Deloitte establishes Cognitive Analytics Solution Center of Excellence to address critical risk issues, a global initiative hosted in Singapore
- Deloitte to invest US$15 million over three year period, in collaboration with the Singapore Economic Development Board
- Deloitte to develop a solution center to focus on applying cognitive, predictive analytics to solve critical risk issues
- Establishment of a Global Community of Practice (“CoP”) of advanced analytics professionals, leveraging crowdsourcing and open sourcing techniques
BANDAR SERI BEGAWAN, 27 February 2018—Today, Deloitte announced the launch of its Cognitive Analytics Solution Center of Excellence (CoE) that will apply cognitive and advanced analytics techniques to deliver risk sensing and predictions to global clients. As organizations face ongoing disruption in their industries, risk sensing–using human insights and advanced analytics capabilities to identify, analyze, and monitor emerging risks–has become a key component of how organizations manage risk.
In collaboration with the Singapore Economic Development Board, Deloitte will invest US$15 million over three years into the Singapore based CoE, which includes global subject matter experts, market activation, and infrastructure and platforms. This will play an instrumental role in delivering new risk sensing and prediction solutions globally to help clients transform their risk management processes.
“Globally, there is an increased need to mitigate risks as industries experience more technological and competitive disruption,” said Punit Renjen, CEO, Deloitte Global. “To effectively manage risk, organizations need to be proactive, nimble, and take action in real time. Through the new Cognitive Analytics Solution Center of Excellence, Deloitte will help organizations navigate the opportunities and challenges of risk, which includes identifying various risks that could harm their operations before they occur.”
The CoE will focus on four key risk areas – Cyber Risk, Product Quality & Safety Risk, Conduct Risk and Extended Enterprise Risk – which play a key role in overarching brand and reputation management.
“With cognitive analytics being a high level skill in global demand, it is fitting that we base this flagship Cognitive Analytics Solution Center of Excellence in Singapore. As a globally competitive analytics hub, Singapore is well placed with the infrastructure and leadership to attract innovative minds that can help drive the Center’s goal to help organizations around the world develop the skills and tools needed to not only successfully avoid and mitigate risks, but to also generate risk-powered performance,” said Philip Yuen, CEO, Deloitte Southeast Asia.
The Cognitive Analytics Solution Center will join one other project supported by the Singapore Economic Development Board to advance Deloitte’s capabilities in the Future of Work. The US$20 million Future of Work Center of Excellence launched in mid-2017 to address global workplace challenges.
“Deloitte’s Cognitive Analytics Solution Center is the latest example of how leading companies and consultancies are co-developing innovative solutions in Singapore, to address new business challenges. The Center will build on Singapore’s data science talent pool, employing technologies such as Artificial Intelligence (AI) and Natural Language Processing. EDB welcomes the set-up of the Center as an important addition to Singapore’s innovation ecosystem,” said Dr Swan Gin Beh, Chairman of the Singapore Economic Development Board.
Similar to the Future of Work Center, this new Cognitive Analytics Solution Center will develop and attract top talents in advanced analytics and specifically in highly sought-after areas such as data science, data engineering, software development, and information design.
Deloitte will also seek to identify a series of clients to collaborate with in the development of solutions that possess the features and insights that clients demand to address their critical risk issues.
“Developing, launching, and maintaining a risk sensing program requires resources with industry, domain and data science skills. Deloitte is committed to helping organizations undertake transformative risk initiatives and lead with confidence,” said Vic Katyal, Deloitte Global Risk Analytics Leader.
“In today’s hyper-connected world, businesses, governments and even members of society are faced with an array of complex new threats. This Center strives to build resilience against these emerging threats and to equip the public sector, and the business and social communities with the skills to detect anomalies amidst the digital and cyber noise so that risks can be caught before damage is done,” said Dr Janson Yap, Cognitive Analytics Solution Center lead, Deloitte Southeast Asia.
The Cognitive Analytics Solution Center, along with the Future of Work Center, represent Deloitte’s plans to continue to build and launch additional future Singapore-based, solutions-focused digital centers of excellence with both public and private sector players.
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About Deloitte Southeast Asia
Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – was established to deliver measurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.
Comprising approximately 330 partners and 8,000 professionals in 25 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region.
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