IBM RegTech Innovations

The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

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How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic. The day began on the 29th floor of Thomson Reuters client center bringing together more than 70 compliance and risk professionals from the Toronto financial services community. Piotr Marczewski, President of Thomson Reuters Corporates Customer Segment, provided a special welcome to begin the day with an overview of Thomson Reuters history of studying and tracking the cost of compliance throughout a decade of regulatory change.

Our host Andrew Yuille, Enterprise Partner Lead for Thomson Reuters, engaged audience participation with a question to help set the focus of the morning’s discussion: “Which of the three challenges is of the biggest concern to your organization?  The answer choices were 1)  Effective use of technology, 2) Regulatory compliance, and 3) Obtaining appropriate funding.

According to the votes cast by the audience, the most pervasive concern was effective use of technology, followed by regulatory compliance and obtaining appropriate funding.  This feedback helped to set the course for Andrew’s interview with Thomson Reuter’s Senior Regulatory Intelligence Expert, Susannah Hammond.  Susannah discussed key points from her recently published co-authored survey report  “Cost of Compliance – 10 Years of Regulatory Change,” including:

  • What we’ve learned from 10 years of regulatory change and how this will impact the future,
  • How firms are utilizing new technology to increase efficiencies,
  • Where compliance officers should focus their time now and in the future, and
  • How to prepare for increased personal accountability.
Susannah Hammond Cost of Compliance Survey 2019 cover image

Susannah Hammond Cost of Compliance Survey 2019

Following Susannah’s thoughtful presentation of industry insights and trends in regulatory compliance management, I had the opportunity to join Andrew Yuille in a discussion about IBM’s work to integrate Thomson Reuters Regulatory Intelligence (TRRI) data feeds in OpenPages with Watson. Our collaboration has enabled IBM to infuse regulatory content within the OpenPages platform. This initiative included teamwork among our development groups. We also worked with sponsored users to build a connector that can optimize the feed of global regulatory alerts, leveraging TRRI’s well-structured, taxonomized data.

Once the data feeds are in OpenPages, we can leverage cognitive capabilities within the system to map TRRI taxonomy to OpenPages client taxonomy and prioritize and route alerts to the appropriate subject matter experts and stakeholders within the organization. This tailored approach supports our clients’ needs for global regulatory information while optimizing the flow of information and filtering out irrelevant alerts – which  helps compliance professionals focus on analysis as opposed to, or beyond, simple monitoring. Also, the audit trail created with each user’s review of a regulatory alert can be useful in terms of an organization’s readiness to meet a new regulatory requirement across business entities and geographies.

IBM Open page with Watson software screenshot

IBM OpenPages with Watson software screenshot

IBM Open page with Watson software screenshot

IBM OpenPages with Watson software screenshot

Our session concluded with a sneak peak of OpenPages with Watson 8.1. The audience had the opportunity to review TRRI alerts loaded into the user’s personal workspace and to observe a real-time analysis as the user moved through OpenPages integrated workflows and Watson artificial intelligence to support applicability reviews and impact assessments.

Attendees at Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

Attendees at Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

The networking receptions before, between and after the two Roundtable sessions kept conversations flowing throughout the morning.  We thank Thomson Reuters for hosting an insightful and thought-provoking event. It was a great opportunity to visit with many of our mutual clients, as well as members of the Toronto compliance community we hadn’t yet met.  We look forward to collaborating on future events and will be announcing these to our global GRC community.

Director of Regulatory Offerings, Watson Financial Services

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