PWC has teamed up with Simudyne to provide financial services clients with the ability to test scenarios, refine strategies and reduce risks in decision making.
The company’s simulation software will work alongside PwC’s strategy, technology and consulting expertise, giving the industry the predictive power to plan for the future.
Simudyne’s AI platform allows organisations to simulate their business and stress test their ability to compete. It’s also includes models and rules built by PwC that can be configured to specific requirements, such as risk and regulation.
Through the collaborative offering, PwC will advise the financial services industry on key issues such as risk, model building, calibration and validation, impact of regulation, financial crime, innovations in mobile and digital technologies and the disruptive impact of FinTech. While Simudyne will provide its enterprise-ready platform to sit on top of financial services firms’ existing infrastructure.
Colin Brereton, EMEA financial services market solutions leader at PwC, said: “By applying PwC’s knowledge alongside Simudyne’s AI platform, this alliance will help clients better understand and implement necessary changes to solve their challenges, including model risk, stress testing and IFRS 9. The demand for AI and technology aligned with strategy, risk and regulatory advice is rapidly growing and we expect this to continue.”
Simudyne’s technology is already in use by leading banks looking to enhance stress testing models, simulate contagion risk and for a range of other commercial and retail banking activities. Its clients include Bank of England, IBM, Burgan Bank, Gulf Bank, BNY and Microsoft according to its website.
Last year, Simudyne was selected to be part of the 2017 Barclays Accelerator powered by Techstars. The other companies in the roster include ShieldPay, Courtsdesk, Alyne, Citizen, Bokio, HaloTrade, Bean, Barac, Nevis, Flux and Homeppl.
Barclays then secured a deal with Simudyne after graduating from its 13-week business Accelerator program. As a result of the deal, Simudyne works with the bank’s risk team on scenario planning and other strategic end uses.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
