New tools will aim to streamline the ability
of finance professionals to analyze lengthy financial reports and
disclosures using Google Cloud's generative AI
NEW
YORK and SUNNYVALE,
Calif., Oct. 23, 2023 /PRNewswire/ -- Moody's
Corporation (NYSE:MCO) and Google Cloud today announced a new
strategic partnership to explore bringing together Moody's
expertise in financial analysis and Google Cloud's advanced
generative AI (gen AI) technologies to help Moody's customers and
employees leverage new large language models (LLMs) to glean new
financial insights and summarize financial data faster.
The partnership is premised on three core objectives:
Building LLMs to Accelerate Financial Analysis: Powered
by Google Cloud's gen AI platform, Vertex AI, and leveraging
Moody's unique analytical expertise, Moody's and Google will
explore co-creation of fine-tuned LLMs purpose-built for financial
professionals, enabling customers to perform faster, deeper
analyses of financial reports, disclosures and other materials. For
example, customers will be able to interrogate, analyze, and draw
decision-ready insight directly from financial disclosures.
Enabling Access to Moody's Data in BigQuery
for Financial Insights: Moody's will enable access to
its proprietary datasets through BigQuery, Google Cloud's
serverless data warehouse, which helps customers manage, query, and
analyze data. This integration will allow customers to combine
Moody's vast databases with their native data assets, and use them
in combination with LLMs in Vertex AI. Customers will be able to
build and access AI models, accelerating time-to-value through
increased efficiency and individualized use cases for financial
services professionals.
Enhancing Enterprise Search for Financial Data: Moody's
will introduce Vertex AI Search to increase efficiencies by
automating manual workflows and combining multiple data sets for
easier summation, deeper insights, and overall improved
productivity.
"Moody's deep expertise in understanding financial data,
disclosures, and reporting uniquely position us to anchor
development of fine-tuned large language models," said Nick Reed, Chief Product Officer, Moody's
Corporation. "Through this partnership, research teams at Moody's
and Google Cloud will collaborate on fine-tuned LLMs and AI
applications that will enable financial service professionals to
produce new, proprietary insights faster than ever before."
"Our collaboration with Moody's is a blueprint for how advanced
gen AI technology can drive efficiencies for financial institutions
and employees in the financial services industry," said
Phil Moyer, VP, Global AI Business
and Solutions, Google Cloud. "By combining Google Cloud's
cutting-edge gen AI capabilities with Moody's expertise, we can
help customers make better decisions and employees be more
productive."
About Moody's Corporation
Moody's (NYSE: MCO) is a global integrated risk assessment firm
that empowers organizations to make better decisions. Its data,
analytical solutions and insights help decision-makers identify
opportunities and manage the risks of doing business with others.
We believe that greater transparency, more informed decisions, and
fair access to information open the door to shared progress. With
approximately 14,000 employees in more than 40 countries, Moody's
combines international presence with local expertise and over a
century of experience in financial markets.
About Google Cloud
Google Cloud accelerates every organization's ability to
digitally transform its business and industry. We deliver
enterprise-grade solutions that leverage Google's cutting-edge
technology, and tools that help developers build more sustainably.
Customers in more than 200 countries and territories turn to Google
Cloud as their trusted partner to enable growth and solve their
most critical business problems.
