IBM integrates Ascent to help financial institutions with compliance

Source: IBS Intelligence 2020-07-17

IBM has announced a partnership with AI RegTech Ascent, integrating its financial regulatory streams into OpenPages with Watson to support banks and financial institutions looking to manage regulatory requirements.

IBM’s clients will be able to use Ascent’s automatically-generated register of regulation and rule changes, which is designed to help regulated businesses lower risk for fines and supervisory actions.

The solution provides dynamic workflow capabilities and near real-time market intelligence as manual efforts and time spent transferring regulatory information between teams and systems is reduced.

Commenting on the partnership, Brian Clark, Founder & CEO of Ascent, said: “Ascent is designed to work with OpenPages and other enterprise systems in a powerful and complementary way. Ascent’s ability to map obligations and regulatory changes targeted to the customer is a powerful workflow trigger for GRCs. We are excited about the implications it will have for our clients in financial services and look forward to helping them dramatically reduce regulatory risks and costs going forward.”

The IBM and Ascent partnership was the direct result of Ascent’s proof of concept engagement with the Commonwealth Bank of Australia (CBA), earlier this year, where IBM was a key technology partner. By combining the Ascent platform with OpenPages with Watson, the companies leveraged natural language processing and AI algorithms to identify and analyse more than 1.5 million paragraphs of regulatory text from Australia’s Markets in Financial Instruments Directive II.

The solution allowed CBA to quickly identify terms in the regulation that they needed to review and act upon. This process would normally have taken days of manual scanning, and the technology therefore has a broad potential within financial services, according to Jasper Poos, Head of Governance and Assurance at Commonwealth Bank of Australia commented.

He said: “By digitising parts of the regulatory change process, and the automation of continuously refreshing data we can improve the application of regulation, efficiency for our business as well as provide greater transparency with regulators. It’s been rewarding to collaborate with our RegTech and technology partners on a project that will have such a large, positive impact for our industry.”

David Marmer, Vice President, Offering Management, IBM RegTech, added: “AI for business is only as good as the ecosystem around it. And our collaboration with Ascent on the CBA solution is a great example of bringing innovative technologies together with purpose to help solve a growing challenge.

“Regulation can be complex, time-consuming and costly. But with the application of AI and dynamically updated rules changes, companies are positioned to begin to operate and advance within those parameters quickly and easily.”

IBM

AI RegTech Ascent

IBM integrates Ascent to help financial institutions with compliance

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