IBM has further expanded into RegTech by launching a suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities.
Powered by Watson software, it is designed to help financial professionals understand regulatory requirements, deliver increased insight into potential financial crimes, and managing financial risk with a new architectural approach for data.
Watson is IBM’s artificial intelligence and cognitive computing platform, which has assisted a wide variety of professionals in managing massive and complex bodies of data. IBM now plans to do the same for financial regulations.
Promontory Financial Group, an IBM subsidiary that specialises in risk management and regulatory compliance, has trained Watson initially on 60,000 regulatory citations. Watson has also started to review transactions and cases related to potential financial crimes.
The specific products launched by Watson Financial Services today include Wastson Regultory compliance, which will help financial institutions better understand and address the constantly changing regulatory requirement.
Compliance professionals will have access to a customised and searchable library of regulatory requirements, with the ability to identify the obligations and controls applicable to their business, which can be easily filtered by geography, line of business, product, process and compliance area. They will also be able to more easily track changes, with the ability to subscribe to only the specific parts of the regulation that are directly relevant to them.
Its new products also include IBM Financial Crimes Insight with Watson, which applies cognitive computing, intelligent robotic process automation, identity resolution, network analysis, machine learning, and other advanced analytics capabilities to accelerate due diligence activities and help organisations more effectively understand and manage AML alerts.
As a result, financial institutions can increase the speed and accuracy of customer verification and adverse news collection for KYC requirements, help reduce false positives and speed up case investigations for AML alert reviews.
It also provides IBM Algo One Big Data Foundation to help clients achieve the performance that is required to address regulatory compliance.
The solution integrates big data technology with the core risk data management applications of Algo One. This enables financial firms to examine risk in a shorter amount of time with an intuitive user interface. It claims to moves the use of big data from an experimental or niche use at a bank to that of daily production to help satisfy banks’ regulatory and financial planning.
“Two generations ago, IBM brought the first computers to the financial services sector, allowing banks and other institutions to foster greater trust in the market by operating more efficiently and accurately,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms.
“To strengthen trust today, financial institutions must analyse an industry’s worth of information to help monitor risk and compliance. No individual, or team of them, can adequately do this alone, and so once again, IBM is bringing a new type of computing – cognitive computing – to help these professionals operate more effectively.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
