The alliance wants to introduce a platform designed to combine IBM’s analytics and cloud computing platforms with Deloitte’s regulatory intelligence tool, IBM said Monday.
The offering will be developed to employ Watson cognitive computing technology and to help organizations evaluate their compliance and control frameworks against regulatory mandates.
“Financial services firms are under tremendous pressure, which has forced them to spend the majority of their information technology budgets addressing regulatory requirements,” said Alistair Rennie, general manager of IBM’s analytics solutions business.
“This alliance aims to completely reframe and reshape the risk space,” added Tom Scampion, global risk analytics leader for Deloitte’s British operations.
IBM and Deloitte are also developing a technology for financial institutions to extract structured and unstructured data as well as use gathered information to address enterprise risk management issues.