PwC partners Cognext Analytics to digitise risk management

By Chinwendu Obienyi

To  cater to current requirements on the Central Bank of Nigeria (CBN)’s Reporting Automation and help banks automate their entire Enterprise Risk Management in financial risk, PricewaterhouseCoopers (PwC) has entered into a partnership with Cognext Analytics to introduce Platform X, a leading-edge enterprise risk managment system.

Incorporated in India, Cognext is a software solution company focusing on risk management and regulatory compliance for banks, financial institutions, and FinTechs.

Speaking during the signing ceremony in Lagos, Partner and Technology Leader, West market, PwC, Femi Osinubi, explained that risk has become a topical issue and institutions are seeking to use it to optimise profitability and drive strategic advantage.

Osinubi noted that the previously storage 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, 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. 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”, he explained.

According to him, the collaboration between PwC and Cognext will accelerate the reach of risk and regulatory technology offering in Nigeria.

Also speaking, the Co-founder, Cognext Analytics, Sandip Mukherjee, said innovation and differentiation are key at Cognext offerings, adding that PwC Nigeria has provided the company an opportunity to understand local market requirements and expectations in the banking sector through its leading risk advisory practice in the country.

Mukherjee said, “Going forward, I am optimistic that this collaboration 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”.