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with the ever-increasing level of scrutiny from regulators managing risk and complying with changing requirements has become increasingly complex for financial service institutions in the last decade new regulations have been introduced that increase both the cost of compliance and non-compliance banks now spend over 180 billion dollars every year on global compliance and the cost of non-compliance is even higher as financial transactions explode in volume the data and analytics capabilities needed to meet regulatory requirements are increasingly complex first new regulatory frameworks require organizations to analyze years of historical data and scale risk calculations for thousands even millions of paths as well as various complex scenarios most financial institutions still rely on legacy data architectures built on a patchwork of mainframes and data warehouses that simply can't handle today's massive volumes of data they also don't support unstructured data like financial documents reports and email second financial institutions need real-time insights to respond to changing risk environments but data is often siloed and needs to be copied from one system after another for downstream analytics when the data is finally ready it then needs to be connected to another set of analytics tools for data risk analysts and compliance departments causing unnecessary delays in detecting threats or risks and most importantly regulators require transparency but with different systems for data processing and analytics data lineage becomes harder and harder to manage and with risk teams building their models in siloed environments model reproducibility and explainability are even harder to provide for all these reasons compliance has become a data problem the databricks lake house for financial services brings together all your data in one open platform where it can be shared and reused because it's not locked in a proprietary data warehouse the lake house makes it simple to access your data for analytics including machine learning and ai so you can stay one step ahead of regulations fraud and other threats when you open up more data for analysis you can implement stronger control regimes faster so risk management can quickly adjust to regulatory change instead of trailing now you can build a modern ai driven compliance strategy welcome to the lake house for financial services [Music]