6/19/17 - Press Coverage of IBM and Promontory's Cognitive Regtech Launch
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6/19/17 - Press Coverage of IBM and Promontory's Cognitive Regtech Launch

A number of news outlets covered the June 14 regtech launch where IBM and Promontory introduced the first suite of cognitive solutions to help professionals at financial institutions manage their regulatory and fiduciary responsibilities.

Below is a selection of coverage from the launch:

Wall Street Journal

"IBM Launches Watson for Financial Regulation

“Eugene Ludwig, the chief executive of Promontory and a former U.S. Comptroller of the Currency under President Bill Clinton, said the new technology would benefit regulators, too. ‘Regulators should be quite cheered by this,’ he said in an interview, pointing to anti-money-laundering compliance as an area of where both firms and regulators would mutually benefit. ‘To the extent that the [suspicious-activity reports] filed by institutions are more accurate and usable, that’s a huge help for regulators doing their job.’”

Bloomberg BNA

"IBM-Promontory Union Brings First Regtech Products to Market

“‘What really is astounding is Watson's ability to read and understand unstructured data, and to read the way we do, and to do that at enormous speed,’ Promontory CEO Gene Ludwig said.”

NPR

Segment on "Marketplace"

“How smart is that artificial-intelligence machine-learning contraption called Watson? Possibly smart enough to explain financial regulation if you can believe it. Watson's creator, IBM, this morning unveiled a new system to use fearsome computer power to help companies figure out how to comply with financial regs, and to detect if customers are doing suspicious things with their accounts — like maybe embezzling or money laundering. This is an outgrowth of IBM's purchase last year of a consultancy called Promontory Financial Group.”

Business Insider

"IBM is set to emerge as a key regtech player"

“Now, the software giant has announced the launch of three new Watson-powered regtech solutions for financial institutions. Watson was trained by IBM subsidiary Promontory's risk management and compliance experts to understand and interpret regulatory language. All three solutions are now available on the IBM Cloud.”

Nasdaq

"How IBM's Watson Will Help Financial Institutions Save Time, Money In Meeting Regulatory Guidelines"

“The acquisition of Promontory Financial Group by IBM in September 2016 was a significant step towards cognitive compliance. Given the fact that Promontory had a high percentage of former regulators, Watson is well trained ‘in the science, art and language of regulatory compliance’: it has already been trained on more than 60,000 regulatory citations.”