So I can't believe it again, I gotta see this. How many people are traveling for the first time? Geez, that's a lot of people. So I'm really excited that you guys decided to come to the DGIQ conference. This is probably my favorite conference out of everything that I get a chance to attend. I think this is my third or fourth year in a row outside of the one that came up last year. But one of the big things that I always have, there's two elephants in the room that I wanna address. One, I always like to leave somebody at the conference with something. So hopefully you'll have some takeaways from this particular keynote. I run this probably differently than any other keynote before. It's not a whole like, oh, this is all sunshine and roses. I actually wanna give you some sort of meat to go back to each of your respective organizations and take and deliver on something. And then the second elephant in the room is my hair. Cause I get this quite a bit. There is a gel called Johnny Bees. It's purple. You can get it on Amazon for about 17 bucks, but it's really cheap hair gel. In order to get my hair to look like this, I get the comment more than I care to admit. So normally this would be a slide that Jim Tio speaks to from the Enterprise Data Office, Vision and Mission, but Invesco's vision for data and content, realize data as a strategic asset, providing quality data and content to the right people at the right time in the right format, giving us global, regional and functional insight. And honestly, the whole way you can do this is through operationalizing something called an Enterprise Data Office. And so we are dedicated to empowering the business of Invesco by delivering trusted solutions through complete data and content enablement services delivered globally to be consumed locally. And I'll talk about what we mean a little bit more like that, but we wanna create efficiency, enable governance and I'm gonna highlight that word right there because that's near and dear to my heart and continuously execute and innovate the data strategy. From a created efficiency perspective, we wanna build these things out of best practices and so you'll see in the data governance space right here, industry best practices. We wanna take those best practices that we have, build them as capabilities and services that each different domain office can have and then bring those back into the locally. And now when I mean locally for Invesco, that would mean something like distribution, which is client product investments, which is obviously investments and then corporate services, which would be more of your traditional HR and finance. So build them at the enterprise data governance level, enterprise level I should say, and have them consumed at those domain levels. But we wanna do it to make sure that we're doing it from a value add perspective. The people in those domains are really good at their jobs. They're not very good at things like data governance because they're not supposed to be very good at those things. They're supposed to be good at things like finance, corporate services, HR, distributions and investments. We are the professionals when it comes to data governance, data management, BI analytics and things of that nature. So what we wanna do is we wanna make sure that they can focus their time on those value add things and then let us, the professionals, as it comes to the data stuff. We wanna reduce the overall in content expense by eliminating low value duplication and complexity. That's continuous improvement that Tony had mentioned. I have a passion around. We have to make sure that we're eliminating those duplication efforts as it relates to maybe data management, data governance practices and principles and things of that nature. We wanna improve the speed to market by placing the consumption as close to the data as possible. So when we say as close to the data as possible is when I have errors in my data, go back as close to the sources I can to fix them because as we all know, show of hands, as it starts to replicate through, what happens? It gets much, much more amplified. You do that, I'm gonna get my water right over here because I already have cottonmouth like you wouldn't believe. Thanks Tony. We wanna deliver that through and the maintenance and enforcement of a sound governance strategy and content management policy and standards across the organization. We wanna reduce the risk and return by providing consistent oversight and governance and I'm gonna talk about the governance more here in a minute. And then we wanna drive forward all the dimensions of an ecosystem across Invesco and we're gonna talk about what that actually means here in a little bit. But how do we do this? What are our guiding principles as it relates to an enterprise data office for Invesco? We are one team, we are one team that includes those domain data offices as well. We are one team comprised of data first people, processes, technologies and systems, not a collection of individuals. That's a huge thing, I'm gonna repeat that again. Not a collection of individuals. We wanna seamlessly collaborate to drive the true value of data. If you do not collaborate, you will not see the fullest value of your data. Just straight up. We are dedicated to empowering the business. The enterprise data office I'm gonna call it and this is sometimes like a taboo word. We're a shared service, right? Let's call it what it is. We are a shared service.  We are a shared service but we are delivering complete and trusted data solutions to our business partners so they can concentrate on driving what the value is for the business. And we wanna have a best in class data office that includes those domain data offices together to bring a holistic life cycle together for speed, agility and productivity. So what do we look like? This is actually what we look like and I'm gonna take a quick drink right here while you guys look at all the copious words on the page. So there's five functional areas in our data office. Data governance is obviously the one that I lead so we'll talk about that one last. The first one is data architecture. So they're responsible for definition and maintenance from an architectural perspective, framework, design, application perspective. They liaise with the enterprise architecture from technology so we do not live in technology. We are actually standalone function so we are peer groups as it relates to our IT or technology function. Data security and privacy, they also architect that in conjunction with data security and privacy as well. From a data systems perspective, me and the leader of this organization from a data systems perspective are the ones that are basically peas in a pod. We are, he is the right hand to me being the left hand. I cannot do data governance without these particular areas. Think of them as kind of the drivers of the data management technology and tool stack. These are the individuals in data systems, right? They also liaise with technology to make sure that the systems that we use to govern our data are actually up and functioning. They actually work with our data quality technology, metadata technology, data lineage technology. These are the individuals that do this from a data systems perspective. Information delivery, think of that as if data governance and the data advisory services being the front door, information delivery is the back door. They are the ones that are out in front of the business saying, hey, this is the best practice you can have from a virtualization perspective, a visualization perspective, Power BI, Tableau, whatever it might be. These are the individuals working directly with the business that have some sort of function out there as it relates to data reporting, data analytics, data science, information delivery. That is why they are called information delivery. Data advisory services, these are the ones that partner directly with those domain data offices that I talked about. This is what this particular group does. They are the front door, they are the ones that talk to the business pretty much every single day. And those matrices, relationships that you see right over here on the screen, those domain data offices specifically are the ones that DAZ data advisory services liaise with all the time. They are the ones that talk to technology all the time, the ones that talk to the privacy and security all the time. These are the ones that bring basically the business in the door as it relates to an enterprise data office. Everything that we do is typically done through a relationship with DAZ. And they are one of our peer groups too. But all that's cool and all, but I'm actually here because of that. Data governance, we are providing taxonomy, cataloging, master data management, meta data management, data quality assurance and remediation, end user training. That's another big one. That's probably one of the biggest takeaways you can have here is you cannot under emphasize this whole concept of governance training and communication.  Help them build it together. That way when you hand them the keys, they don't crash the car. That's effectively what we're trying to get out here. So I talked about data governance, I'm gonna talk more about it. Business value and risk reduction. We are the engine that drives all of this. Data governance and data management, I believe, is one of the key functions as it relates to any organization. We decrease data risk, strengthen risk posture and increase the quality and understanding of data. This is one of those meaty slides that if you guys wanna take and download and then, well, don't blatantly rip it off, but you can take the words off the screen. This would be one of those good ones. I got a couple other good ones in there too because there's one that talks about what is data governance and what is the data governance. I got that one too. We wanna know where your sensitive data is located. I wanna know where all of your data is located. I can't do quality, I can't do lineage, I can't do any of that unless I know where your data is.  