways of four holes at Erin Hills, the site of this year’s United States Open, after several players had criticized the height of the grass. Heavy rain Monday night may have led to the trimming, but some players, most notably Kevin Na, had said the tall grass would lead to unplayable lies.
– via www.nytimes.com

In the same story, Rory McIlroy had this to say:

“These are the widest fairways we’ve ever played in a U.S. Open,” McIlroy said. “We have 60 yards from left line to right line. You’ve got 156 of the best players in the world here. If we can’t hit it in that avenue, you may as well pack your bags and go home.”
– via www.nytimes.com

Exactly. If the players aren’t complaining about the course conditions at Erin Hills before the tournament ever begins, as far as I’m concerned, the course conditions are not tough enough. It’s the U.S. Open!

I played Erin Hills last night…on my PSP4…I don’t know how reliable the course layout was, but based on hole #9 (which the New York Times has called a “tiny terror”), it seemed pretty realistic and should pose a tough but “gettable” challenge to the world’s best golfers starting tomorrow.

There’s a great, somewhat heart-wrenching, story-behind-the-story of how Erin Hills came to built upon the obsession of one man. You can read it here.

So who are my picks?

In no particular order, Jason Day, Dustin Johnson, Hideki Matsuyama, Kevin Kisner, Jordan Spieth, Ricky Fowler, Jon Rahm, Sergio Garcia, Adam Scott, and Justin Rose.

In any case, for me, the U.S. Open is all about the journey, not the destination.

USGA, let that fescue fester!

Written by turbotodd

June 14, 2017 at 11:42 am

Posted in 2017, golf, pga tour, us open

IBM Launches Cognitive Era of RegTech With New Watson Financial Services

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IBM has launched the first suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities.

The Watson-powered software, which can be deployed on the IBM Cloud, is designed to help financial professionals in three areas: understanding regulatory requirements, delivering increased insight into potential financial crimes, and managing financial risk with a new architectural approach for data.

Managing risk and compliance currently consumes 10 to 15 percent of operational spending budgets among major banks, with annual spending estimated at $270 billion per year for financial services organizations.

This burden is expected to only grow in the coming years. By 2020, the global financial services industry will contend with an estimated 300 million pages of regulations, with thousands of new pages added each year after that.

Promontory Financial Group
, an IBM subsidiary that specializes in risk management and regulatory compliance, has trained Watson initially on 60,000 regulatory citations.

Watson has also started to review transactions and cases related to potential financial crimes. The result is a suite of cognitive solutions that are designed to offer professionals assistance in making better-informed risk and compliance decisions with greater speed.

Over time, additional data sets will be added, which will allow the machine learning and analytics embedded in Watson Financial Services to further expand and help improve the insights provided to professionals.

Gene Ludwig, founder and chief executive officer of Promontory Financial Group , added, “The speed and volume of information that financial institutions must manage is already daunting and yet still growing rapidly. The answer to this problem is cognitive technology taught by industry experts, like those at Promontory. Essentially, we’re embedding our deep regulatory experience into Watson so that a broader group of professionals can benefit from this knowledge and help their organizations operate more effectively and efficiently.”

The solutions are available to financial services industry clients, many of whom have worked with IBM and Promontory to address their risk and compliance needs.  

The specific products launched by Watson Financial Services today include:

Watson Regulatory Compliance
Watson Regulatory Compliance will help financial institutions better understand and address the constantly changing regulatory requirements. Watson’s natural language processing capabilities are being used to train and understand the language of regulation, and IBM has started the process of feeding regulations from 200 different sources into the system in order to identify and tag potential obligations. This will help simplify the daily, manual activities of compliance professionals by providing a company-specific view of regulatory requirements. 

Compliance professionals using Watson Regulatory Compliance will have access to a customized and searchable library of regulatory requirements, with the ability to identify the obligations and controls applicable to their business, which can be easily filtered by geography, line of business, product, process and compliance area.

