PRICEWATERHOUSECOOPERS (PwC) has partnered with Cognext Analytics to launch Platform X, an enterprise risk management solution for financial services risk management and regulatory reporting.
Partner and Technology Leader, West Market, PwC, Femi Osinubi, stated recently at the signing of a Memorandum of Understanding (MoU) that risk has become a hot topic, and institutions are looking to leverage it to improve profitability and gain strategic advantage.
He explained that the previously isolated approach to risk management is rapidly being phased out as institutions recognize the value of investing in integrated systems to manage enterprise risk and create value.
Recognizing that financial institutions have already invested in risk management, Osinubi stated that Platform X can bring data from the core banking system and other existing applications to provide consolidated dashboards and reports for senior management to get a real-time view of enterprise-wide risk management.
According to him, the partnership between PwC and Cognext will expand the reach of risk and regulatory technology in Nigeria.
Osinubi went on to say that the partnership would help banks in Nigeria automate their entire enterprise risk management or in the form of Governance Risk Management and Compliance (GRC) offerings, as well as meet current Central Bank of Nigeria (CBN) reporting automation requirements.
His words: “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 Artificial Intelligent (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.”
Sandip Mukherjee, co-founder of Cognext, said that innovation and differentiation are key to Cognext’s offerings, and that PwC Nigeria’s leading risk advisory practice has given them an opportunity to understand local market requirements and expectations in the Nigerian banking sector.
“It will also help us in increasing our reach across the banking sector at a joint offering and opportunity to co-innovate continuously along with PwC Nigeria,” he added.
Nomnso Anyichie, Director, GRC PwC Nigeria, said the partnership focuses on financial services risk and regulation.
“The world and business environment is going digital and it’s only right that we align to that. As part of our risk management strategy, we find how we can add value to our client using digitalization and technology and Cognext provides an end to end enterprise management solution that helps manage the business,” she said.
