Thomson Reuters and IBM have come together to help banks and other financial institutions address growing regulatory requirements. The new solution is called IBM and Thomson Reuters Regulatory Intelligence, which is a combination of artificial intelligence and real time regulatory insights.
The product is delivered from the IBM Cloud and features real-time financial services data from thousands of content sources, according to IBM. The domain knowledge comes from Promontory Financial Group and promises to manage risk and keep compliance costs in check. IBM already has a strong foothold into the world’s top 20 banks based on assets, with almost 100% penetration.
“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,” 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.”
For banks in particular, compliance can be overwhelmingly time-consuming for risk and compliance professionals to read through information and prioritize alerts. One of the challenges midsize banks face is to be compliant, but with smaller budgets. One of the questions is which solution fits best for a global bank verses domestic and regional banks. A solution such as this looks to provide banks with a way to digitize governance, but may be more than a community bank might need.
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. This product in particular looks to provide a holistic view of risk and regulatory responsibilities. The product seems to target the largest global institutions that need to manage compliance issues stemming from multiple regulatory bodies.
IBM works 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. Thompson Reuters is one of the oldest institutions to provide data to the financial industry.