That's really expensive. You shouldn't have to do that. Let's look at the critical data assets first, find out which ones have the PI, PHI, PII, PCI and then put the correct controls in place as needed. Wanna make sure that we're testing those controls. Do we have the right controls in place as it exists or are they a little, I could probably have a little bit better controls. We wanna improve compliance to the retention schedule. Now, I can already see somebody out there that's like, well, you're gonna give it all my good analytical data, what about that? I'm not saying purge all of the, well, I kinda am saying purge all that data, I guess I should say. Don't keep it longer than you have to but if you have some sort of argument out there and somebody goes, well, yeah, but I need it because of analytics, you can say, all right, fine, let me strip out the PII, the PHI and the PCI because every data scientist that I've ever talked to has said, I don't need to see a social, they don't need to see a social, let's get rid of it, let's purge it, let's purge that data and you can keep all the rest of that data until the cows come home, I don't care as long as we have reduced the risk of that data by following a retention schedule. We wanna manage access to the sensitive data, I wanna manage access to the majority of the data and this is a fairly unpopular opinion, I actually wanna give more access to data through this concept called data democratization, there's probably gonna be a couple sessions and that word is very fancy right now, data democratization, I wanna give access to all of the data that I possibly can through sound governance principles and it's totally possible. We wanna strengthen our risk posture through identifying where are we mature? We happen to use CMMI's DMM from a maturity perspective, that's what we use to basically check ourselves to see where we are from a maturity perspective and then let's find out where our gaps are and then let's put the right controls in place to close those gaps. We wanna make sure that we have best practices in place as it relates to processes and procedures. We want to be known as a second line of defense from our internal audit partners. That's another thing that we work on, every organization that I've had a chance to be a part of, I've had the luxury of being bequeathed a second line of defense because I actually work towards becoming a second line of defense. When a prioritize known risk for resolution, I'm gonna talk about more about this in a little bit, we have this concept called data quality, integrity and sufficiency, DQIS, that's actually one of our oversight groups, that's our quote unquote second line of defense that we have in our organization. We wanna do that through strengthening the relationships with privacy, security, cyber and audits. I want to be best friends with internal audits, not like oh god, internal audits is coming, don't look, don't look, I wanna be best friends with internal audits. Great story from a risk perspective, but what about the increasing the quality and understanding of that data? I wanna set data quality rules and thresholds in place by going and talking to the business, hey, what's good for you? What does good mean to you? I wanna have those conversations directly with the business. I wanna define the data for them, business rules, metadata requirements, data lineage. Remember I talked about that relationship with DAS? Guess who also has a relationship with the business? We do in the data governance office as well. We wanna cleanse those data issues close back to sources we possibly can, utilizing existing tools that we have in place. Remember we want to be the provider of choice as it relates to the shared service that we are. They could go out and hire any consultant that they want, but we wanna be the shared service provider of choice from an enterprise data office perspective. So simply stated at the bottom, enhance the data experience, enable the future, reduce our risk and maintain the lifeblood of Invesco, the data. This is one of those other slides that is really, really popular. What's the data governance? I don't know what that is. So I had to create this slide, not just for this conference, but honestly, because I needed to make sure that we were grounding ourselves into what are we and what are we not? So data governance is not an initiative with an end date. It is not an initiative with an end date. I'll scream it louder for everybody in the back if I have to. It's a sustainable ongoing program with data oversight, framework, operational model, policy, standards, procedures, best practices, all in support of the data. It is not have a start and an end date. It's not done in a silo either. It's not a single team. It's not business or technology. It's business and technology in collaboration with one another. Enterprise-wide effort requires both technology, IT, and business together. And it's not a single set of tasks either. It's a robust framework, metadata, data quality, reference data, user access, data retention, data lineage. That's not something that you just do one off. That is a sustainable ongoing program. This one, I got this one a lot. I'm not a data owner. I'm a second line of defense. I am a shared service. I'm an oversight partner with the data domains. I enable them through robust practices. That's what I do. I don't own their data. They own their data. They're accountable for their data. They're responsible for their data. I give them services that they can render in order to make their data and their data programs better. And it's not a nice to have. Not having a well-managed data governance organization or framework can actually be an impediment to becoming a data and digital-driven organization. What you do when you need trusted, available, usable, integrated, and secure data, you have a robust data governance program. That's what you do. That's what you need. That's why I believe data governance and data management is an engine that drives a data office. So what is the value that we provide? This is another, probably one of those, simply stated, we want the right people to have enterprise data that's trusted, understood, accurate, and can be used in a meaningful, consistent manner. We wanna be the provider of choice for the business domains. We wanna make sure that we operationalize these governance activities and these management activities. That's what we do. And we ensure high-quality, consistent data for our business partner's consumption. We do that with and for them if they do not have a fully functional first line. That's what we do. We wanna help with privacy, compliance with regulatory requirements. Every new regulatory requirement that feels like comes out every other Tuesday. We wanna make sure that we are in line with those data regulations as well. And data quality that meets the business and regulatory requirements. What's the business requirements? Not what I think it should be. I think data should be 100% accurate all the time. Is that okay? No, it's really, really expensive for you to do that. So you don't have to do that. So let's make sure that we're putting the right quality of data in the right spot at the right time. Now, I really love this slide and I'm gonna talk about what it makes, the top, I want you to think of a grocery store. So everybody get your favorite grocery store in your mind. Could be Ralph's, could be Kroger, could be Giant Eagle, could be Publix. What else do they have out here? Trader Joe's, Albert's. Okay, so you guys got, okay, you got it. Think grocery store in this very next slide. Go with me on this, this will make sense I think. If not, I apologize for any confusion. Product to consumer, store receives a product. Maybe it's your favorite box of Lucky Charms, okay? You love Lucky Charms. It's the magically delicious thing that gets you every time. They come to the store. That product is inventoryed. They scan it in and that product is put on the stock on the shelves specifically. But what if that product was in a brown bland box and they went and put it on the shelf in a spot that was not labeled at all and it's just brown boxes after brown boxes after brown boxes. None of it is catalogued. None of it is inventoryed. You have no idea where the label is. It's just a brown box. That's a terrible experience. You have no idea if you're getting a box of Raisin brand or you're getting a box of those Lucky Charms that you need. So a store catalogs their data and they put that vital metadata on the shelf for you to find it. But one of the other things that they do, does it have the correct labeling? Is it still good? Is it actually out of date? Is it stale? They're checking from a quality control perspective. Then what happens? Then you come into the store. I'm looking for my favorite box of Lucky Charms. I need to know where that's at. So from an engagement, sharing, customer service, search optimization perspective, I know that if I go to aisle 14 on the top shelf on the right halfway down the Lucky Charms are gonna be there, right? Why do I know that? Because maybe I pulled up the app. Maybe the labeling on the sign of the store says serial on it. And I know that I'm in the general vicinity and I know that General Mills is in this particular section and Post is in this particular section. That's all metadata. That's nothing but metadata. Data about the data. The data piece just happens to be Lucky Charms. And then I want them to take some sort of action. I want them to buy it, right? I want them to buy it and then I want them to scream from the hill tops. This is magically delicious. This is the best thing ever. That's what I want them to do. Accessibility, trustworthiness, insight, socialization, decision making and follow through. That's the life cycle of what I want them to do from a serial perspective. Now let's think about this from a data to consumer perspective. Acquisition of data. Data comes in. I don't do anything. I just put the data in a data lake. I put the data in a data repository. I'm not capturing any metadata about it. It says column one, column two, column three when I'm trying to profile the data. What data is that? I don't know. That's a terrible experience, right? But if I manage, govern it better through something like cataloging, figuring out where it's stored, also understanding where, from an integration perspective, where does it move to and from, I've got a better experience. Now, but I want to make sure that that data, if it's PII, PHI or PCI, am I compliant with the data that's moving around? Do I have a glossary? Do I understand what that data means? Do I know what column one means? Maybe I should rename it and not name it column one. Perhaps I should have good metadata on the data that comes in. And then is it of quality? Is it good? Is 68% address verification good? Is it valid? Is it the way it's supposed to be? Well, it might be okay for some particular areas and some other areas, it may be awful. Maybe they need 98, 95%. Then I want them to do something with that data. So I've managed it, I've governed it, now I want them to do something with it. I want to make that available for the masses. I want to democratize that data so they can discover it. They can do things around their particular community. They can collaborate with others and then share that information. And then ultimately, I want them to take an action. What's the action I want them to take? I need them to consume it, do some reporting on it, do visualization, virtualization of the data. I want them to do something with that. So this was a silly example based on a grocery store just to kind of set the foundation of this is what having a good data governance and data management practice or program can enable. And when you don't have it, you have random brown boxes of lucky charms all over the place, not magically delicious. So how do we do this in InvescoSpeak? What's one of the ways that we're doing this right now and taking that particular example and taking it into InvescoSpeak? We have this concept of a data fabric. Show of hands, how many have heard of that buzzword in the last, and I thought so, data fabric. That is a hot topic right now. But I look at it as nothing more as a virtualization layer trying to help me make sure that I am buying the right lucky charms. That's what I'm looking at it from a data fabric perspective. But I want to weave all of this together for a seamless experience. How many of you have been to a genius bar at Apple? They seem to have all the answers, right? Like every time you walk in they're like they seem to know everything. It's impossible for them to know everything. I look at the data fabric as kind of that holistic Apple genius bar. They're a person that I'm gonna go to a seamless user experience within an ecosystem that connects all of this stuff together. But how in the world am I gonna ask somebody in any of those spaces to know that they should go into here or they should go into here? Do they even know what Aladdin means? I don't know if they know that. I can't expect them to know that. So what we want to do from a data fabric perspective is create this virtualization layer from a marketplace perspective and pull all of this together.  Can't do that without doing these things first. You can't do anything fancy like a data fabric unless you have sound governance and data management principles and practices in place. You just can't.  