TCS is recognised as Leader and Star Performer in Financial Crime and Compliance Operations
CIOReviewIndia Team | Wednesday, 12 May 2021, 12:01 IST
Tata Consultancy Services (TCS) has been named a Leader and Star Performer in the Everest Group PEAK Matrix for Financial Crime and Compliance (FCC) Operations.
The company informed the exchanges Tuesday that in an assessment of 23 FCC operations service providers, TCS was positioned highest for its market impact. Additionally, it was named a Star Performer for having top quartile year-on-year improvement in its scores.
As per the report, TCS has developed strong capabilities in FCC operations with continued initiatives to enhance domain expertise as well as sharpen its technology offerings.
The report cites TCS’ investments in bolstering offerings with the inclusion of platform-based solutions and digital levers like blockchain and cognitive automation, and to strengthen domain expertise with the hiring of SMEs and creation of a dedicated Centre of Excellence for FCC processes, as key strengths.
The report says that TCS has leveraged its talent pool to create frameworks, such as the Enterprise Regulatory Compliance Management Framework that offer end-to-end structured approaches to streamline compliance activities. It talks about TCS’ onshore and nearshore delivery model that aligns with the market demand. The report also recognizes TCS’ focus on expanding its FCC portfolio, with the company making inroads in regions such as Latin America and Continental Europe.
“Constantly changing risk landscapes, growing financial crimes and rising regulatory liabilities call for a more cohesive and comprehensive FCC mechanism. Today, an increasing number of banks and financial services firms are harnessing innovative technologies like AI and machine learning to build and maintain a robust defense against financial crime,” stated K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS.
“This recognition from an independent third-party research firm is a reflection of our vision, capabilities, comprehensive portfolio of solutions, and the resultant market success,” Krithivasan added.
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