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Challenge

Control Assurance functions in organisations are largely manual and rely on individual judgment. Given the complexity of risk environment and the control design process, manual operations increase the likelihood of risks turning into incidents. Suboptimal controls management process can lead to higher residual and reputational risk and higher cost. BFSI organisations need to deploy integrated solutions and control testing automation in order to to ensure effective management of control environment.

TCS Solution

TCS Cognitive Control Assurance Solution provides control design & implementation, control assurance, control analytics, monitoring, and automation services to ensure effective risk management and drive intelligent insights in controls management process. Organisations stand to benefit from:

  • Control identification and design: A suite of AI models for data driven interventions in control identification and design
  • Control automation: Advanced data solution and automation framework to facilitate increased automation in controls execution and validation
  • Control monitoring and assurance: Analytics services to accelerate performance remediations in control management process with data driven insights

Benefits

TCS Cognitive Control Assurance Solution offers financial institutions a way to transform their controls management function:

  • Improved accuracy: Reduction in elapsed time for control identification by up to 80%
  • Improved adoption of controls:  Adoption of right controls with over 75% accuracy
  • Increased automation: 70% increase in automation in control execution and testing
  • Population-based control validation: Full population-based control validation versus sampling based
  • Evidencing framework: Leverage a robust evidencing framework to meet audit requirements

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