NEW YORK and DALLAS, May 1,
2019 /PRNewswire/ -- IBM (NYSE: IBM) and Thomson
Reuters today announced a joint collaboration to help banks address
ever-growing regulatory requirements through the powerful
combination of artificial intelligence (AI) and real-time
regulatory insights.
IBM and Thomson Reuters Regulatory Intelligence will now offer
financial institutions access to a RegTech solution delivered from
the IBM Cloud that features real-time financial services data from
thousands of content sources. Backed by the power of AI and domain
knowledge of Promontory Financial Group, the collaboration will
enable risk and compliance professionals to keep pace with
regulatory changes, manage risk and reduce the overall cost of
compliance.
IBM works with 97 percent of the world's largest banks while
Thomson Reuters delivers a focused, comprehensive view of the
global regulatory environment using trusted intelligence. Over the
past two years, IBM built end-to-end RegTech software capabilities
for the financial services industry. Now, IBM and Thomson Reuters
are combining their efforts to better enable financial institutions
to monitor, analyze and act upon regulatory developments worldwide
– all in real time.
"Combining worldwide regulatory-specific content, AI and
advanced analytics, IBM OpenPages with Watson provides visibility into pending
regulatory changes to take the guesswork out for compliance
professionals. It also helps project exactly what business impact
those changes will likely have on the organization," said
Alistair Rennie, General Manager –
Watson Financial Services, IBM. "This regulatory intelligence
solution developed with Thomson Reuters brings a new level of
insight and intelligence to the complex challenges of regulatory
compliance."
Financial institutions are faced with hundreds of regulatory
alerts daily with an estimated 300 million new regulations on the
way by 20201. It is a manual, time-consuming process for
risk and compliance professionals to read through information and
prioritize alerts based on applicability and impact, forcing banks
to utilize disparate data and AI systems to meet requirements. Now,
IBM and Thomson Reuters are providing banks with a way to digitize
manual governance, risk, and compliance processes, helping
organizations to integrate all their risk data using global
coverage of more than 900 regulatory bodies and 2,500 collections
of regulatory and legislative materials.
"Collaborating with IBM enhances access to Thomson Reuters
industry-leading regulatory insights, news analyses and research,
providing compliance professionals in financial services and other
industries the tools they need to manage regulatory change and
complexity in a single framework," Chris
Carlstead, head of partnerships and alliances for Thomson
Reuters Corporates Segment, said. "Combining our content with IBM's
exceptional AI technology on a platform will dramatically transform
the way risk professionals manage their daily compliance
burden."
Thomson Reuters and IBM have been collaborating on AI and data
intelligence since 2015, bringing together expertise and technology
to solve industry-specific problems in areas such as healthcare and
data privacy. Today's announcement represents another step forward
in helping businesses combat their most pressing regulatory
challenges.
Featuring an updated user experience to allow for increased
engagement, IBM OpenPages with Watson 8.0 transforms the way risk and
compliance professionals work. By providing a holistic view of risk
and regulatory responsibilities, OpenPages helps compliance
professionals actively participate in risk management as a part of
their day-to-day activity. In addition to integrating Thomson
Reuters Regulatory Intelligence, IBM OpenPages with Watson incorporates the expertise of
Promontory Financial Group to help users of OpenPages create
libraries of relevant regulatory requirements, map them to their
internal framework and evaluate their impact to the
business.
The new solution is available worldwide to OpenPages customers
beginning today.
About Thomson Reuters
Thomson Reuters is the world's leading provider of news and
information-based tools to professionals. Our worldwide network of
journalists and specialist editors keep customers up to speed on
global developments, with a particular focus on legal, regulatory
and tax changes. Thomson Reuters shares are listed on the
Toronto and New York Stock
Exchanges. For more information on Thomson Reuters,
visit tr.com and for the latest world
news, reuters.com.
About IBM Watson Financial Services
IBM is working with organizations across the financial services
industry to use IBM Cloud, cognitive, RegTech and blockchain
technology to address their business challenges. Banking, wealth
management and insurance are some of the areas poised for dramatic
change by using cognitive and AI capabilities provided by IBM
Watson Financial Services.
Media Contacts
For IBM
Christina
Trejo
External Communications Lead, Watson Financial Services
(848) 702-4607
christina.trejo@ibm.com
For Thomson Reuters
Mark D. Harrop
Director of Communications – Corporates Segment
(646) 223-7803
mark.harrop@thomsonreuters.com
1. JWG Global, 2016
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SOURCE IBM