TORONTO, Feb. 2, 2021 /CNW/ - Scotiabank has been named
the winner of the 2021 Technology Innovation of the Year Award by
Risk.net, a leading publication for news and analysis on risk
management, derivatives and regulation. Scotiabank was recognized
for its delivery of the Bank's new risk engine in Global Banking
and Markets, a system built for valuation adjustment calculations.
The system is the first-to-market using cloud, graphic processing
units (GPUs), adjoint algorithmic differentiation (AAD) and deep
neural networks (DNN), a branch of artificial Intelligence (AI).
"Scotiabank has successfully transformed its valuation
adjustments (XVA) system, resulting in both speed and accuracy
improvements for the Bank's customers," said Karin Bergeron, Managing Director and Head XVA
Trading, Scotiabank. "This award is truly a testament to Bank's
focus on customer experience, and the winning team we have built,
to deliver leading banking solutions."
"I'm proud of how the Bank has actively innovated with cloud
computing, cutting-edge mathematical modelling and Deep Learning
Neural Network AI to enhance our competitive edge," Stella Yeung, SVP & Chief Information
Officer Global Wholesale & Risk Technology, Scotiabank. "Using
these technologies, we have been able to deliver, in real-time, the
information our traders need to serve our global customers."
During the onset of the pandemic when markets became stressed,
Scotiabank's new risk engine was able to run multiple scenario
analyses, on-demand to provide a rich understanding of market
sensitivities. "Put into practice, the platform's web interface
allows the Bank's front office to run XVA analysis with real-time
data on either existing active trades or 'what-if' trades with
potential clients. The system is available for calculation 24/7
globally," said Risk.net.
Today, Scotiabank has industry-leading compute power, that
allows traders to gain greater insight into the risk in the
derivatives market, and ultimately provide customers with more
timely, accurate pricing.
Scotiabank received the Technology Innovation of the Year Award
at the 2021 Risk.net Risk Awards via a virtual ceremony on
February 1st, 2021.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.1
trillion (as at October 31,
2020), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE The Bank of Nova
Scotia