IDSS and Thomson Reuters collaborate to advance innovation in data science, finance, and risk analytics
Thomson Reuters collaboration focuses on innovation in understanding and managing financial risk
MIT Institute for Data, Systems, and Society (IDSS) announces a new collaboration with Thomson Reuters. As a founding industry member of IDSS and a founding sponsor of IDSS’s finance initiative, Thomson Reuters will work with IDSS to advance innovation and research in applications of big data in the finance sector, including understanding, measuring, and mitigating financial risk.
“MIT—and the Boston area—is a hub for innovation, research, and students. The ability to bring together different viewpoints and foster an open exchange of ideas is a key part of this innovation ecosystem. Our collaboration with Thomson Reuters is a great example of this,” says Elizabeth Bruce, Executive Director at IDSS. “Building strong connections between IDSS and industry deepens our understanding of the issues inherent in real-world systems and seeds new approaches to solving difficult problems.”
Emerging technologies, including big data, machine learning, and encryption techniques are creating new opportunities for innovation in the finance industry. With the ability to capture and analyze data at an unprecedented scale, we now have the ability to develop better models and metrics that can drive better business and policy decision-making. IDSS, which integrates systems thinking, quantitative analysis, a focus on human behavior, and data science, is well-positioned to tackle substantial challenges in the area of finance. By bringing together researchers from a variety of disciplines, IDSS integrates diverse perspectives and approaches to understanding complex, interconnected financial systems.
Mark Rodrigues, Global Managing Director, Strategic Customers & Solutions, Thomson Reuters, says, “As the world of finance continues to change rapidly, partnerships that help discover innovative approaches to complex problems are becoming ever more important. In our experience, innovation is best nurtured when clients are involved early on in the process, and our participation in IDSS with MIT is another example of how we’re working with universities and other institutions to help find the answers they need.”
As part of this collaboration, Thomson Reuters will provide access to data, including Thomson Reuters Eikon—making news, market, and financial data available for MIT researchers and students. Thomson Reuters Labs provide data, analytics, and tools to help solve global challenges collaboratively. Acting as innovation centers, they support academic research projects at universities and accelerate tech start-ups. The Labs provide capabilities across the many disciplines that constitute data science and deliver tools, analyses, dashboards, visualizations and proof-of-concept applications.
“Access to data is critical for addressing societal challenges ranging from finance to health care,” says IDSS director Munther Dahleh. “This collaboration with Thomson Reuters will provide such access for faculty and students at IDSS in a variety of domains.”
This effort will focus on challenges such as: managing an increasing number of interconnected and dependent systems; developing new analytical risk metrics and approaches for measuring systemic risk; understanding and predicting vulnerabilities; improving organizations’ abilities to share and manage data, and working on new interventions.
“Thomson Reuters Labs fuel innovation across our company by connecting world class data sets and deep industry expertise with innovation communities around the globe, including world-renowned universities and academic research centers,” says Mona Vernon (graduate of MIT System Design and Management Program), Vice President, Thomson Reuters Labs. “This agreement with IDSS will deepen our relationship with MIT and help us better partner with our customers on the future of financial risk.”