IBM and Thomson Reuters team on AI and data-driven compliance offering
The new regtech offering will be delivered from the IBM Cloud and feature real-time financial services data from thousands of content sources.
It also relies heavily on the domain knowledge of Promontory Financial Group, the Big Blue unit set up in the wake of its 2016 acquisition of risk management and regulatory compliance consulting firm Promontory Capital.
The partners argue they are well placed to help financial institutions that are faced with hundreds of regulatory alerts daily and with an estimated 300 million new regulations on the way by 2020.
It is currently a manual, time-consuming process for risk and compliance professionals to read through information and prioritise alerts based on applicability and impact, forcing banks to use disparate data and AI systems to meet requirements.
IBM and Thomson Reuters say they are providing banks with a way to digitise manual governance, risk, and compliance processes, helping clients to integrate all their risk data using global coverage of more than 900 regulatory bodies and 2500 collections of regulatory and legislative materials.
Alistair Rennie, GM, Watson Financial Services, IBM, says: “This regulatory intelligence solution developed with Thomson Reuters brings a new level of insight and intelligence to the complex challenges of regulatory compliance.”
Chris Carlstead, head, partnerships and alliances, Thomson Reuters corporates segment, adds: “Combining our content with IBM’s exceptional AI technology on a platform will dramatically transform the way risk professionals manage their daily compliance burden.”