If AI machine learning and data fabric are the second floor, data management, data governance, privacy and security is foundational first floor type stuff. Cause that's how it has to be. Now I've said all of this. Now how do I know that some of this stuff is actually getting done? And this talks about our three areas from an oversight perspective. We have our execution groups, our data boards and our cross-domain data council. The top of the house, my boss sits up there, Jim Tayo. He's our chief data officer. But also remember I mentioned those data domains from across the top. Those individuals also sit in that cross-domain data council. They have equal skin in the game because remember I'm asking them to be accountable and responsible for their data. So they've gotta have a key seat at the table. So this is a monthly type meeting. All of these are really monthly type meetings or as needed. The data boards, these right here, those data domain officers that sit there, the ones that are also equal seated at the table from a cross-domain perspective, they have equal footing as it relates to the data boards as well. They have their own data boards that they go out and talk to. They're made up of their stewards. They're made up of their custodians. They're SMEs. They're data users. They're data consumers. That's all of the individuals from these two areas right here. And then when we have some sort of execution that needs to be done, maybe there's some sort of project, program, or kind of one-off, hair-on-fire type event, that's when you're gonna see these all hands, hands-on keys execution groups. At the bottom, enterprise data governance, responsible for enterprise oversight, optimization and data integrity, timeliness, usability and trustworthiness. We sit foundationally on all three of these areas. So I have a seat at this table as well as many of the other meetings I attend. I attend those other meetings. Second line of defense to make sure that we have maintenance of quality as it pertains to critical data elements. You cannot govern everything. You can govern things around critical data elements. Start with the most critical, some sort of criticality assessment that you wanna do and work your way down, top down, okay? And we're accountable for that DQIS, the Data Quality Integrity Insufficiency Group. Last but certainly not least, and this will be the last slide that I leave you, maybe, is this Data Quality Integrity Insufficiency. It is a risk group that I chair, specifically around asking these questions. Is the data adequate for my needs? Is it sufficient enough? Is it accurate and reliable? Storage and availability, when can I get it and how do I get it? From a protection perspective and an ethics perspective. Are we ethically doing the right things with our data? How long should I keep it? All of this ties together that program from a data governance perspective. Why is it important? Large data's coming in, digitization, all of the things that we've experienced in the last 24 months is driving the need to have a dedicated data governance and data management practice program in each of your specific areas. I can almost guarantee, but I wouldn't hold any money, so please don't bet me any money. I can guarantee that if you have a robust governance and data management program, you can absolutely change the world as it relates to your particular organizations. So that's the last slide. I have 14 minutes left and I wanna make sure that I leave some time for Q and A. And I also wanna take a drink of water. Don't be shy. Just raise your hand if you have a question. We've got a couple of folks with microphones. Got one back here on the right, back here on the left. Okay, right behind you, Carla has a mic. Thanks, that was great. I do have a question. You used the term shared services and a number of times. And I've done some work in organizations where data quality, data governance, data management all kind of folds under that concept of shared services, which in that context, it is viewed as meaning nobody really cares about it because it's shared, so nobody really owns it. So how did your organization create the engagement and ownership or shared ownership in shared services? Yeah, I know that's a great question as it related to the shared services question. So yeah, it's kind of a taboo thing to say shared services, mostly because like you're saying, like, oh, nobody cares about that, I don't have to do that. But really, it made it very, very easy when we went in from a governance perspective using kind of this framework that I talked about right here and going, hey, by the way, your data quality is X. Is that okay? If the answer is yes, then I go, okay, fine, that's great. Or I can go, by the way, you're over retaining your data. Like it was very easy for me to find data risks or data gaps for them and go, is that okay? If that's okay, then we'll move on. We'll move to the next particular area. And then we shared that with their senior leaders. Do you know that you're retaining data for 26 years? Oh my gosh, no, I had no idea that I was retaining it that long. What's the policy say? Well, the policy says seven years. Well, that seems like a pretty big miss. Yeah, you probably should do something about that, but they ultimately have to be the ones that sign off from an accountability perspective so they either have to accept the risk, which if they wanna accept the risk from a governance perspective, probably not what I would do, but then again, I don't sign their paychecks. So if they wanna make that and accept that risk, totally up to them. My recommendation is always to, well, let's mitigate that risk. Even if that risk takes four years for us to mitigate, let's start to put the process and steps in place in order to really get rid of that over the course of four years. If you're in a heavily regulated industry, a regulator coming in will love to see that you have something in place. Even if it takes you four years, they're gonna love knowing that you recognize the issue and that's gonna take four years to get it done. Great question. I think I had one over there. It's a great presentation. Thank you. Thank you. So from the budgetary perspective, how big is your team is and how much data they are able to govern? So it's like your team is like 10 people and you're governing millions of data assets or something like that, just to give some perspective. Yeah, yeah, yeah. So I can give a perspective on the EDO and the data governance. So I'll do both. From an EDO perspective, we're a team of about 81. So we're not a very large team by any stretch of the imagination or maybe that is a large team. I see some chuckles out there like, I was gonna say, and it's a good question. Who thinks 81 is large? Okay, well, I have to say who thinks it's small? Yeah. Hey, gotta be about, can't buy yourself, man. Okay, so 81, maybe that's a lot from the entire EDO perspective, but from a governance perspective, I have 23. You didn't know how spoiled you were, did you? I did not realize how spoiled I was.  So from the EDO perspective, we have insight to almost all of the data assets as it relates to distribution investments in corporate services. That's multiple petabytes of data. So a lot. And I guess the team of 81 is pretty good. So I'll take that. From a governance perspective, we are starting with, again, I think I had 20-some team, half of the team is in India. And so our team has oversight into all of that data as well, but we're starting from a critical data element perspective. So from a critical data element perspective, probably 20% of the most critical data, obviously that number will continue to grow as we go further down the list as it relates to criticality. I learned something new, the 80-some from an enterprise data office. I'll let Jim know. That's what I'll do. I'll text them right after this. Well, that line of Q&A actually prompts me to ask this question because everybody thinks that their company, their organization is different, their needs are different, somehow unique. And yet, talking to most consultants, they say the same thing happens in every...  I mean, but you've moved through a variety of organizations over the past 10 years. How do you do... It's the same in every one. It's a lot of the same stuff. That's the thing, it's like every consultant that you'll pay for, a lot of the stuff, quite honestly, a lot of the stuff that I learned came from this particular conference that I was able to put into practice. Sorry to our consultants out there or anything like that. Not saying you shouldn't pay for a consultant because they all serve their purpose. Don't get me wrong. That's not what I'm saying. What I'm saying is a lot of the stuff you can find, it's, you can pretty much use it in any industry.  And that's probably the best thing that I can describe is the things that I've talked about. I learned them from Googling. I learned them from this. I did learn some from consultants and things of that nature. But a lot of it can really fit into any part of any organization that you have. And just to put the 81 in some perspective, you work for an investment organization and that is pretty highly regulated. Yeah, very highly regulated. Worldwide. So a lot of those folks are doing things that are sort of driven from a need for the business to be compliant with those regulations. I have an entire data regulatory team that sits on our data governance team that does nothing but regulatory reporting for very specific, so a lot of ours are European. So a lot of the reporting that we do from a reg reporting perspective, we have to cross the T's, dot the I's before we send it to anything like that. That's just from an EU perspective. Okay. Kala, we have one behind you and I'll get this gentleman up front. So take this question up front first. Thank you for the presentation. Yeah. Good question I had. I know you a little bit talked about the training, right? So how are you managing the data literacy as part of your data governance within your organization? So the question was how? Is that kind of quiet? The question was about how do you manage data literacy? Yeah, the data literacy in terms of the training and education. One of the things that we do and one of the services that we provide out of the Enterprise Data Governance Office is specifically this training around something we call workshops. So every single month for what feels like the last 11 months has been nothing but training and education on a very specific need. So one of it might be standing up a stewardship. That's one of the workshops that we have. Another one we have is critical data element identification. What do I have to do to govern critical data elements? That's another workshop that we have. Another workshop, which is actually a two or three parter is around data quality. The first part of that workshop is what the heck is data quality? Because you would be really surprised to know that not a lot of people know what data quality actually is. So we have the first part is what's data quality? And then the second one is, okay, what do I do? How do I write business rules in plain English? Then after I write business rules in plain English, then what do I do? And then based on the technology that we use, we input that into the technology. And so this concept of workshops is really where it comes in to be. And then after each of those workshops, they get a syllabus. Just like if it was a college course, they get a syllabus to say, you need to bring this to the course. This is what you get outside of the course. And that is all published out on our SharePoint sites. Okay, back right there.  