"Safe Harbor" Statement Under the Private Securities
Litigation Reform Act of 1995
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and
prospects for Moody's business and operations that involve a number
of risks and uncertainties. Such statements involve estimates,
projections, goals, forecasts, assumptions and uncertainties that
could cause actual results or outcomes to differ materially from
those contemplated, expressed, projected, anticipated or implied in
the forward-looking statements. Stockholders and investors are
cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements and other information in
this release are made as of the date hereof, and Moody's undertakes
no obligation (nor does it intend) to publicly supplement, update
or revise such statements on a going-forward basis, whether as a
result of subsequent developments, changed expectations or
otherwise, except as required by applicable law or regulation. In
connection with the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, Moody's is identifying
certain factors that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking
statements. Those factors, risks and uncertainties include, but are
not limited to: the impact of current economic conditions,
including capital market disruptions, inflation and related
monetary policy actions by governments in response to inflation, on
worldwide credit markets and on economic activity, including on the
volume of mergers and acquisitions, and their effects on the volume
of debt and other securities issued in domestic and/or global
capital markets; the uncertain effectiveness and possible
collateral consequences of U.S. and foreign government initiatives
and monetary policy to respond to the current economic climate,
including instability of financial institutions, credit quality
concerns, and other potential impacts of volatility in financial
and credit markets; the global impact of the Russia - Ukraine military conflict on volatility in
world financial markets, on general economic conditions and GDP in
the U.S. and worldwide, on global relations and on the Company's
own operations and personnel; other matters that could affect the
volume of debt and other securities issued in domestic and/or
global capital markets, including regulation, increased utilization
of technologies that have the potential to intensify competition
and accelerate disruption and disintermediation in the financial
services industry, as well as the number of issuances of securities
without ratings or securities which are rated or evaluated by
non-traditional parties; the level of merger and acquisition
activity in the U.S. and abroad; the uncertain effectiveness and
possible collateral consequences of U.S. and foreign government
actions affecting credit markets, international trade and economic
policy, including those related to tariffs, tax agreements and
trade barriers; the impact of MIS's withdrawal of its credit
ratings on countries or entities within countries and of Moody's no
longer conducting commercial operations in countries where
political instability warrants such action; concerns in the
marketplace affecting our credibility or otherwise affecting market
perceptions of the integrity or utility of independent credit
agency ratings; the introduction of competing products or
technologies by other companies; pricing pressure from competitors
and/or customers; the level of success of new product development
and global expansion; the impact of regulation as an NRSRO, the
potential for new U.S., state and local legislation and
regulations; the potential for increased competition and regulation
in the EU and other foreign jurisdictions; exposure to litigation
related to our rating opinions, as well as any other litigation,
government and regulatory proceedings, investigations and inquiries
to which Moody's may be subject from time to time; provisions in
U.S. legislation modifying the pleading standards and EU
regulations modifying the liability standards applicable to credit
rating agencies in a manner adverse to credit rating agencies;
provisions of EU regulations imposing additional procedural and
substantive requirements on the pricing of services and the
expansion of supervisory remit to include non-EU ratings used for
regulatory purposes; uncertainty regarding the future relationship
between the U.S. and China; the
possible loss of key employees and the impact of the global labor
environment; failures or malfunctions of our operations and
infrastructure; any vulnerabilities to cyber threats or other
cybersecurity concerns; the timing and effectiveness of our
restructuring programs, such as the 2022 - 2023 Geolocation
Restructuring Program; currency and foreign exchange volatility;
the outcome of any review by controlling tax authorities of Moody's
global tax planning initiatives; exposure to potential criminal
sanctions or civil remedies if Moody's fails to comply with foreign
and U.S. laws and regulations that are applicable in the
jurisdictions in which Moody's operates, including data protection
and privacy laws, sanctions laws, anti-corruption laws, and local
laws prohibiting corrupt payments to government officials; the
impact of mergers, acquisitions, such as our acquisition of RMS, or
other business combinations and the ability of Moody's to
successfully integrate acquired businesses; the level of future
cash flows; the levels of capital investments; and a decline in the
demand for credit risk management tools by financial institutions.
These factors, risks and uncertainties as well as other risks and
uncertainties that could cause Moody's actual results to differ
materially from those contemplated, expressed, projected,
anticipated or implied in the forward-looking statements are
described in greater detail under "Risk Factors" in Part I, Item 1A
of Moody's annual report on Form 10-K for the year ended
December 31, 2022, and in other
filings made by the Company from time to time with the SEC or in
materials incorporated herein or therein. Stockholders and
investors are cautioned that the occurrence of any of these
factors, risks and uncertainties may cause the Company's actual
results to differ materially from those contemplated, expressed,
projected, anticipated or implied in the forward-looking
statements, which could have a material and adverse effect on the
Company's business, results of operations and financial condition.
New factors may emerge from time to time, and it is not possible
for the Company to predict new factors, nor can the Company assess
the potential effect of any new factors on it. Forward-looking and
other statements in this document may also address our corporate
responsibility progress, plans, and goals (including sustainability
and environmental matters), and the inclusion of such statements is
not an indication that these contents are necessarily material to
investors or required to be disclosed in the Company's filings with
the Securities and Exchange Commission. In addition, historical,
current, and forward-looking sustainability-related statements may
be based on standards for measuring progress that are still
developing, internal controls and processes that continue to
evolve, and assumptions that are subject to change in the
future.
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