IBM’s Watson is taking on the financial world to improve risk management. Forbes brought this interesting information to our attention in their article, “IBM’s Watson Takes On Risk And Regulation In Finance.

This new initiative has several components beginning with the financial risks that are associated with portfolios. The next piece is about operational risks, which includes financial crimes and fraud. There is also operational — risk, compliance, risk management — and how you manage all those risks.

Current risk and compliance systems are disparate and disconnected, often with varying taxonomies, user interfaces, and skill requirements. This makes it increasingly difficult to achieve a holistic view of risk and compliance, and results in a lack of confidence in what a bank’s real-time obligations and associated responsibilities are. Most importantly, this fails to engage the first line of defense – the employees who need the proper tools to make the best and most informed decisions.

Melody K. Smith

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