Can you hear me? Yes. So thank you for a wonderful presentation, Scott. So I have a two-part question. Yep. First part is, given that, you know, you have a healthy size shared services organization, where does the budget set for your organization, is it with the CDO office or is it funded by the business units? That's the first part. Okay, it is actually funded at the top of the house. Perfect. So when it comes to buying, you know, let's say another data asset or a product or something, you have the full authority to make that decision. We do that in conjunction with the business, basically to say, you know, we would say, hey, do we have this data that you're trying to purchase somewhere in the other part of the organization? It's our responsibility to kind of help figure out if that's the truth. And then if we don't, then we facilitate that conversation. I'll go back to the DAS organization, specifically, come on. Right here. That's where we're having those conversations. If we have a vendor come in to say, I want to purchase third party data, that's where that conversation comes in. Perfect, so that was gonna be my second question, which is, let's say I'm a marketing department, I'm looking to do a marketing campaign and I need a specific type of data for that. So they would come to you first before they make that decision. That's correct. Okay, thank you. Okay, question front left. Yeah, it's interesting. How many stewards have you been able to build up in your community to support your data governance professionals and any secrets about getting them on the team? Yeah, so a lot of them, so in terms of raw numbers, oh boy, I'm gonna try to do math on the fly more than 50, 60 across the organization. And now a lot of them didn't realize they were stewards because they were doing activities that were like, no, this is just other duties as assigned. Well, no, they're like, you're actually a data steward. And so that's the other thing is like, really understand that these folks are probably out there already doing this work. You just say, no, no, no, I wanna give you credit for the work that you're doing now.  And so 50, 60-ish stewards across the organization, but as we go more and more and more from a critical data elements perspective, we might pick up twosies, threesies here because obviously it could be a new data asset that we just haven't got to from a criticality perspective. So are all the stewards within the business? All the stewards are within the business, yep. Okay, we have another one front left, which there one at the back, no? Okay, again. This is just a follow-up on the literacy and how do you educate people? How can you put them in that classroom? How do you do that? How do I do what? How do you bring them to the class? Oh, how do I get them to attend the class? Yeah, because they've got other stuff to do. Yeah, so that's been probably the toughest part is what brings them to the classroom, right? So a lot of the times we work with those domain data officers to say, hey, we're having a class coming up in the next six weeks. What people do you need us to attend or what people do you need to attend? And they're gonna say, I need, and I'll go to this particular slide where we talk about the data fabric. I need data stewards specifically from Aladdin, Cadis, and CRD. Who are they? And then we go out and talk to them and say, hey, you've been identified as a potential data steward. Do you do the following activities? And then they say yay or nay. And if they say yes, we schedule them into a virtual classroom training, but we have pre-meetings with them to say, this is exactly what we're trying to get on board to do. You already work with so-and-so from the domain data office. This is what we're trying to get you to do. Yeah, so, but you started with that person's manager who bagged this up. Yep, we did. We started with their manager or their manager's manager. Okay. Halfway back on the left, I believe. Yep. So just along the lines of the data steward, did you incorporate the data steward role as part of their job description then? Like how did that work? Working on that now. Far left on the back, at the back. Hey Scott, thank you for the presentation. So it sounded like you were pretty recently at nationwide and now you're at Invesco. So I'm wondering how long has this taken you to get to this point and is it possible to go too fast or too slow, I guess? So this is where I can actually set back and realize when I had a team of 20-something, it made me go a lot faster. I was able to accomplish this in just a little over eight and a half months. If I didn't have the people, I wouldn't have been able to go that fast. Let me be, this is where I'm like, I'm very lucky. Like it just hit me how lucky I actually am. But honestly, you can, this is a multi-year effort. I'm very lucky, but this is a nationwide. It took me four and a half years. Okay, we have a question on the left and then one in the middle and we'll have to wrap it up at that point. How do you, how do you create excitement from being volunteer to come to one of your workshops to actually embracing data governance? Wow, a lot around this idea of getting people excited about data. I have a very aggressive communication plan. Like I do videos in one of the presentations nationwide when we did the DGIQ, we did this concept called data in 60 seconds or two minute Tuesdays. So we constantly talk about the benefits of a data governance program. I cannot understate or overstate, overstate. That's the right word. Overstate is enough. You have got to be a communication and marketing company that happens to do data governance. You have to, have to, have to. Because otherwise, you're never gonna get these people to buy in because they're never gonna understand what the heck is a data governance and why do I need to do this? And it's about telling them the value of doing these things and actually showing tangible proof what this value is. I was able to get your report faster. I was able to help you find where your data was tracking to and from faster than you could before. Perfect example. We had a program that basically said, I don't understand how I retire this data. Like I gotta retire this thing, I gotta decom this thing, what do I do?  And then they're like, oh, so that's part of data governance? Wow, that's pretty slick. That's really cool. I didn't know that. And so it's really talking a lot about the program that you have. Okay. And right in the middle of the room there. Hey, Scott, I'm a department of one. And just starting out. How many people think one is a lot? So I'm just starting out this big journey ahead of me here. And I'm thinking that one of the things that I probably need to do is do a data criticality assessment. Is there a tool that you used to do that? Excel. I would honestly, the reason why I say Excel, it talks about like I would go out and have conversations with the business develop the relationships with the business to say, what is your critical data? What are your critical data assets? And use Excel. And the reason is it's approachable from the business perspective. If you put some fancy tool or technology in front of them, they're gonna just glance over but Excel and PowerPoint for whatever reason are really approachable. And really start to build the relationship with them to say, tell me what your critical data assets are, tell me what your critical data elements are, and then put them in an Excel and start there. Almost every technology out there does some sort of bulk import as it relates to Excel. Yeah, we're starting to do that now because of the fact that we're in a business that's heavily regulated. And it's growing like leaps and bounds. We tripled our staff within the last year. And so we are also looking at going beyond the state that we live in and going further into other states. And so then my other hat being the privacy officer as well is starting to look at all the data elements from that particular aspect. And so I'm just trying to get my arms around what particular tools that could be helpful to do this. But we've been using Excel because in the banking industry, Excel is the prime tool to be used. And so that's helpful to know. But it sounds like the best place for me to start would be the critical data path and... Yeah, I would. My recommendation would be start there because all of your service offerings that you have from a data governance perspective, your lineage, your reference data, your data quality can all be banked off of the critical data elements. Even your asset inventory. You can do an asset inventory to say, this is the totality of my landscape. You can do all of that based on the criticality and the critical data element exercise. Uh-huh. So even though it's a bit playful with that question, we get a lot of people coming to us now. Seems data governance is moving into small and medium-sized businesses at an increasing pace.  I'm doing this and that and something else. And I've been given data governance. So it's maybe a quarter or a half or less of their role. So yeah. I'm lucky. Yeah. It hit me. We're not going to have time for any more questions. I'm sorry, but Scott will be around for a little while. Yeah. To chat with him. There was one thing I wanted to ask you. So when Jim reluctantly informed us that he was unable to make it, he did say, you know, it's probably just as well cause I just get in the way of Scott. He does. Sometimes. So. So I get on a roll. That's what it is. I get on a roll. I get really passionate. I start talking with my hands and then my hands will go everywhere. Well, I think he was, I think he was saying not just in presentations, but in the job that you do, you know, how do you work with the CDO office? How do you work with Jim directly to enable or, you know, when he says get out of your way? What does he mean? A lot of times it's like I work with my peers. So the peers from this particular area. So right here, obviously Jim said to the top of the house, but I work with my peers. It's my job to make Jim's job easy. And so what I do is I take it upon myself to basically understand what are the goals and objectives of my peers and where does data governance interject themselves in each of those different areas? Like the data fabric is a perfect example. The data fabric is actually out of systems and architecture specifically. So those particular leaders are leading that initiative. So where does data governance fit into all of this? That way when Jim has a question and goes, hey Scott, you know, I've been thinking about, you know, maybe you getting involved in the data fabric. I usually go, I'm about four steps ahead of you. I'm already talking with this person and this person about how data governance fits in here. We're already capturing the metadata from this system, this system and this system. So is there anything else or, and like that's typically how the conversation goes, but I look at it as a part of my job is to make his job a lot easier. And he casually jokes like, I get in your way by asking you these questions for questions you already know the answer to, but that's just, I've worked with Jim a long time. And so I get really lucky that way. But I would say take the time to develop the relationships with your peers, with the peers out in the business, peers out and obviously I'm very lucky to have peers like this. But if you have other ones out in the business, take the time to really learn what are some of their objectives and where could data governance make a difference for them? That's what I would say is the big way. All right. Scott, I think you've given us some insight into what has to be the closest thing to best practice that I've seen. Thank you. Thanks very much for bringing your story and we wish you all the best. Thank you very much. Appreciate it.


