PwC partners Cognext on Enterprise Risk Management Automation services
Global consulting firm, PricewaterhouseCoopers has entered into a strategic partnership with Cognext Analytics, a breakthrough solution maker for risk management & regulatory reporting for financial services, to introduce Platform X, a leading-edge enterprise risk management solution.
Recognising that institutions have already made investments in managing risks, the new product, Platform X can bring data from the core banking system and other existing applications to provide consolidated dashboards and reports for senior management to have a real-time view on enterprise-wide risk management.
Risk has become a topical issue and institutions are seeking to use risk to optimize profitability and drive strategic advantage, Femi Osinubi, Partner and Technology Leader, West market, PwC said.
According to him, the previously siloed approach to risk management is quickly phasing out as institutions have realised the value in investing in integrated systems to manage enterprise risk to create value.
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Also commenting, Sandip Mukherjee, Cognext co-founder, said innovation and differentiation are key at Cognext offerings. “PwC Nigeria has provided us with an opportunity to understand local market requirements and expectations in the Banking sector in Nigeria through their leading Risk Advisory practice in the Country. Going forward it will also help us in increasing our reach across the banking sector as a joint offering and opportunity to co-innovate continuously along with PwC Nigeria,” he added.
Cognext’s modular solution ‘Platform X’ uses cutting-edge technology such as low code, in-memory computation, with optimum use of machine learning algorithms and AI to bring in speed, transparency, and efficiency in Risk Management and Analytics. It’s a unified platform catering to Enterprise Risk Management requirements for banks.
The collaboration between the two companies will accelerate the reach of risk and regulatory technology offerings in Nigeria. It will also cater to current requirements on CBN Reporting Automation and help banks in Nigeria automate their entire Enterprise Risk Management in Financial Risk (Credit, Market, Interest, Liquidity, Profitability and Integrated Stress Testing) or Non-Financial Risks in form of GRC offerings (Business Continuity Management, Policy and Compliance Management, Information Security and Third-Party Management).