IBM and Deloitte are partnering to use big data for compliance in financial services

IBM and Deloitte are partnering to develop risk management and compliance solutions for the financial services sector, the companies said this week.

The partnership will see Deloitte offer up its financial services and risk management consulting expertise to help IBM develop a range of cloud-based risk management services that combine the technology firm’s big data analytics and Watson-as-a-Service cognitive computing platform.

Deloitte will also work with joint customers to help integrate the solutions into their organisation’s technology landscape.

“The global enterprise risk management domain is undergoing significant transformation, and emerging technologies like big data and predictive analytics can be used to address complex regulatory requirements,” said Tom Scampion, global risk analytics leader at Deloitte UK. “We are excited to be working with IBM to apply their market leading technologies and platforms to enable faster, more insightful business decisions. This alliance aims to completely re-frame and re-shape the risk space.”

“Financial services firms are under tremendous pressure, which has forced them to spend the majority of their IT budgets addressing regulatory requirements.  There is an opportunity to transform the approach organizations are taking and leverage the same investments to go beyond compliance and deliver real business value,” said Alistair Rennie, general manager of analytics solutions, IBM. “Combining [Deloitte’s] knowledge with our technology will provide our clients with breakthrough capabilities and deliver risk and regulatory intelligence in ways previously not possible.”

Deloitte’s no stranger to partnering with large incumbents to bolster its appeal to financial services clients. Last year the company partnered with SAP to help develop custom ERP platforms based on HANA for the financial services sector, and partnered with NetSuite to help it target industry verticals more effectively.