Hi guys, welcome back to my channel. So I hope today I give you a ton of motivation to get up and get done whatever you're needing to get done in your house today. I know that I had a lot of groceries to put away and of course a nice pile of dishes after a day of being gone. So I went ahead and started by taking things out of bags and reloading like my little canisters I have in my pantry and just putting things away. If you're new to my channel and love mommy content and cleaning videos, go ahead and hit that subscribe button for me and I would love to have you hang around and join this fun community of women that we've created here. Again, just to feel your arms around me. Before I go any further I wanted to show you guys my Grove order for this month. If you've never heard of Grove Collaborative it's where I get all of my cleaning products and if you are a new customer with them I have a link below that will get you all my word. Probably at least six products free in your cart with your first order. They are so generous and give free products all the time. So you definitely should go check that out and you will be so happy that you did. Everybody that tries it is so thrilled with that. I get so many messages all the time with how many of you have tried it and said that you love ordering from Grove. So I've ordered from Grove for well over a year and I wanted to show you what I got this month. So I grabbed these. They're something kind of new for me. They're an all-purpose wipe. I love wipes with Kevin Kidd's just on hand to wash things up really quickly. So this one is in the pink grapefruit and then this one is in the lime and sea salt. I've tried both of the cleaners in these scents and they smell so good. Then we were just in need of some hand soap. So I got Lilac from Mrs. Myers. I also got the mint scent as well and then these are like major staples for me. If you guys watch my videos a lot then you've heard me talk about this stuff so many times. So one of them is the method laundry detergent and softener and then these are the scent beadlets. I had enough softener for this month so I just grabbed the detergent and the beadlets and if you guys are looking for things for your first order, I highly recommend trying these to make your stuff smell really, really good. And these are mega staples. If you watch my cleaning videos often you already know this but it's the anti-back from method. There's also a citrus scent that I use. I use all three scents, love all three of them and with having little ones around plus I feel like they really cut grease and clean up grime really, really well. So like I said, if you guys have been thinking about trying Grove, definitely check out my link below because it will throw a ton of free cleaning products into your cart. My love to you, for when I see you when I get there just fulfill your arms around me, I won't but when I see you when I get there. Even though it takes me an extra minute to dump everything into their canisters and containers it really, really cuts down on just trash. Like we can burn all of the boxes and stuff like that at one time and they're not loading up my trash can and we can just go ahead and use everything out of their little canisters and containers and things like that. So I love this method even though it takes an extra minute to put groceries away it's still worth it in the long run for me. And yes, my dishwasher is broken. So every time I load and unload it I have to put a cup underneath of it. I'm just scared it's gonna completely break. My girls have climbed on top of it way too many times. I could see this through, I could wait another night One more night, one more night I could fight it through till the darkness turns to light. One more night, one more night. A fun little fact about my kitchen if you guys have been watching for a while and don't know this, I actually painted the backsplash on. So all that subway tile, I painted myself and if you go back and look up a kitchen makeover video I did, oh my goodness, it's probably been over a year now. You guys can check that out and see how I did it.  If not every day then two loads every other day. Just to keep on top of it and I've been doing pretty good about it you guys. I'll be honest, I've been keeping up with it. So this was my load for this day and just getting it out of the dryer and folded. I actually had started it in the washer the day before so it's kind of like actually the load that I put in the day before. I'm doing it the next day but I'm so determined to keep up with it just because otherwise I end up with such a mountain of laundry. I also recently organized our closet here and so I have a video on my channel about that as well. It's gonna be okay cause this winter you change cause I feel like I'm just holding on to yesterday. All right, so this was the next day and I was ready to get my kitchen floor mopped. I just put the stools on top of the table and then drag the chairs out, put the curtains up and I sweep it and I know I've addressed this a couple of times but not everybody catches everything. Oh, that's my favorite glass cleaner by the way. It's on Grove and it's from Aunt Fanny's brand. Anyways, what I was saying is that a lot of people ask me why I don't use my cordless vac whenever I sweep my floor in the kitchen and dining room and I just honestly do that because I have a one, two and three year old and they put food on the floor a lot and so I just don't really want to end my vacuum cleaner so I go ahead and use my broom instead. I'm driving, you're smiling just really doing nothing that's the thing I like about you it's our way, route 66 and we keep on driving we just do what we wanna do yeah, no nothing's complicated Next I grabbed my Mrs. Meyers clean day honeysuckle scent and dumped it into my hot mop water I love my spin mop so much it just does an awesome job at getting things clean and my husband was actually in the living room so if you see me stopping and talking to him that's what's going on but yes, I love this mop. You say that I'm crazy it's just the way that I get your laughter takes me to heaven I just wanna make you repeat it and repeat it again yeah, you make the sky so blue nothing's complicated so while the floor dried downstairs I just went upstairs and cleaned up things on the sink and got the bathroom all cleaned up you know how it is after everybody's ready in the morning the bathroom seems to be quite the disaster so I just put things where they belonged and washed up the counter I use those method all purpose wipes they're super handy for this just daily wiping the countertop off and just kind of cleaning up, you know, toothpaste that sort of thing I really think I'm gonna keep one of those in my bathroom just to do that so that I don't have to get out, you know a cleaner every single time It's all the way, we're 66 and we keep on driving we just do what we wanna do and I use my Norwex mop for up here the reason I don't use this everywhere in the house is because you cannot use any scented cleaners with Norwex it's just the way their system works it has colloidal silver involved with it and you cannot use a scented product with it so I don't like using it everywhere just because I like a good smell but it's nice and small to just take up to my bathroom and do quickly Thanks a lot for watching you guys today if you're new to my channel don't forget to hit that subscribe button give this video a like and let me know what you're up to today in the comments I'll see you guys in tomorrow's video


Hello and welcome to the session. In this session we discussed the following question which says a two digit number is 12 more than 4 times the sum of its digits. If 9 is subtracted from the number the digits are reversed. Find the number. We need to find a two digit number such that it is 12 more than 4 times the sum of its digit and also the digits would be reversed if we subtract 9 from the number. So let's see how we can find this number. First of all we assume let the 10 digit of the required number be x and also we assume the unit digit of the required number be y. So the number formed with x as the 10 digit and y as the units digit is equal to 10 into the 10 digit that is x plus the units digit that is y. So the number formed is equal to 10 x plus y. Now the sum of the digits is equal to x plus y that is the 10 digit plus the units digit. Now according to the question we have that the two digit number is 12 more than 4 times the sum of its digit. So the number formed that is 10 x plus y is equal to 4 times x plus y that is the sum of the digits plus 12 since it is 12 more than 4 times the sum of its digit. So this further gives us 10 x plus y is equal to 4 x plus 4 y plus 12 that is 10 x plus y minus 4 x minus 4 y is equal to 12. Now from here we have 6 x minus 3 y is equal to 12. Now taking 3 common here we get inside the bracket 2 x minus y is equal to 12. Now this further gives us 2 x minus y is equal to 12 upon 3 that is equal to 4. So we take this as equation 1. Now let's see what would be the number formed by reversing the digits this would be equal to 10 y plus x. Now since we have taken x to be the 10 digit and y to be the units digit now when we interchange the digits or we reverse the digits we take y as the 10 digit and x as the units digit so the new number formed would be 10 y plus x. We are given one more condition in the question so according to the question we have that if we subtract 9 from the given number the digits would be reversed. So our original number was 10 x plus y thus when we subtract 9 from the number 10 x plus y the digits would be reversed and this would be equal to the number formed by reversing the digits that is 10 y plus x. This gives us 10 x plus y minus 9 is equal to 10 y plus x whether we have 10 x plus y minus 10 y minus x is equal to 9 or you can say we have 9 x minus 9 y equal to 9 this gives us x minus y is equal to 1. So we take this as the second equation so now we have got two equations one is 2 x minus y equal to 4 and x minus y equal to 1. Now we will solve these two equations to get the values for x and y for this we subtract equation 2 from equation 1 so subtracting 2 from 1 we get 2 x minus y minus x minus y is equal to 4 minus 1 that is 2 x minus y minus x plus y is equal to 4 minus 1 this further gives us x is equal to 3. Now we have got the value for x now substituting x equal to 3 in equation 2 we get 3 minus y equal to 1 this gives us minus y is equal to 1 minus 3 we have minus y is equal to minus 2 so this gives us y is equal to 2 thus the values for x and y are x equal to 3 and y equal to 2 so the required number is equal to 10 into x plus y this is equal to 30 plus 2 is equal to 32. So 32 is the required number so this completes the session hope you have understood the solution for this question.


