PwC has partnered with Cognext Analytics, a breakthrough solution maker for risk management & regulatory reporting for financial services to introduce Platform X, a leading-edge enterprise risk management solution in Nigeria.
Recognising that institutions have already made investments in managing risks, 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.
Speaking at the formal announcement of the partnership in Lagos, Mr. Sandip Mukherjee, Cognext’s co-founder, said “innovation and differentiation are key at Cognext.
PwC Nigeria has provided us an opportunity to understand local market requirements and expectations in the banking sector in Nigeria through their leading Risk Advisory practice in the country. Going forward it will also help us in increasing our reach across the banking sector as a joint offering and opportunity to co-innovate continuously along with PwC Nigeria.”
Mr Femi Osinubi, Partner and Technology Leader, West market, PwC, noted that “risk has become a topical issue and institutions are seeking to use risk to optimise profitability and drive strategic advantage. The previously siloed 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.
“It is for this reason that PwC has entered into this strategic partnership with Cognext to introduce Platform X, a leading-edge enterprise risk management solution. The collaboration will accelerate the reach of risk and regulatory technology offering in Nigeria. It will also cater to current requirements on CBN Reporting Automation and help banks in Nigeria automate their entire Enterprise Risk Management in Financial Risk (Credit, Market, Interest, Liquidity, Profitability and Integrated Stress Testing) or Non-Financial Risks in form of GRC offerings (Business Continuity Management, Policy and Compliance Management, Information Security and Third-Party Management)” Osinubi added.
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 AI to bring in speed, transparency, and efficiency in Risk Management and Analytics.
It is a unified platform catering to Enterprise Risk Management requirements for banks.
What You Should Know About Cognext
Incorporated in India, Cognext is a software solution company focusing on Risk Management and regulatory compliance for Banks, Financial Institutions, and FinTechs. Cognext has a customer base spread in the United States, India, Africa, and Middle East Asia.
Cognext built a cloud-native, end user-focused cognitive platform by leveraging its deep domain expertise that will make regulatory compliance & analytical processes in Financial Institutions transparent, interactive, explainable, adaptable, scalable, and cost-effective.
The solution set includes IFRS9, BASEL computation, Model Risk Management, Advance Balance Sheet Analytics, Integrated Stress Testing, Automated Machine learning-based model development, Portfolio Analytics GRC, and much more.
At PwC, the purpose is to build trust in society and solve important problems. The company is a network of firms in 156 countries with over 295,000 people who are committed to delivering quality assurance, advisory and tax services.