IBM and Thomson Reuters have announced a new joint offering that pools their artificial intelligence (AI) and data resources in a regulatory technology (regtech) offering to help financial institutions meet their regulatory compliance requirements.
The new offering develops the governance, risk and compliance (GRC) partnership between the two, with IBM taking Thomson Reuters’ regulatory intelligence feed and directly connecting it with its own OpenPages with Watson platform.
The two groups add that their collaboration will help professionals in the banking sector to keep abreast of changes in regulations, while reducing risks and keeping compliance costs low. Financial institutions handle hundreds of regulatory alerts daily, with an estimated 300 million new regulations reportedly set to be introduced by 2020
“Working with Thomson Reuters, and their vast trove of data, is an incredible opportunity to combine Watson’s cognitive capabilities with a global leader in decision making solutions across science, legal, tax, and finance,” said Mike Rhodin, senior vice president, IBM Watson.
“The result will be accelerated discoveries for the professionals that rely on these important information solutions, ultimately bringing new levels of speed and precision to critical decisions.”
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.”
The collaboration between the IBM and Thomson Reuters teams began in 2015 and has addressed industry-specific issues in sectors such as healthcare and also data privacy.
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