Bismillahir Rahmanir Raheem and Islamic in Pakistan welcome back to corporate governance and we are reaching the end of the particular course. And in the last session, we basically talked about how COVID-19 has changed the contextualization of corporate governance and the whole texture of flavor and dynamics of corporations around the world. COVID-19 was a syndrome with changed institutions, countries, individuals, communities and societies. We see how the balance of shareholders and stakeholders basically changed. We see the role of government increasing. We see that how products and how logistics and how supply chains totally changed. We see how companies were adversely affected and some companies were able to grow. How new businesses basically evolved and new approaches were adopted to cater to the changing needs and requirements in a post COVID-19 scenario. Today, we are going to move a little bit forward and see how the impact of COVID has affected the boards and also the relationship of the different tiers of management in different organizations and what is a better way of moving forward so that these different companies from around the world and also at a national level can recuperate from the three years of immense stress and disruption of businesses. When we look at this whole thing, then the lessons from COVID-19 imply a more active role for boards in monitoring companies' relationship with their poor stakeholders. The pandemic has brought home the tight connection between business and society and that is where we see the social dimension and the environmental dimension so that this does not happen again. The COVID-19 syndrome does not happen again and in case such an emergency or such a disruption emerges, then corporations, governments and individuals can handle them in a better way. And that is extremely important to create these new relationships based upon a changed paradigm. Many boards and senior leaders were forced to grapple with vexing questions of public responsibility. For at least a decade, calls have been mounting for business to help address systemic concerns such as increasing income and wealth inequality. So on one hand we see that a few dozen individuals basically dominate about 90% of the global economy while on the other hand we have 8 billion people who do not have enough resources. So this inequality which has basically emerged and has become even more evident post COVID-19, what is being done and what should be done to ensure that this inequality is basically brought down and there is an increased income for all segments of society so that quality of life can improve. How do we improve the human development index across the world, across nations and across communities and societies? That is a very big question and that is a question which has to be solved and resolved by the corporate governance mechanisms to ensure that there is a better relationship of corporations with the public sector, with the public at large and again with the community. And that becomes extremely important in this post COVID scenario. Societal forces can profoundly affect the business and competitive environment. In the wake of COVID-19, the boards, it can expect institutional investors to renew or review their calls for companies to pay more attention to societal problems. So again what we are seeing is that different organizations are creating foundations. Melinda and Bill Gates Foundation is one of them. We also see that the Berkshire Funds again they have created their own foundations. Different large conglomerates have created their own foundations and they are interfacing with the community and society at large but it has to be done at a more standardized level, at a more structured level and with more sustainability. The emergence and rise of the ESR rule has basically been seen. The paradigm of performance solely in terms of returns to shareholders and again to treat pay as a tool to motivate executives also has to be re-looked and again what can be done in a better way. Bonuses to companies to people on the frontline has to increase because they are the main effectees of the various uncertainties and ambiguities. Pay cuts for people in some organizations that also has to be re-visited and seen that how can better solutions basically emerge. The role of compensation committees again has to be broadened and again they have to be given a mandate beyond executive pay and looking at the different pay structures in a more balanced and harmonized way. We also see that COVID-19 has raised the bar on deliberation and judgment in the boardroom. More attention to board composition and director race in ethnicity because of COVID-19 is emerging. We see that according to the black enterprise only about 38% of S&P 51 companies have no black directors on their boards. Now that is a very very large figure. While we have seen an increase in woman representation from 9 to 19% but again that is very less according to an ISS study. Another ISS study found that only about 12.5% of directors in the top 3000 US companies are members of the racial or ethnic minority. COVID-19 made it abundantly clear that a diversity of experience and perspective in the boardroom is also crucial for the boards because then they would be able to understand the needs and requirements of its different stakeholders. So ladies and gentlemen what we see is that COVID-19 in these past three years has brought about more change in the corporate structure, in the corporate culture, in the corporate environment than maybe the past 200 years. We have seen that COVID-19 has basically changed the way people look at life, expect from life and also conduct themselves. New theories, new formulas, new frameworks have emerged. In all of this what we see is we see in the context of corporate governance we see the board, we see the institution, we see the stakeholders and we see the shareholders. We have to balance them out, we have to create more harmony, we have to create more opportunity, we have to create more possibilities and we have to create more simplicity. There is a need to have more convergence but be diversions or be divergent in the context of individual cultures, values, traditions and environments which exist. There is a need to follow national laws, rules and regulations but also have a framework which is more globalized. There is a need to promote investment and have investor confidence but yet also ensure that it creates more employability and creates better quality of life for all stakeholders concerned and that is the future of corporate governance. Thank you so much.


You're listening to the ECB podcast, bringing you insights into the world of economics and central banking. My name is Katie Ranger. Today is Thursday, 27th of July, 2023. Our governing council has just decided on monetary policy, determining what's needed for prices to be stable in the Euro area. I'll be back at the end of the episode. Now you'll hear President Christine Lagarde explain those decisions in our press conference. Inflation continues to decline, but is still expected to remain too high for too long. We are determined to ensure that inflation returns to our 2% medium-term target in a timely manner. The governing council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. The developments since our last meeting support our expectation that inflation will drop further over the remainder of the year, but will stay above target for an extended period. While some measures show signs of easing, underlying inflation remains high overall. Our past rate increases continue to be transmitted forcefully, financing conditions have tightened again, and are increasingly dampening demand, which is an important factor in bringing inflation back to target. Our future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to our 2% medium-term target. We will continue to follow a data dependent approach to determining the appropriate level and duration of restriction. In particular, our interest rate decisions will continue to be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. We also decided to set the remuneration of minimum reserves at 0%. This decision will preserve the effectiveness of monetary policy by maintaining the current degree of control over the monetary policy stance and ensuring the full pass-through of our interest rate decisions to money markets. At the same time, it will improve the efficiency of monetary policy by reducing the overall amount of interest that needs to be paid on reserves in order to implement the appropriate stance. The decisions taken today are set out in a press release that is available on our website. The details of the change to the remuneration of minimum reserves are provided in a separate press release to be published at 3.45 continental European time. I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions. Looking at the economic activity first, the near-term economic outlook for the euro area has deteriorated, owing largely to weaker domestic demand. High inflation and tighter financing conditions are dampening spending. This is weighing especially on manufacturing output, which is also being held down by weak external demand. Housing and business investment are showing signs of weakness as well. Services remain more resilient, especially in contact-intensive subsectors such as tourism. But momentum is slowing in the service sector. The economy is expected to remain weak in the short run. Over time, falling inflation, rising incomes and improving supply conditions should support the recovery. The labour market remains robust. The unemployment rate stayed at its historical low of 6.5% in May and many new jobs are being created, especially in the services sector. At the same time, forward-looking indicators suggest that this trend might slow down in the coming months and may turn negative for manufacturing. As the energy crisis fades, governments should roll back the related support measures promptly and in a concerted manner. This is essential to avoid driving up medium-term inflationary pressures, which would otherwise call for a stronger monetary policy response. We welcome the recent Eurogroup statement on the Euroarea fiscal stance, which is consistent with this assessment. Fiscal policies should be designed to make our economy more productive and to gradually bring down high public debt. Policies to enhance the Euroarea's