Promontory Financial Group, LLC

Promontory Financial Group, LLC is the company in finance consulting. It is organized in 2001.

In the world the company is provided by 18 additional offices in the cities: Atlanta, Beijing, Brussels, Denver, Dubai, Dublin, Hong Kong, Istanbul, London, Madrid, Milan, New York, Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.

Assets

The company is connected with the affiliated companies:

• Promontory Forensics Solutions, LLC
• Promontory Growth and Innovation
• Promontory Human Capital Solutions
• Promontory Risk Review, LLC

History

2016: IBM purchased Promontory

On October 31, 2016 IBM announced plans to purchase Promontory Financial Group.

IBM considers that the companies having closed the transaction and integrating Promontory services with industry experience of IBM and cognitive opportunities of Watson, thereby will help clients to reduce the operating costs and other costs connected with need to correspond to the increasing volume of requirements in the field of legal regulation and risk management.

More than 500 employees of Promontory act in North America, Europe, on the Middle East and in the Pacific Rim. Many have the experience accumulated within decades of work as senior managers of regulating authorities, financial institutions and corporations from the list of Fortune 100.

Experience and services of the company concern standards of compliance to the regulatory requirements implemented for ensuring integrity of a financial system, protection of consumer interests and confidence-building by means of increase in transparency of operating activities of the organization.

According to the statement of the press service of IBM, only last year in the USA more than 20 thousand additional regulatory requirements were accepted. According to forecasts, by 2020 the complete directory of all rules will exceed on the volume of 300 million pages and will exceed capability of the person to adapt to such speed of changes. For October, 2016 the cost of control over compliance to normative legal requirements exceeds 10% of all operating costs of large banks and reaches $270 billion a year.

According to the parties, Watson is capable to cope with similar loading that will help financial institutions to acquire regulatory requirements, to understand the obligations specified in them, to liquidate spaces in a system and in practice that more quickly and precisely to observe compliance to the regulatory base.

In plans of the companies and Promontory, in particular - to train the Watson system which will fill up the knowledge due to receipt of normative legal information and interaction within its practical application.

Promontory will accelerate development and machine learning of the cognitive solutions of IBM intended for departments of risk management and compliance. Including, solutions for control of constantly changing normative obligations, requirements to a management system, services which concern observance of specific regulatory requirements, for example, modeling of financial risks financial control, anti-money laundering and practice "know the client".

We consider that need for advanced technologies to a dress to deep examination in the data domain will be a driving factor of the future changes in business and regulation. Consolidation of experience Promontory with unsurpassed technological capabilities of IBM, such as Watson, will allow us to help customers to solve their pressing problems at the expense of the innovation and efficient tools. It will strengthen our joint aspiration to superiority in the field of risk management and to accomplishment of regulatory requirements. In turn, results of our cooperation will bring benefit to both customers, and a financial system in general. Eugene Ludwig (Eugene A. Ludwig), founder and CEO of Promontory

Promontory will work as absolute subsidiary company IBM. It is supposed that the deal will be closed by the end of 2016 with observance of regulatory requirements of regulating authorities and usual conditions of the conclusion of similar transactions. Financial parts are not published.