PwC partners with Cognext for enterprise risk management automation – TechEconomy.ng

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PwC has partnered with Cognext Analyticsa maker of breakthrough solutions for risk management and regulatory reporting for financial services, to introduce Platform X, a cutting-edge enterprise risk management solution in Nigeria.

Recognizing that institutions have already invested in risk management, the X platform has the ability to bring data from the central banking system and other existing applications to provide consolidated dashboards and reports to senior management to get a real-time view of enterprise-wide risk management. .

Speaking at the official announcement of the partnership in Lagos, Mr. Sandip Mukherjee, co-founder of Cognext, said, “Innovation and differentiation are key at Cognext.

PwC Nigeria gave us the opportunity to understand the local market requirements and expectations in banking in Nigeria through their leading risk advisory practice in the country. Going forward, it will also help us increase our reach in banking as a joint offering and opportunity to continuously co-innovate with PwC Nigeria.

Mr. Femi Osinubi, Partner and Technology Leader, Western Market, PwC, noted that “Risk has become a hot topic and institutions are looking to use risk to optimize profitability and generate strategic advantage. The previously siled approach to risk management is rapidly disappearing as institutions realize the value of investing in integrated systems to manage enterprise risk to create value.

Femi Osinubi, PwC Nigeria

“That’s why PwC has entered into this strategic partnership with Cognext to introduce Platform X, an industry-leading enterprise risk management solution. The collaboration will accelerate the reach of risk and regulatory technology offering in Nigeria. It will also meet current CBN reporting automation requirements and help Nigerian banks automate all of their enterprise risk management across financial risks (credit, market, interest, liquidity, profitability and stress testing). integrated resistance) or non-financial risks in the form of GRC offers. (Business Continuity Management, Policy and Compliance Management, Information Security and Third Party Management),” Osinubi added.

Cognext’s “Platform X” modular solution uses advanced technology such as low code, in memory computation, with optimal use of machine learning algorithms and AI to bring speed, transparency and efficiency in risk management and analysis.

It is a unified platform meeting enterprise risk management requirements for banks.

What you need to know about Cognext

Incorporated in India, Cognext is a software solutions company focused on risk management and regulatory compliance for banks, financial institutions and FinTechs. Cognext has a customer base spread across the United States, India, Africa and Middle East Asia.

Cognext has built a cloud-native, end-user-focused cognitive platform leveraging its deep domain expertise that will make financial institutions’ regulatory compliance and analytics processes transparent, interactive, explainable, adaptable, scalable and profitable.

The solution set includes IFRS9, BASEL calculation, model risk management, advanced balance sheet analysis, integrated stress testing, automated model development based on machine learning, portfolio analysis RCMP, and more.

PwC

At PwC, the goal is to build trust in society and solve important problems. The company is a network of companies in 156 countries with more than 295,000 people committed to providing quality assurance, consulting and tax services.

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