IBM to use its research labs to develop methods and tools that allow companies to manage risk
IBM and Industrial Development Agency of Ireland (IDA Ireland) have entered into a Risk Management Analytics research collaboration, joining IBM’s network of analytic centres in the US, Germany and the UK.
Under this collaboration, IBM is utilising its research labs to develop enhanced methods and tools that will allow companies in industries such as manufacturing, pharmaceutical, healthcare, and government to better manage risk.
The company said that to develop these risk analytics technologies, it will join together with the University College Cork, IRCSET, Science Foundation Ireland, and IBM Research scientists in Zurich, Switzerland and Yorktown Heights, NY, USA.
According to IBM, the primary research will be in the areas of risk information extraction and quantification based on both structured and unstructured data and expert opinion, efficient risk-based optimisation techniques, and ways to communicate and interact with risk information.
Earlier in November 2008, IBM established a Research collaboratory in Ireland. The company said that researchers are already at work with government and academic leaders to develop exascale systems that will help solve the business and scientific problems of the future.
Brenda Dietrich, vice president of Business Analytics and Math Sciences at IBM Research and an IBM Research Fellow, said: This collaboration provides IBM the opportunity to explore exciting new areas of risk modelling and management, incorporating new techniques in information extraction, visualisation, and optimisation that will enable businesses to more effectively manage their operations in the face of uncertainty.
“Ireland’s track record, combined with its ongoing research and development approach to new business creation, makes it an ideal location for the Risk Management Analytics research.
Brian Lenihan, minister for Finance, said: Research and Development is vital to the growth of Ireland’s knowledge economy and this project in particular is vital to the strategic development of IBM on a global scale. Ireland has a long-standing and strong relationship with IBM and with the support of the Irish Government we look forward to building further on this into the future.