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A-Team Insight Blogs

Thomson Reuters Builds Connected Risk Platform

Thomson Reuters is building a Connected Risk compliance platform to offer users not only ready-to-go risk and compliance functionality, but also the option to integrate third-party RegTech and legacy technologies into a complete enterprise risk management solution.

The platform is a game changer in its inclusion of technology that can translate internal and external data to a common standard. It also provides user defined dashboards that show all risk data required by specific business strategies or regulators. The ultimate aim is an automated solution that gives firms a true and timely understanding of their risk profile and the information they need to make informed decisions.

Deployment can be accelerated using out-of-the box, but tailorable, solutions developed by Thomson Reuters to address the most popular use cases. These include risk management, compliance management, audit management, regulatory change management and model risk management. Platform agility means new solutions can be added within three months of a new market need being identified.

We caught up with Gareth Evans, managing director of Enterprise Risk Management at Thomson Reuters, to talk about Connected Risk and the company’s approach to RegTech ahead of A-Team’s RegTech Summit for Capital Markets in London next week. The summit will include a keynote interview between Evans and his colleague Philip White, business development in Thomson Reuters Financial & Risk business, on RegTech in the broader risk ecosystem.

Evans says: “While a seismic increase in regulation has led to the term RegTech, Thomson Reuters has been helping customers with technology for risk and regulation for over 15 years, so our solutions are already complementary to RegTech. There has been a lot of hype around the term but we are beginning to see the reality of what RegTech can actually do. Longer term, Thomson Reuters would like to see and be part of a more open risk and regulatory ecosystem, which both regulators and many leading RegTechs will need to be a part of, as well.”

Bearing this out, Evans describes how Connected Risk serves as a catalyst for clients and RegTech vendors to enhance the value that RegTech solutions provide by placing them on a common platform that allows data exchange but, more significantly, data commonisation.

He explains: “Risk and regulatory reporting require different types of data to be brought together. Previously, automated risk aggregation was stunted by technology capabilities that demanded a common standard – an unrealistic expectation. Connected Risk respects the need to leave risk data standards as-is, but overlays these with a common data currency that permits meaningful comparisons and aggregation.

“First and foremost, Connected Risk is a platform and content solution that enriches clients’ risk technology and data. It can be augmented with RegTech solutions perhaps, for example, to address sector-specific or thematic risk types. With so many RegTechs out there, and more on the horizon, we provide a platform open to any technology that our clients and partners deem to be the best fit for their needs.”

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