PwC US and Carnegie Mellon University announced this week that the Big 4 firm will be making an initial $11 million investment into the University's new Risk and Regulatory Services Innovation Center. The Center will look to "advance how businesses use technology to solve organization-wide issues and address compliance requirements," per a statement from the University.

Located in the H. John Heinz III College of Information Systems and Public Policy, the Innovation Center will see educational and non-federal research in risk, audit, data analytics, information privacy, and security. University staff and students will also be able utilize PwC resources to develop and test modern solutions across those areas.

Part of PwC's initial investment will include a faculty chair and fellowships, with a potential investment of $31 million over five years. PwC and CMU are also looking to develop executive training courses for chief risk officers and chief privacy officers.

“Leveraging our client leadership with Carnegie Mellon’s research leadership is a sure-fire proposition,” stated Dean Simone, PwC's U.S. risk assurance leader. “We’re investing in a future where our clients in both non- and regulated industries and public safety can maximize technology to solve their biggest challenges. This relationship aligns to our purpose statement: building trust in society and solve complex business problems.”

“We are excited at this opportunity to work with a global leader like PwC to solve real-world business problems,” said CMU president Subra Suresh in a statement. “Our thought and research leadership in technology with PwC’s strategic and real-world expertise will make a difference around the world and bring valuable experience and resources to our faculty and students.”

For more on the Center and the University, head to CMU's site here.

Sean McCabe is a senior editor with Accounting Today.