IBM is letting Watson lose on Wall Street regulations

IBM Watson

IBM is unleashing Watson, the tech company’s artificial intelligence platform, on financial regulations. 

On Wednesday, the New York-based technology firm, rolled out a suit of software solutions that will help financial institutions manage their regulatory responsibilities.

Essentially, we’re embedding our deep regulatory experience into Watson so that a broader group of professionals can benefit from this knowledge and help their organizations operate more effectively and efficiently,” said Gene Ludwig, founder and chief executive at Promontory Financial Group, a subsidiary of IBM involved in the roll-out.

The three offerings, which are powered by Watson, are as follows:

  • Watson Regulatory Compliance. This offering will help financial firms better identify the regulations to which they have to subscribe.
  • IBM Financial Crimes Insight with Watson. This service uses advanced analytics to help firms understand and act on criminal threats. 
  • IBM Algo One Big Data Foundation. This solution marries big data and risk management technology. 

Financial firms pay a high price to comply with regulations. According to McKinsey, the international consulting firm, banks dedicate approximately 10% to 15% of their operational spending budgets to managing risk and compliance. 

SEE ALSO: Thomson Reuters is partnering with the ‘Slack for Wall Street’

SEE ALSO: Wall Street firms are betting that the technology behind bitcoin could help them cut jobs

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