So, tell me...I think you were talking a little bit about how the hotels become a little bit part of the community, talk to me a little bit about that. Yes, how you give back
How we give back to the community?
Yes, how you give back
So we like to give back to the community because they give us so much and we want to be part of it and for example next summer we're going to be part of a fundraising with some local people for Sick Children Foundation and the Autism Foundation so that's going to happen here at the hotel. It was going to happen last summer but something happened so we couldn't do it so we'll do it next summer so we appreciate being part of the community and it's very important to give back.
How did you get involved in those?
We have some friends that are already doing it and they asked us to participate and we have the place and the hotel to do it so we accepted with a heartbeat and so we're excited so we're looking forward to that next summer.
That's nice. OK, let's break for a second.
[On Screen] I am finally here, I feel super excited on my first day...
Welcome to Novozymes. My colleague will come and pick you up in a moment.
[On Screen] Novozymes 4 Touch Values
Unlock passion, because passion makes dreams come alive
Connect to Create, because the world is full of ideas
Trust and earn trust, because nothing beats a circle of trust
Dare to lead, because the future is created by you.
[On Screen] The new Zymer’s Buddy
Hello, welcome to Novozymes. My name is Jane and I'm gonna be your
buddy here for the next couple of months and will show you around.
So, if you would follow me, let's go to where you're going to sit.
You're going to sit in here.
So this will be your seat for today. And this is your PC.
I hope everything is going well. Listen, I know it's your first day, but since
you're going to work on a commercial role and actually be collaborating with our customers,
Today in the house, we have one of my biggest customers.
So I think it might be an advantage for you if you joined the meeting.
Would you like me to invite you for the meeting?
[On Screen] What would you answer?
YES, that will be very valuable to get to know a customer already today, please invite me
for the meeting. Are there any other people you think I should meet?
NO, thank you. Since this is my first day I think I’ll need to speak to
my manager first to know if it’s okay to meet a customer already?
In HSBC finance we are live in the cloud in 43 countries for the purpose of liquidity reporting. Our liquidity solution is cloud-native it is in-house built and it's live on the public cloud. The outputs of the reporting we do are really important to enable us to manage our liquidity internally and also to meet our external regulatory obligations. Going live in the cloud has delivered considerable benefits in the first instance it's allowed us to meet our regulatory obligations in the most cost effective and efficient way.
Secondly, it allowed us to run our operations much much more efficiently, for example the total cumulative of processing time on premises to run all of our monthly reports for liquidity used to be in the area of about a hundred hours on one of our major legal entities. On Google the equivalent processing time has been reduced to between two and a half and three hours and this has allowed us to look at an operating model approach which is significantly more impactfull and more streamlined.
I'm going to talk a bit about some of the key risks we've had to navigate in order to go live. The risks are in the first instance related to operational resilience and particular disaster recovery, an exit strategy, as well as data security and lastly i'll also reflect on legal and compliance risk. Using cloud is outsourcing and where you outsource it's really important that you understand what happens to your service if for some reason you need to exit the commercial arrangements you have in place, this is called having an exit strategy.
Given that we were running our service on the public cloud, clearly it was really important that we understood and managed data security. The bank has protocols for putting data on the cloud, one of them that's really important, is called CMEK, it stands for customer managed encryption keys. At the time that we wanted to go online, on the cloud, the CMEK standard hadn't been technically proven and therefore wasn't available for us to use.
Clearly with the move to cloud and the rollout of our solution to 43 countries globally, it was really important that we understood the legal implications of doing this in each jurisdiction. Our cloud provider contract was a global contract and had global provisions, one of the things we had assumed when we start on our project is that that would be good enough to cover us in all of our jurisdictions however we knew we couldn't count on that.
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