Risk intelligence for financial services a new focus for Deloitte and IBM

Financial services organisations have been under pressure in recent years to better manage risk and regulatory compliance, while increasing transparency, competitiveness and profitability.

In response to these needs, Deloitte and IBM are extending their longstanding strategic alliance to “completely re-frame and re-shape the risk space”, according to Tom Scampion, Deloitte UK global risk analytics leader, by combining advanced capabilities in big data, analytics and cognitive computing into single solutions.

The first outcome of this work is a regulatory compliance and control solution, which combines Deloitte’s regulatory intelligence with IBM analytics and cloud capabilities. There are also plans to incorporate Watson cognitive computing to analyse written regulations to help clients compare these with their own control frameworks. The solution can provide a streamlined view of regulatory control compliance across the business, manage remediation and prioritise the efforts of future regulatory change programs.

Deloitte and IBM are also working on the next generation of risk and regulatory compliance solutions, which will incorporate more real-time, predictive capabilities and unstructured and external data, to limit exposure to and reduce the impact of compliance and conduct issues.

“Financial services firms are under tremendous pressure, which has forced them to spend the majority of their IT budgets addressing regulatory requirements. There is an opportunity to transform the approach organisations are taking and leverage the same investments to go beyond compliance and deliver real business value,” said Alistair Rennie, GM of analytics solutions, IBM.

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