July 23, 2019 | Written by: Michael Curry
Categorized: Banking | IBM RegTech Innovations
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An innovative solution for IRM, recognized by analysts
Security and risk management professionals within financial organizations can be overwhelmed with the rising cost and pressure of regulatory change management and mitigating associated risks. What they are actually looking for is a solution that supports an integrated approach to risk management.
It’s a proud moment for IBM as it continues to maintain its position in the “Leaders” quadrant of 2019 Gartner Magic Quadrant for Integrated Risk Management (IRM). IBM is once again positioned furthest for “Completeness of Vision,” for its OpenPages solution.
Last year, IBM proudly accepted two distinguished RegTech Awards from the A-team Group, for “Best AI Solution for Regulatory Compliance” and “Best Regulatory Alert Management Solution.” With Promontory Financial Group’s deep domain expertise and standard obligation libraries and the regulatory specific content from thousands of sources in Thomson Reuters Regulatory Intelligence data feed (TRRI), IBM OpenPages with Watson is not only able to keep its obligation libraries evergreen, but is also able to provide a powerful solution to help mitigate the risks associated with regulatory change and help build framework for accountability with regulators and internal stakeholders
IBM has been redefining GRC over the years through innovation and investment in new technologies—from Cloud to AI and analytics, to User Experience Design (UXD), to regulatory content and extensive domain expertise and advisory services.
Why Integrated Risk Management (IRM) matters?
Gartner defines integrated risk management as “a set of practices and processes supported by a risk-aware culture and enabling technologies, that improves decision making and performance through an integrated view of how well an organization manages its unique set of risks.”1
Today, the IRM market is undeniably one to watch for industry observers. As stated by Gartner in their 2018 Magic Quadrant for Integrated Risk Management, released July 16, 2018 – “the IRM market is the largest of all the solution provider markets covered by Gartner in the security and risk management (SRM) software ecosystem. It also ranks third highest in terms of estimated profitability margin. As a result, this is one of the most dynamic software markets within our coverage and looks to be one to watch for the next several years.”2
How can IBM OpenPages with Watson and help your organization?
IBM OpenPages with Watson is an integrated governance, risk and compliance platform that leverages natural language processing (NLP) and machine learning (ML) technologies within a UI developed with IBM Enterprise Design Thinking for optimal user interaction. The platform serves as the infrastructure for a company’s enterprise risk management (ERM) efforts by unifying enterprise-wide risk and compliance initiatives into a single management system thereby helping organizations and business users as they make risk-aware decisions. Designed to increase overall productivity and efficiency, OpenPages with Watson supports agile implementation for rapid time to value and is available as both on-premises and cloud-based solution.
To access a complimentary copy of the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions report, please click here.
To learn more about IBM RegTech solutions, please contact your IBM representative.
Learn more at ibm.com/RegTech