IBM’s Watson Financial Services has announced advances in its RegTech portfolio, which brings together AI, the expertise of Promontory Financial Group, and IBM’s technology solutions to transform how clients manage risk across the areas of Governance, Risk, and Compliance; Financial Crimes; and Financial Risk.
The new advances in our portfolio include:
- Next-Gen Governance, Risk, and Compliance
By providing a holistic view of risk and regulatory responsibilities, OpenPages 8.0 with Watson empowers the first line of defense to more actively participate in risk management as a part of their day-to-day activity. Leveraging Watson technology, users will now be able to more easily interpret complex issues and match them automatically to controls and obligations, as well as analyze losses, emerging risks, and failed controls.
- Financial Crimes
Using artificial intelligence technology, IBM Financial Crimes Insight with Watson accelerates high cost due diligence activities and helps risk and compliance professionals more efficiently make decisions in regards to AML transaction monitoring and sanctions/PEP alerts generated by existing systems.
- Financial Risk
With Armanta (a provider of aggregation and analytics software to financial services firms acquired in May) integrated into our financial risk solutions, clients are now able to more effectively aggregate data across multiple systems in near real-time while also building their enterprise reporting solutions on top of existing analytics.
HSBC, an early beta adopter of IBM’s new governance, risk and compliance technologies has rapidly scaled OpenPages 8.0 with Watson to their 15,000 users across 70 countries. Currently, the system has more than 400 unique users every 24 hours, with more being added as the platform expands. The business landscape, especially in financial services, continues to shift. As exposure to risk grows, more and more data must be considered to mitigate threats and gain competitive advantage. At the same time, organizations must keep pace with the growing volume of evolving regulations and compliance issues. And that’s where our solutions come in.