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.
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