PwC Partners with Cognext Analytics for Risk Management Solution | The Guardian Nigeria News

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PriceWaterhouseCoopers (PwC) has partnered with Cognext Analytics to introduce Platform X, an enterprise risk management solution for risk management and regulatory reporting for financial services.

Speaking at the signing of the Memorandum of Understanding (MoU) recently, partner and technology leader, West Market, PwC, Femi Osinubi noted that risk has become a topical issue and institutions are looking to take advantage of it. to optimize profitability and generate strategic advantage.

He explained that the previously isolated approach to risk management is gradually disappearing as institutions have realized the value of investing in integrated systems to manage business risk to create value.

Acknowledging that institutions have already invested in risk management, Osinubi said the X platform has the ability to bring data from the central banking system and other existing applications to provide consolidated dashboards and reports. allowing senior management to have a real-time view of the entire business. risk management.

He said the collaboration between PwC and Cognext will accelerate the reach of risk and regulatory technology offering in Nigeria.

Osinubi added that the partnership would meet the current reporting automation requirements of the Central Bank of Nigeria (CBN) and help Nigerian banks automate all of their enterprise risk management or in the form of governance and compliance (GRC) risk management offerings.

His words: “Cognext’s modular ‘Platform X’ solution uses cutting edge technology such as low code in memory computation, with optimal use of machine learning algorithms and artificial intelligence (AI) to bring speed, transparency and efficiency in risk management and analysis. . It is a unified platform addressing enterprise risk management requirements for banks.”

Cognext co-founder, Sandip Mukherjee, said innovation and differentiation are key in Cognext’s offerings, adding that PwC Nigeria gave them the opportunity to understand local market requirements and expectations in the sector. banking in Nigeria through their risk advisory practice.

“It will also help us increase our reach in the banking sector through a joint offering and an opportunity to continuously co-innovate with PwC Nigeria,” he added.

Director of GRC PwC Nigeria, Nomnso Anyichie, noted that the partnership focuses on financial services risk and regulation.

“The world and the business environment are going digital and it is right that we comply. As part of our risk management strategy, we find how we can add value to our customer using digitization and technology and Cognext provides an end-to-end business management solution that helps manage the business,” she said.

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