They will also be able to more easily track changes, with the ability to subscribe to only the specific parts of the regulation that are directly relevant to them.

IBM Financial Crimes Insight with Watson
Each year, financial institutions spend $18 to $21 billion on anti-money laundering (AML) activities, $16 to $19 billion on know-your-customer (KYC) requirements, and $11 to $15 billion on conduct surveillance. These activities are extremely manual in nature, often requiring significant time to collect information from various sources. The final decision is often subjective and dependent on the experience of individual analysts.

IBM Financial Crimes Insight with Watson applies cognitive computing, intelligent robotic process automation, identity resolution, network analysis, machine learning, and other advanced analytics capabilities to accelerate due diligence activities and help organizations more effectively understand and manage the plethora of AML alerts generated by today’s transaction monitoring systems.

Combined with Promontory’s expertise, financial institutions can increase the speed and accuracy of customer verification and adverse news collection for KYC requirements, help reduce false positives and speed up case investigations for AML alert reviews.

In addition, IBM’s solution for conduct surveillance is being expanded to address broader conduct risks such as sales practices, client suitability and fiduciary responsibilities. This solution goes beyond traditional rules-based and lexicon approaches and generates increased insight by identifying the various activities and behavior associated with misconduct.

It will also advance complaint management in ways that can further assist professionals responsible for identifying misconduct.

IBM Algo One Big Data Foundation
For many financial institutions, it is a challenge to scale their existing systems, and yet, scaling is necessary to meet the dramatic increase in requirements for Fundamental Review of the Trading Book (FRTB) regulations, Valuation Adjustments (XVA) measures, and liquidity analysis.

IBM Algo One Big Data Foundation is a new architectural approach to help clients achieve the performance that is required to address regulatory compliance.

The solution integrates big data technology with the core risk data management applications of Algo One. This enables financial firms to examine risk in a shorter amount of time with an intuitive user interface. By utilizing structured and unstructured data to its fullest potential, the solution is designed to encourage decision makers to ask more complex questions and get better answers faster when developing new business strategies.

This moves the use of big data from an experimental or niche use at a bank to that of daily production to help satisfy banks’ regulatory and financial planning. The first solutions available as part of the new architectural approach focus on liquidity, application lifecycle management, and market risk.

All of the new Watson Financial Services solutions are available today on the IBM Cloud. For more information about IBM Watson Financial Services, visit https://www.ibm.com/watson/financial-services/.

Written by turbotodd

June 14, 2017 at 9:15 am

IBM Integrates With BMW Car Data

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IBM announced today that it is a pilot partner of BMW CarData. Recently released, BMW CarData will allow up to 8.5 million BMW customers globally to make use of third party services in a secure and transparent way.

BMW is the first OEM to release an open data platform with the introduction of BMW CarData. BMW CarData gives BMW ConnectedDrive customers the ability to share telematics data from their BMW vehicles with third parties of their choice.

As a pilot partner, IBM has integrated Bluemix with the BMW CarData platform. Vehicle data will be enhanced by IBM Watson IoT, using cognitive and data analytics services to enable third parties, such as automotive repair shops or insurance companies, to develop entirely new customer experiences.

IBM’s cloud platform Bluemix also gives developers access to the entire service catalogue from IBM and its ecosystem partners to build and run innovative new service offerings. Customers will have to actively agree to share their encrypted telematics data when they want to use a specific service from a service provider.

In addition, IBM will also act as a neutral server for extended vehicle access. This allows for the gathering of data from BMW vehicles but also vehicles from additional automotive manufacturers.

In this role, IBM will help to realize the vision of a secure and open vehicle data platform as demanded by many players in the mobility ecosystem. The first use cases and client services are expected to launch in the fall of 2017.

Bluemix has rapidly grown to become one of the largest open, public cloud deployments in the world. Based in open standards, it features more than 150 tools and services spanning categ

Written by turbotodd

June 14, 2017 at 8:50 am

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