Smarter Government Via Smarter Technology: Teradata Testimony at U.S. House Hearing Urges Rapid Action
Cutting-edge database analytics already helps banks save hundreds of millions a year
WASHINGTON, D.C. — The federal Office of Financial Research will play a critical role in preventing the kind of catastrophic systemic failure experienced in 2008, Teradata vice president of financial services Dilip Krishna told the U.S. Committee on Financial Services earlier today. “The Office will need to start playing a relevant role quickly ... and the best way is to leverage tried-and-true data management methods and analytic technologies to rapidly form the nucleus of a database of reference to support the practice of systemic risk analysis,” he said. The committee invited testimony from Teradata Corporation (NYSE: TDC), the world’s largest company focused on big data analytics and data warehousing.
Krishna, a specialist in risk and financial management, strongly urged the Office to “fast-forward” the process with a specific timeline. “Data analytics should be implemented based on data that’s already being submitted by financial institutions now,” he said.
The committee hearing included testimonies from Richard Berner, Counsel to the Secretary of the Treasury, Nassim N. Taleb, Professor, New York University Polytechnic Institute and author of The Black Swan; and Alan Paller, Director of Research, SANS Institute.
“Our company’s technology allows business and government to leverage detail-level data for both tactical decision making and strategic insight, to recognize emerging trends and respond quickly and appropriately,” Krishna said. “Many of Teradata’s customers apply analytic techniques to detect and respond in seconds to fraudulent activity, allowing them to save hundreds of millions of dollars per year. This has transformed the way they do business.”
The hearing comes with the one-year anniversary of the Dodd–Frank Wall Street Reform and Consumer Protection Act, a statute “to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ to protect the American taxpayer from abusive financial services practices, and for other purposes.” Testimonies and are archived online at the House Committee on Financial Services website.
“True transparency and responsible oversight require the continuous tracking and fusion of data from multiple sources into an integrated, immediately accessible database,” said Tim Day, vice president for government affairs, Teradata. “This type of technology is what the best companies in every industry, including financial institutions, have been embracing for years. Companies everywhere use Teradata systems to capture data from a vast array of sources and analyze it at subsecond speeds for business insight and competitive advantage.”
Teradata has led the data warehousing market since its inception, with more than 1,200 customers and more than 2,500 implementations, including eight of the top ten global commercial and savings banks.
Teradata customers meet frequently in forums which showcase their innovation in the use of big data analytics to drive improved business performance. The main annual event is the Teradata PARTNERS User Group Conference & Expo, to be held this year October 2-6, 2011 at the San Diego Convention Center. The conference is organized by Teradata customers, and is the world’s largest annual data warehousing and enterprise analytics educational conference and exposition. Lawmakers, policymakers, and technology users can preview the conference here.
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