International Business Machines Corp. and Deloitte is firm that computers can comprehend to “financial regulatory guidelines” more rapidly and thoroughly than human beings.
Both the companies have designed a system that can solve complex regulations that deal with financial issues for governmental institutions allowing firms totally it with their own plans so that they can easily then meet up with the requirements.
This initiative is a result of collaboration between the two firms that will help in making financial institutes and other similar organizations work more fluently. The idea behind such a system is to come up with such techniques that will help these companies to come up with better risk management systems.
Risk management is primarily about comprehending, evaluating and mitigating about what are the shortcomings and loopholes in the firm's plans. In order to do so, it is required to assess the conditions that might cause the plan to fail along with the monetary repercussions associated with the damages.
Businesses have been facing immense pressure since the past couple of years where many public and private sectors are concerned about how firms evaluate access and combat potential threats. Risk management packages are also being offered by Oracle, SAS and SAP.
IBM who has already been working on data analytics and cloud computing believes that the recent advancements made in this domain can help organizations to evaluate risk factors in a more comprehensive manner.
Both the companies have collaborated to come up with a regulatory compliance along with a control service that can help in harnessing these technologies. Moreover, Deloitte already has ample experience in terms of regulatory intelligence and has also diploid IBM’s cloud computing expertise and big data analytics together in order to come up with the best possible services.
The mechanism is fairly simple but extremely smart. For example, the service will comprise of IBM’s cognitive computing Watson service which will then parse on the regulations. This will be done one paragraph to another so that organizations can easily skim through the mandates avoiding any shortcoming.
Hence in a nutshell, both the firms are working on ways that will help organizations in the long and short run to evaluate the potential risk factors. This will be done through IBM’s analysis technologies along with the financial expertise of Deloitte. Both the companies have come up with a system that will be very useful in the times to come. Risk management is extremely important considering the volatility of recent times.
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