NEW YORK and MUMBAI, India, March 28, 2018 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, today announced that TCS has been recognized as a Leader in the inaugural Everest Group report, Service Provider Landscape with PEAK Matrix™ Assessment 2017 for Risk & Regulatory Compliance Application Services in BFS1.
"Rapidly changing business models in a Business 4.0 world, increasing regulatory rigor and emerging risk types require banks to digitally transform their risk management capability to manage risks proactively. TCS' Banking and Financial Services Risk Management practice focuses on continuously tracking trends and market changes, and developing solutions in response to the transformational needs of the banks," said K Krithivasan, President, Banking, Financial Services and Insurance, at TCS. "This recognition is a testimony to our differentiated capabilities across risk and compliance and the value we bring to our clients' digital transformation initiatives."
With over four decades of experience working with the world's leading banks and financial institutions, TCS offers a comprehensive portfolio of domain-focused processes, frameworks, and solutions that empower organizations to respond to market changes quickly, manage customer relationships profitably, and stay ahead of competition. Customers have embraced these offerings across the world, making TCS one of the largest technology service provider in the banking and financial services industry vertical.
In the area of risk management, TCS has leveraged its strong contextual knowledge of customers' business landscape and deep domain expertise to develop innovative digital and data science powered solutions. TCS' domain experts work towards enhancing customers' risk management capabilities using three transformational pillars that leverage digital technologies to strengthen regulatory supervisory obligations and optimize the cost of compliance:
- Augmented risk intelligence and insights portfolio using news analytics to strengthen counterparty credit risk management, deep learning based signals for credit asset quality management, complaints analytics to manage conduct risks and chatbots / intelligent assistants for risk managers.
- Cognitive analytics for risk management processes such as the use of cognitive automation for loss data aggregation, KYC and other risk / regulatory reporting, cognitive decisions for risk limit management.
- RegTech-enabled solutions such as a digitization framework for regulatory change management, data assurance and automation frameworks for regulatory submissions, and analytics-powered frameworks for conduct risk and financial crime risk management.
"The BFS industry is grappling with challenges such as emerging risks, new regulations, financial crime, and high compliance costs, which are forcing enterprises to move away from a checklist compliance mindset to configurable solutions with built-in intelligence," said Ronak Doshi, Practice Director, Everest Group. "TCS' wide solutions portfolio catering to the entire risk and compliance value-chain; extensive leverage of next-generation technologies to pro-actively built PoCs in the areas of KYC, AML, and cybersecurity; and domain-focused investments into partnerships to expand capabilities in the areas of data discovery and cognitive analytics helped TCS positioned as a Leader in our inaugural Services PEAK Matrix™ assessment on Risk and Regulatory Compliance Application Services in BFS."
"Our depth in the risk management and regulatory compliance domain of the banking and financial service vertical and our ability to build bespoke solutions that leverage our contextual knowledge of the customer's risk requirements and the power of next generation technologies like big data analytics, cognitive computing, and block chain, have made us the preferred partner for large institutions looking to transform their risk and compliance programs," added Krithivasan.
To view the full TCS Leader position profile in Risk & Regulatory Compliance Application Services for Banking and Financial Services by Everest Group, click here.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world's largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique, location-independent agile delivery model, a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 390,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.6 billion for the year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
1 Service Provider Landscape with PEAK Matrix™ Assessment 2017 for Risk & Regulatory Compliance Application Services in BFS: Sustainable Competitive Advantage Through Digital Risk & Compliance by Jimit Arora, Ronak Doshi, Aaditya Jain, Archit Mishra and Priyakansha Paul, published in November 2017.
SOURCE Tata Consultancy Services