IBM agreed to acquire Promontory Financial Group, a global market-leading risk management and regulatory compliance consulting firm, to expand the deep industry expertise of Watson.
IBM said Watson’s cognitive capabilities will directly address the massive operational effort and manual cost of escalating regulation and risk management requirements. Promontory's team of 600 professionals will train Watson to help manage financial risk and compliance.
More than 20,000 new regulatory requirements were created last year alone, and the complete catalog of regulations is projected to exceed 300 million pages by 2020.
“What Watson is doing to transform oncology by working with the world’s leading oncologists, we will now do for regulation, risk and compliance,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms. “Promontory’s experts are unsurpassed in this field. They will teach Watson and Watson, in turn, will extend and enhance their expertise. This initial offering of Watson Financial Services is emblematic of the transformative cloud-based solutions that IBM Industry Platforms will bring to clients.”