supply capacity can help reduce price pressures in the medium term, while supporting the green transition, which is also being furthered by the next-generation EU programme. The reform of the EU's economic governance framework should be concluded before the end of this year. Let's look at inflation. Inflation came down further in June, reaching 5.5% after 6.1% in May. Energy prices fell again, dropping by 5.6% year on year. Food price inflation continued to slow but remained high at 11.6%. Inflation excluding energy and food edged up to 5.5% in June, with goods and services following diverging trends. Goods inflation decreased further, to 5.5% from 5.8% in May. Conversely, services inflation rose to 5.4%, from 5% in May, owing to robust spending on holidays and travel, and also reflecting upward base effects. The drivers of inflation are changing. External sources of inflation are easing. By contrast, domestic price pressures, including from rising wages and still robust profit margins, are becoming an increasingly important driver of inflation. While some measures are moving lower, underlying inflation remains high overall, including owing to the persistent impact of past energy price increases on economy-wide prices. Although most measures of longer-term inflation expectations currently stand at around 2%, some indicators remain elevated and need to be monitored closely. Turning now to our risk assessment. The outlook for economic growth and inflation remains highly uncertain. Downside risks to growth include Russia's unjustified war against Ukraine, and an increase in broader geopolitical tensions, which could fragment global trade, and thus weigh on the euro area economy. Growth could also be slower if the effects of monetary policy are more forceful than expected, or if the world economy weakens and thereby dampens demand for euro area exports. Conversely, growth could be higher than projected if the strong labor market, rising real incomes, and receding uncertainty mean that people and business become more confident and decide to spend more. Upside risks to inflation include potential renewed upward pressures on the costs of energy and food, also related to Russia's unilateral withdrawal from the Black Sea Grain Initiative. Adverse weather conditions, in light of the unfolding climate crisis, may push up food prices by more than projected. A lasting rise in inflation expectations above our target, or higher than anticipated, increases in wages or profit margins, could also drive inflation higher, including over the medium term. By contrast, weaker demand, for example, owing to a stronger transmission of monetary policy, would lead to lower price pressures, especially over the medium term. Moreover, inflation would come down faster if declining energy prices and lower food price increases were to pass through to the prices of other goods and services more quickly than currently anticipated. Let's look at the financial and monetary conditions. Our monetary policy tightening continues to be transmitted strongly to broader financing conditions. Risk-free interest rates over short to medium term maturities have increased since our last meeting, and funding has become more expensive for banks, in part owing to the ongoing phasing out of the ECB's targeted longer term refinancing operations known as TELTRU. The large TELTRU repayment in June went smoothly, as banks were well prepared. Average lending rates for business loans and mortgages rose again in May to 4.6% and 3.6% respectively. Higher borrowing rates and the associated cuts in spending plans led to a further sharp drop in credit demand in the second quarter, as reported in our latest bank lending survey. Moreover, credit standards for loans to firms and households tightened further, as banks are becoming more concerned about the risks faced by their customers and are less willing to bear these risks. Tighter financing conditions are also making housing less affordable and less attractive as an investment, and demand for mortgages has dropped for the fifth quarter in a row. Against this background, the annual growth rate of lending continued to decrease in June, falling to 3% for firms and 1.7% for households, with annualized growth rates of 0% and minus 0.2% in the second quarter respectively. Amid weak lending and the reduction in the Euro system balance sheet, the annual growth rate of broad money fell to 0.6% in June, with an annualized growth rate of minus 1.1% in the second quarter. To conclude, inflation continues to decline, but is still expected to remain too high for too long. The governing council therefore today decided to raise the three key ECB interest rates by 25 basis points. Our future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to our 2% medium term target. We will continue to follow a data dependent approach to determining the appropriate level and duration of restriction. In particular, our interest rate decisions will continue to be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium term target and to preserve the smooth functioning of monetary policy transmission. Do you want to know more about our monetary policy decisions? Then check out the show notes for the full transcript and the discussion with journalists during the press conference. We'll also link to an easy to understand overview of what we decided today. The next press conference will be on the 14th of September 2023. In the meantime, keep an eye on the ECB podcast for new episodes. You've been listening to the ECB podcast with Katie Ranger. If you like what you've heard, please subscribe and leave us a review. Until next time, thanks for listening.


Welcome to ITU Telecom World 2016 from Bangkok, Thailand. I'm very pleased to be joined in the studio today by Yvette Oh, who is the Executive Vice President for Market Development, APMEA, International Markets for MasterCard Worldwide. Yvette, thank you very much. Yes, it's my pleasure to be here. Now, I'd like to start off by talking about partnerships and collaboration in digital financial services. How do you think we can drive these better? I think, you know, the stakeholders in the ecosystem, they should have one common goal, and that common objective or goal is really to develop the best user experience that meets the needs of the users themselves. So, at the end of the day, it means driving partnerships, right? And partnerships will actually lead to interoperability. So, besides the user experience, the customer first approach, which is important, I think there are other ingredients that are going to be really necessary for the effective partnerships to work. I'm talking about rules, standards, then it will basically, at the end of the day, result in consistent user experience. The role of regulators as well, because it is very important that they implement regulations of policy, which will allow the stakeholders to work together in an effective partnership approach. And last but not least, I think it's really around just leveraging each other's assets and capabilities and just driving that collaboration. And I think we have a very excellent model that exists in partnerships. In Egypt, for example, Mastercard has been working with the regulator, the banks, the telcos, and even other payment service providers like bill payment aggregators to deliver government benefits to consumers so that they have access to transaction accounts, store their money, be able to actually use their money to send and pay for airtime top-up, as well as pay for goods and services at merchants and even access certain government services. Now that's some of the opportunities. What about the challenges involved? I think it's really the lack of interoperability. There are many models that exist today. Multiple models, the Banklet model, the Telco model, the Over-the-Counter model. And I think this really forces partnerships, leveraging, as I said earlier on, the capabilities that the different partners bring together. And I think the other ingredient is also going to be the collaboration and synergies between the financial and the telco regulators. I think that's critical if you think about scaling up financial inclusion deployments. So there may be examples. Give you a simple scenario where the user gets really confused and you're talking about financially excluded people whose literacy level is pretty low. And if they have government disbursements going into an account and then they have to load their wallet to do airtime top-up, use cash to pay for groceries, it's really confusing for them. What's needed, in your opinion, in terms of ecosystem development for digital financial services to achieve their full potential? So this is actually a classic chicken and egg situation. So for these providers, it's a question of do I have enough account holders to be on my platform or on their platform before they build the points of acceptance or where consumers can use their products? Or is it the other way around? Do they invest in the acceptance or the points of usage infrastructure before they bring in enough consumers onto their platform? So again, it drives back to the whole issue around partnerships collaboration. The partnership is not only between the public sector and the private sector. As I said earlier on, even collaboration amongst the regulators is going to be really important. So in Mexico, just as an example, we have actually enabled government disbursements into bank accounts. And the market realized that there are millions of these consumers who have access to funds electronically. So what they're saying is that there is an opportunity now for us to actually develop low-cost acceptance solutions to really address this opportunity, this potential of customers that exist in the ecosystem. So I think for the providers as well, the other thing that I think they need to look at as part of the expansion strategy is to identify the huge inflows. By huge inflows, I mean salary payments, pensions, even remittances. Now, ITU Telecom World is a forum which brings together very important players from around the globe, such as yourself. I just wanted to find out for you, what's the value of attending events such as this? Oh, I see a lot of value in attending this event.  And as I said, you know, the potential partnerships and collaboration that we can actually look forward to. You're better. Thank you very much indeed. You're most welcome.


