PwC and Simudyne have teamed up to help give financial services companies the predictive power to plan for the future, through the combination of artificial intelligence (AI) simulation software and consulting services.
The collaboration will pair Simudyne’s simulation software alongside PwC’s strategy, technology and consulting expertise. Together, the two companies will provide financial services clients with the ability to test scenarios, refine strategies and reduce risks in decision making to deliver greater success.
Simudyne’s platform allows organisations to simulate their business and stress test their ability to compete, in a safe virtual environment. The platform includes models and rules built by PwC that can be configured to specific requirements, for instance risk and regulation. PwC will provide services from strategy through execution, helping financial services firms find the best solution using Simudyne’s analytical applications.
Colin Brereton, EMEA financial services market solutions leader at PwC, said:
"By applying PwC’s knowledge alongside Simudyne’s AI platform, this alliance will help clients better understand and implement necessary changes to solve their challenges, including model risk, stress testing and IFRS 9. The demand for AI and technology aligned with strategy, risk and regulatory advice is rapidly growing and we expect this to continue.”
Simudyne Chief Executive, Justin Lyon, said:
"From running scenarios for stress testing to strategically allocating capital, simulations enable banks to deliver higher-performance on a day-to-day basis; strengthening earnings, ensuring adequate capital no matter what happens in the world and driving improvements in asset quality. We believe that, by simulating accurate models that combine causation and correlation approaches, executives that hone their decision making in simulators make much better decisions than those that don’t. And, more powerfully, firms use these simulations to train AIs that amplify their intelligence. Together, our best people and our smartest machines can safely navigate an increasingly uncertain and complex world."
Some key features of the collaborative offering are:
● Simudyne will provide their enterprise-ready platform to sit on top of financial services firms’ existing infrastructure, whether this is in the cloud or ‘on premise’
● PwC will focus on the future of financial services, effectively working with clients as they shape their business and execute their strategy. They will advise on key issues such as risk, model building, calibration and validation, impact of regulation, financial crime, innovations in mobile and digital technologies, the disruptive impact of FinTech as well as the changing face of the customer.
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