LONDON – True Office, the company that gamifies regulatory and compliance training, today announces a product development and distribution partnership with Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, to create a range of new applications to address regulatory and compliance training requirements for financial services firms globally.
The deal will bring together True Office's expertise in gaming, mobile applications and analytics with Thomson Reuters comprehensive governance, risk and compliance content to develop a suite of new products including anti-money laundering, data privacy and Dodd Frank. Together these will enable financial institutions to more effectively plan, manage and implement compliance training programs and assess risk across their organizations.
Commenting on the news, True Office Executive Chairman Cristóbal Conde said, "The challenge of regulation and compliance in today’s financial environment is twofold: first, transforming training from a punitive tax into an opportunity to promote more responsible corporate citizenship and second, gathering data to quantify risk in a complex regulatory environment. Few, if any, applications outside of gamification can successfully engage employees while generating actionable data."
Gartner, the information technology research company, has predicted that 40 percent of Global 1000 organizations will use gamification as the primary mechanism to transform business operations by 2015. Gartner expects enterprise gamification to surpass consumer gamification in 2013 with the worldwide gamification market growing from $242 million in 2012 to $2.8 billion in 2016.
"The reputational risks and fiduciary costs associated with compliance are what keep our clients awake at night," said Thomson Reuters Managing Director of Enterprise Risk Management, Andrew Neblett.
He added, "The combination of gamification technology and analysis with high-quality risk and compliance e-learning content will be of real benefit to our clients. It will allow them to clearly identify and track areas where compliance training may be needed within their organization and respond to those needs as well as accelerating the businesses ability manage and mitigate risk."
"The True Office/Thomson Reuters partnership will break open new possibilities for banks, allowing them to convert mandatory compliance training into an impactful and quantifiable experience at a fraction of the cost of traditional methods," concluded True Office Founder and Chief Executive Adam Sodowick. "True Office is pioneering a new industry standard for regulatory compliance training that aligns with Thomson Reuters’ customer proposition for governance, risk and compliance."
Both True Office and Thomson Reuters will be attending FinovateEurope, in London on 12-13 February.
The multi-billion dollar mandatory compliance training market has been largely ignored by technological innovation until True Office. True Office Founder and Chief Executive Adam Sodowick started the company in 2011. Based in New York City with offices in Boston, True Office creates data-rich, mobile games that help companies reduce risk and save money, transforming mandatory compliance training into a fun, intelligible and quantifiable experience. Squarely in line with key enterprise trends such as tablet and smartphone usage, mobile apps and cloud services and decision analytics, True Office designs and delivers products for a contemporary mobile workforce.
True Office was chosen to participate in the 2012 FinTech Innovation Lab. The program, which is run by the Partnership for New York City Fund and Accenture, supports the development of cutting edge technologies for the financial services industry in New York City under the guidance and mentorship of chief technology officers and other senior executives from 12 of the world's major financial institutions as well as executives from leading venture capital firms. www.trueoffice.com
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com.
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