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In the financial services industry in the United States, one thing remains constant – change. Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. As recently as two weeks ago, the U.S. Federal Reserve Board announced proposed tailoring of prudential standards for FBOs, following on similar tailoring for U.S. banks. A recently published Thomson Reuters study titled “Fintech, Regtech and the Role of Compliance in 2019” found that a new regulatory alert is issued every seven minutes. Read the report here.
To date, it seems that the way for an organization to keep pace with change, manage risk and improve compliance has been to hire and spend more. The right combination of expertise, content and technology, however, can help professionals quickly understand and manage new and changing regulations, helping them to make more timely and risk informed decisions.
Today, IBM and Thomson Reuters announced a new solution that addresses these challenges and is expected to dramatically transform the way risk and compliance professionals manage their daily compliance burden. The solution which is delivered from the IBM Cloud and leverages AI, combines the market leading GRC platform of IBM OpenPages with Watson, the regulatory specific content from thousands of sources in Thomson Reuters Regulatory Intelligence data feed (TRRI), and industry standard obligation libraries with deep domain expertise from Promontory Financial Group. It provides a powerful solution to mitigate the risks associated with regulatory change and help build confidence with regulators and internal stakeholders.
This new solution is available worldwide to OpenPages customers who subscribe to the TRRI service beginning today.
To learn more about this exciting new solution, please check out the announcement here.