Financial services institutions need the ability to analyze and act on massive volumes of data from diverse sources in order to monitor, model, and manage risk across the enterprise. They need a comprehensive data and analytics platform to model risk exposures on-demand. Cloudera is that platform. I am pleased to announce that Cloudera was just named the Risk Data Repository and Data Management Product of the Year in the Risk Markets Technology Awards 2021.
Cloudera comprehensively supports the demanding risk and compliance requirements of financial services and insurance organizations globally and it is an honor to receive this recognition.
Supporting the industry’s risk data depository and data management needs
Risk management and compliance have been dynamic and evolving domains, especially since the financial crisis of 2008. With increased digitization, risk-related data sources are expanding not only in volume and velocity but also in the variety of data types – structured, semi-structured and unstructured. Alternative Data is transforming the ability for risk management to gain a deeper understanding in risk exposures such as mortgage risk, commercial real estate risk, supply chain-related risks, pandemic-related risk and many other asset classes.
At the same time, new requirements, such as the Fundamental Review of the Trading Book (FRTB) introduced by the Basel Committee on Banking Supervision (BCBS), are coming forward to address gaps in current risk oversight and modelling.
All of this places increased pressure on firms to have greater flexibility and agility within their risk platforms. Firms need to ingest, store and utilize more historical data, demanding more compute power. There are modifications needed to systems, processes and operations.
Cloudera offers an enterprise data platform to comprehensively support risk transformation
End-to-end Data Lifecycle
Cloudera Data Platform (CDP) is an end-to-end data management, analytics, and machine learning platform that helps financial services manage their enterprise data. With CDP, financial services firms can easily ingest any type of data from multiple sources, combining and correlating real-time market data streams with transaction and GL data. They are able to generate actionable insights like predictive risk modelling, liquidity monitoring, counterparty risk assessment, firm-wide stress testing, improved regulatory reporting and timely fraud detection.
Data scientists can build, test, iterate, and deploy risk models and perform advanced analytics and AI analysis at petabyte-scale to identify patterns, detect anomalies and predict potential outcomes – all on the same Cloudera platform.
Shared Data Experience (SDX)
With the rise in hacking, data breaches, and other cyber threats, security and data governance is paramount, particularly in the financial services industry. This, alongside increasingly stringent data governance and general data protection regulation (GDPR, HIPAA, Asia Pacific Economic Cooperation (APEC) Cross Border Privacy Rules (CBPR)) has made security and compliance a primary focus for Cloudera.
Cloudera’s approach to the enterprise-wide data security and privacy challenge is SDX. SDX enables a common approach to security, governance and compliance that is manageable and provides confidence that data is protected. SDX enables safe and compliant self-service access to data and analytics. SDX reduces security risk and operational costs by delivering consistent data context across deployments.
In addition to support for various risk-related data sources, CDP manages streaming data with support for massive volumes of data to serve the real-time data needs of an enterprise. This facilitates real-time insights to improve detection, decision-making and actioning based on critical market events.
Open Source, Hybrid and Multi-Cloud
CDP is 100% open source, open compute, open storage and open for integration – this enables rapid innovation and protects an organization from vendor lock-in. CDP is available for public or private cloud, on-premise or hybrid deployment.
Risk management and models in a COVID-19 world
Risk models in production today were estimated using large volumes and historical data sets. Due to Covid-19, these models will need to be adjusted.
Financial institutions need the ability to quickly assess the extent of a structural change or a one-off tail-risk event. Cloudera enables a modern approach to optimized risk management with the flexibility and agility to adjust and accommodate diverse data types that provide better insights and enable more precise actions.
We are honored by the recognition of Cloudera for this award. More information about Cloudera’s capabilities in Risk Management may be found at cloudera.com/risk.