Collaboration Between Thomson Reuters and IBM Will Help Banks Deal with Regulatory Requirements
With the regulatory atmosphere for the crypto space, the banking industry has had some difficulty in adjusting. Considering the evolving space, IBM and Thomson Reuters have reportedly collaborated in an effort to help banks to address the new requirement being implemented. According to the press release with PR Newswire, the two entities plan to use “real-time regulatory insights” and artificial intelligence (AI) technology as well as blockchain in their assistance.
The RegTech solution, which is available on the IBM Cloud, will offer real-time data for financial services, sourcing the support from multiple entities. The collaboration between these two entities will help the professionals in the banking space to keep up with the changes in regulations, while reducing risks and keeping compliance costs low.
Right now, IBM is already involved with 97% of the largest banks in the world, and Thomson Reuters has a “focused, comprehensive view of the global regulatory environment,” according to the press release.
In the last two years, the RegTech software was created by IBM to use in the financial services industry. By combining forces, these entities can help financial institutions with their actions involving regulatory developments.
Alistair Rennie, the General Manager with Watson Financial Services, IBM, commented that the combination of all of the resources available with IBM OpenPages allows professional to “take the guesswork out” for their compliance. With this solution, Rennie believes that “a new level of insight and intelligence to the complex challenges of regulatory compliance” is introduced with Thomson Reuters.
The process of following every single regulatory alert that financial institutions face is overwhelming. In fact, according to the press release, there will be 300 million new pages of regulations by the end of next year.
Chris Carlstead, the head of partnerships and alliances for Thomson Reuters Corporates Segment, commented that the cooperation between IBM and Thomson Reuters helps compliance professionals by providing “the tools they need to manage regulatory change and complexity in a single framework.” He said that the addition of AI tech stands to “dramatically transform the way risk professionals manage their daily compliance burden.
The collaboration between these two teams has been ongoing since 2015 and has been tackling industry-specific issues found in healthcare, data privacy, and other industries. Customers of OpenPages have access to the collaborative solution starting today.