PwC partners Cognext on Enterprise Risk Management Automation

PricewaterhouseCoopers 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.

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.

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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, stressing that 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.