Tool “takes the guesswork out for compliance professionals”
IBM and Thomson Reuters have teamed up to bundle their respective regulatory intelligence offerings together into a single product for financial services clients.
The solution will digitise manual governance, risk, and compliance processes, by integrating risk data from 900 regulatory bodies and 2,500 collections of regulatory materials – then using AI to help boost the visibility of pertinent regulatory risks.
The two companies have been partnering since 2015, but the expanded relationship rolls Thomson Reuters Regulatory Intelligence offering into IBM’s OpenPages product; a Governance, Risk and Compliance (GRC) solution that IBM boasts is capable of reading 800 million pages per second in natural language.
The service is available now to OpenPages customers globally.
IBM Regtech: Helps Reduce Personnel Overhead, Company Says
The offering comes as research house JWG estimates financial institutions will be faced with 300 million pages of regulatory documents globally by 2020.
Alistair Rennie, GM of Watson Financial Services at IBM said: “[This offering] provides visibility into pending regulatory changes to take the guesswork out for compliance professionals. It also helps project exactly what business impact those changes will likely have on the organization.”
Chris Carlstead, head of partnerships and alliances for Thomson Reuters Corporates Segment, added: “Combining our content with IBM’s exceptional AI technology on a platform will dramatically transform the way risk professionals manage their daily compliance burden.”
IBM names Germany’s HypoVereinsbank as one user of its OpenPages service, saying the bank – which employs more than 12,000 people across around 300 branches – is using the tool to automate reporting processes and simplify tracking for over 3,000 internal controls and has managed to reduce regulatory personnel by 33 percent as a result, as well as “resolving glitches” more quickly.