So one of the things we need to look at is we want to make sort of a removal of a node from our tree. Let's say, for example, our five. It's really relatively simple because it has no children of its own. So what we basically are starting to ask is if node has zero children. In this case, we can just simply remove it from the tree. There's no extra changes that need to be made. We don't need to do any readjusting. We can simply get rid of it as such. So we strip it out. Now in this regard, we'd also come in and say something like node.parent equals null. And we could also find out if it was the left or right child of that parent and then set that parent's, in this case, left.node as well. So parent.left equals null as well. Again, if it was 13 instead, we could do a right. But actually let's kind of take a look at that 10. What if, in this case, I came in and said something like remove 10. Now in this case, we have a child. So we can't do the same thing. And so if that node has one child, that's a terrible one. Let's fix that up. If that node has one child, we're going to actually take whatever that node is. I'll call it w. And we are going to set w to where that node was. So replace node with child, in our case, w. So that's what we would do. We would then replace w, remove, say, w. Same sort of way we did here with our zero child. We'd come in, we'd strip it out. And then we would set this equal to now 13. So the last one we have to do, our last kind of example would be, let's say, something like remove 15. Now there's actually two different ways and depending on the implementation we're looking at, I would either want to look for sort of my in-order predecessor or my in-order successor. Whichever one happens to be, you'll find different algorithms that ask for both of them. Wikipedia, for example, uses the predecessor version or I could use the in-order successor. Let's say, for example, I went with the predecessor for this sort of green instance, predecessor. In this case, what we would do is we would actually go through and do the same principle. In fact, let me change this to 75 just because this one's already kind of being taken care of. You see, 75's got a lot of numbers going on. So I can't just immediately strip it out. I don't want to do 65 also. I couldn't, say, turn that into a 65 because 70 is greater than 60. And so we'd be breaking the rules of how a binary search tree should look. Everything on the left is lesser. Everything on the right is greater. So if I wanted to go with the predecessor removal process, in this case, I would want to find sort of my, I would call it the greatest lesser, greatest lesser. And that's the node that I would make the replacement with. So in my case, I have a 75. 65 is not my greatest lesser. It would actually be the 70. And so I would make sort of that replacement. So if node has two children, replace with greatest lesser or greatest predecessor. That's not the only implementation of the removal process. We do also have a version where I look for my in order successor. What's the next node I would do if I was traversing in order? And I've just visited 75. What would be the next one? Well, I'd come down since 85 has children. Again, I can't put 85 here because 80 is less than 85. It would be the exact same principle. So this time we'll do a remove on 75 using the successor model, successor. And so we're looking for the least, least greatest. Again, in that sake, since we're looking at the subtree of 75, we see I've got three nodes. What's the greatest over the least greatest? In that case, it's the 80. And we would replace with the 80. So both sort of work and you'll actually see implementations of both of them. There's no real difference. You see a few times that people will argue what if there's nothing over here on the left hand side, but I would argue that that's the same if you were to say it on the right side. What if the right only had one child as well? Both of them work in our case.


Are you sick and tired of thinking small, not getting to your own a get, not moving fast enough and only moving if this is your growth, moving like this versus like that? Why does this happen and not this? Very simple. People who go like this, they think in terms of scaling. Everything they do, they ask themselves, how can I multiply what I have? Just like a speaker, that when you have a microphone, you have an input, basically the microphone, your microphone, the one that I'm talking to, is getting a sound and then the microphone takes that input, processes it and then it goes output, output into a speaker and the speaker puts out very loud sounds and what happens if you put the input, the microphone next to the speaker, basically you get a feedback loop that's amplifying because it goes like this, it goes like this, it goes like this. So this thing here is actually the secret to scaling. It's actually the secret to going from let's say $10,000 a month to $100,000 a month to $1,000,000 a month and so on and so forth. How do you do that? How do you scale? The answer is here. It's in a feedback loop.  Hopefully profit, more money than you've spent in terms of energy and then you took that profit, you take that profit and you use it to multiply the business, use it to blow up, use it to hire new people, invest in more marketing, make it again, bigger staff, better processes.  It looks like this.  This is your client base, this is the people who know you and then when you grow, this, that everything grows in multiples. So now if you grow three times, you actually take up a lot more space.  So start thinking in terms of scale. Think in terms of multiply. How can I multiply my time? How can I get somebody, let's say you own a business and you give the service? How can I multiply myself by having five people give the same service to five times more clients? How can I multiply myself if you're selling to have five times more people selling? It's all about thinking in terms of processes. How can I take this process, the sales process, break it down into specific actions and then get somebody else to do it? How can I break down the service I'm giving and break it down into specific actions and get somebody to do it? Start thinking in terms of processes, in terms of scaling, in terms of feedback loops, in terms of massive growth, and this is when you're going to start seeing really, really big shifts in your life. And my last tip for you for today is to start thinking very basically in 10x. What does 10x mean? It means take whatever you want to get to, multiply it 10 times. So if you're currently making $10,000 a month and you want to get to, let's say, $20,000 a month, make that an extra zero. So 10x, 10 times add an extra zero. Why would you do that? Because the vehicle that can get you from 10 to 20,000 is not the same vehicle that can get you 200,000. So when you start thinking this big, you realize that you cannot do this with increments. You cannot get from 10 to 200,000 with increments, with more hours, with slightly better efficiency, with the same staff. You want to grow 10 times? You got to change something about the vehicle. Again, think this is like a Kia Picanto. This is like just a regular car. Okay, it can get to, let's say, 130 miles an hour, at most. And let's say you put in a serious engine in it, and you improve it, and you make it aerodynamic, well, now you get to 150 miles per hour. Good job. The same performance you can get from a Mustang, let's say, a Mustang GT car, a muscle car, can get to this same speed at a fifth of the effort. Because it's a much more efficient engine. It's a better car. So you can't get from 10,000 to 200,000 with a Kia Picanto. You have to change the vehicle. And this is why setting 10x goals is so important, because it makes you think in multiples. It makes you realize that the vehicle you're using is not yet good enough. It's not strong enough. It's not big enough to support the growth. You cannot get there incrementally. If you get from this to this in a Kia Picanto, you're going to break the car. It's not mid for that. But if you go from this to this with a Lamborghini, 150 miles per hour is nothing for a Lamborghini. Hope this video makes sense. Let me know if you have any questions. I'll be happy to help answer and give you some clear guidance. Please use punctuation and please write very clear, specific questions. Again, thanks for watching. Make sure to go ahead and sign up for a consultation session with me in the description below or get my e-book for just $9.99. I'll see you in the next video. And feel free to subscribe. See you soon. Thank you.


address it and they take action with what you teach them Anthony. That's what's so valuable is that you can just help them throughout their whole system by just teaching them to take care of their whole body and by rolling out and doing what exactly what you tell them to do. And it's been 10 years I've been teaching people about the fascia and how to take care of it with their fascinator and you know what 10 years in science is like 10 seconds.


Could psychedelics change the way we approach the end of life? Somewhere between 16 and 80 percent of people have profound experiences that dramatically change their life. Welcome to Luminous, a new series on our psychedelic future. I'm Ann Strainchamps, and today on to the best of our knowledge, what can psychedelics teach us about dying? We'll meet a scientist who did some of the first studies using psilocybin to treat end-of-life anxiety and cancer patients, and then got his own diagnosis. You asked your cancer questions during your LSD. I did, Journey. I did. What's going on here? Do I have to die? And the answer was, yeah. Psychedelics, mystical experience, and how to navigate life's final chapter.


Coalition of civil society organizations and labor centers have urged organized labor to be conscious of miscreants waiting to hijack the intended rally, devised to show the aggraviances over the harsh economic reality following removal of fuel subsidy. Speaking at a town hall meeting in Lagos, the convener Abdul Razak Olokoba noted that the pains experienced by Nigerians at the moment is not unnoticed. He also stated that a policy has brought about some economic gains within two months off the subsidy removal, as well as the deduction of PMS smuggling across the borders. They therefore employed all Nigerians to persevere and not submit themselves to anti-democratic agents whose plans are majorly anti-pupil. With the optimism that the first subsidy removal aftermath is a temporary sacrifice to pay for better and enduring future, the three tiers of government must put in place social safety mechanisms to alleviate the conditions of the vulnerable in line with global best practices. The policies, another measure put in place to address the economic plight of Nigerians as a result of the removal of fuel subsidy must be monitored for transparency and accountability of the sick by the civil society organization.  Nigerians and groups are enjoying to ventilate their views on the first subsidy removal and other issues within the overview of law and not allow themselves to be voodooing or pro-fogged to anarchy by anti-democratic elements. We are commanding the government for taking the boob at the on. We are calling on Nigerians to bear these spins that we are all in this together. And we can assure Nigerians that in this struggle for a better Nigeria, we remain irrevocably committed to ensure that government at all levels, the federal government has come out with its policy. And we call on other state governments to do the same, just as Mr. President has rightly admonished even local governments. Hello, hope you enjoyed the news, please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.