IBM and Thomson Reuters have collaborated to combine their artificial intelligence (AI) and data expertise to support financial institutions meet regulatory requirements.
IBM and Thomson Reuters Regulatory Intelligence will provide financial institutions with access to IBM Cloud’s RegTech solution, which includes real-time financial services data from thousands of content sources.
Through using AI and domain knowledge of Promontory Financial Group, the partnership will allow risk and compliance professionals to keep pace with regulatory changes, manage risk and decrease the overall cost of compliance.
IBM is said to work with 97% of the world’s largest banks, while Thomson Reuters provides a focused and comprehensive view of the global regulatory environment using trusted intelligence.
The companies will combine their expertise to better support financial institutions to monitor, analyze and act upon regulatory developments in real time across the globe.
IBM Watson Financial Services general manager Alistair Rennie said: “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.”
IBM and Thomson Reuters will help banks to digitize manual governance, risk, and compliance processes, enabling to incorporate all their risk data using global coverage of over 900 regulatory bodies and 2,500 collections of regulatory and legislative materials.
IBM OpenPages with Watson integrates the expertise of Promontory Financial Group to assist users of OpenPages create libraries of relevant regulatory requirements and map them to their internal framework and assess their impact to the business, in addition to incorporating Thomson Reuters Regulatory Intelligence.
OpenPages customers across the globe can access the new solution, said IBM.
Since 2015, Thomson Reuters and IBM have been working on AI and data intelligence to address industry-specific problems in areas such as healthcare and data privacy.
Thomson Reuters Corporates Segment partnerships and alliances head Chris Carlstead said: “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.”