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 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 seeking to leverage it to optimise profitability and drive strategic advantage.

He explained that the previously isolated 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.

Recognising that institutions have already made investments in managing risks, Osinubi said Platform X has the ability to 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.

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

Osinubi added that the partnership would cater to current requirements on Central Bank of Nigeria (CBN) reporting automation and help banks in Nigeria to automate their entire enterprise risk management or in the form of Governance Risk management and Compliance (GRC) offerings.

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.”

Co-founder of Cognext, Sandip Mukherjee said that innovation and differentiation are key at Cognext offerings, adding that PwC Nigeria has provided them an opportunity to understand local market requirements and expectations in the Banking sector in Nigeria through their leading risk advisory practice .

“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.

Director, GRC PwC Nigeria, Nomnso Anyichie noted that 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.