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    TCS is here to make a difference through technology.

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      We deliver excellence and create value for customers and communities.

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      14 May 2025 TCS Partners with Khan Bank to Future-Proof its Operations, Enhance Customer Experience and Propel Innovation leveraging AI and ML
      12 May 2025 TCS Partners with Dhofar Insurance Company to Transform its Core Insurance Platform
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      11 Apr 2025 TCS Partners with Google Cloud to Accelerate AI-led Transformation in the Retail Sector
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      01 Apr 2025 TCS Positioned as a Leader in Worldwide Discrete Manufacturing Product Lifecycle Management Strategic Consulting Services and Systems Integration by IDC MarketScape
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    What we do
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      TCS is here to make a difference through technology.

      Leading the way in innovation for over 55 years, we build greater futures for businesses across multiple industries and 55 countries.

      Discover all solutions
    • Industries
      • Banking
      • Capital Markets
      • Consumer Packaged Goods and Distribution
      • Communications, Media, and Information Services
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      • ignio™
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      We deliver excellence and create value for customers and communities.

      Our expert, committed team put our shared values into action – every day. With the best talent and the latest technology we help customers turn complexity into opportunities and create meaningful change.

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      Discover more
    • Press releases

      Recent Press releases

      15 May 2025 TCS Recognized as One of the World’s Top 50 Brands by Kantar BrandZ; Brand Value Soars 28% YoY to $57.3Bn
      14 May 2025 TCS Partners with Khan Bank to Future-Proof its Operations, Enhance Customer Experience and Propel Innovation leveraging AI and ML
      12 May 2025 TCS Partners with Dhofar Insurance Company to Transform its Core Insurance Platform
      View all
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      02 May 2025 TCS Ranked Denmark’s #1 IT Service Provider for Customer Satisfaction in 2025
      23 Apr 2025 TCS Partners with Google Cloud on Agent-to-Agent Interoperability Protocol to Drive Future-Ready Enterprises
      11 Apr 2025 TCS Partners with Google Cloud to Accelerate AI-led Transformation in the Retail Sector
      View all
    • Analyst recognition

      Recent recognitions

      22 Apr 2025 TCS Ranked #6 Amongst Banking Technology Providers and Recognized as a Regional Leader across all Geographies by Everest Group
      17 Apr 2025 TCS BaNCS Named a Leader Among Wealth Management Products by Everest Group
      01 Apr 2025 TCS Positioned as a Leader in Worldwide Discrete Manufacturing Product Lifecycle Management Strategic Consulting Services and Systems Integration by IDC MarketScape
      View all
    • Events

      Upcoming events

      11 Jun 2025 TCS and PTC Present the North America Leadership Forum 2025
      04 Jun 2025 Veeva R&D and Quality Summit: Developing Better Health Outcomes
      02 Jun 2025 Siemens Realize LIVE: Discussing Technology and Digital Transformation
      View all
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      Tata Consultancy Services Limited
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    BFSI: RiskTech to drive competitive edge

    TCS-Chartis Research – Insights for banking, capital markets, and insurance

    Report
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    Industries

    Banking This will open an overlay

    Banking Services Transformation: Unlocking Exponential Value

    TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
    Learn More
     about Banking Services Transformation: Unlocking Exponential Value
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    Preparing Financial Crime Risk Management Frameworks
    In response to anticipated regulatory changes, FIs must reevaluate their risk management frameworks to address growing threats and stay resilient. Learn more.
    Article
    16 May 2025
    AI in European Banking: Adoption Challenges and Opportunities
    For successful AI adoption, banks must prioritize workforce reskilling, people and culture, and collaboration while navigating GDPR and EU AI Act. Learn more.
    Blog
    14 May 2025
    TCS at the AWS Financial Services Symposium New York 2025
    Meet us at the AWS Financial Services Symposium to hear our clients’ transformational stories and how we help them embark on their cloud transformation journey.  
    Events
    15 May 2025
    TCS BFSI Platforms This will open an overlay

    TCS BFSI Platform: Transforming Financial Services for Better CX

    TCS BFSI Platforms is a cloud-native, as-a-service digital ecosystem that helps FIs and insurance firms overcome challenges and deliver superior CX. Learn more.
    Learn More
     about TCS BFSI Platform: Transforming Financial Services for Better CX
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    Read how financial service firms and L&P companies must reimagine their operations and embrace new business models and trends to navigate through tough times.
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    Insurance products - Decode, rationalize, and modernize
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    23 May 2022
    Enabling ecosystem play for future-ready pension providers
    Read how a platform-based ecosystem in pension payroll integration and bank account verification helps reduce pension frauds and improve time to value and CX.
    White Paper
    26 May 2022
    Insurance This will open an overlay

    Reinventing the Insurance Industry with a Digital-first Strategy

    TCS’ solutions, powered by AI and automation technologies, help leverage partner ecosystems and drive innovation in insurance for business agility and growth.
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     about Reinventing the Insurance Industry with a Digital-first Strategy
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    Learn how our digital-first, cloud-based solution helps life insurers and pension providers achieve efficiency and enrich end-user journeys.
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    Technology Trends Shaping the Future of Insurance in 2025 and Beyond
    From AI imperatives to human-machine synergy, explore the technology trends across the insurance value chain that are shaping the future of the industry.
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    10 Jan 2025

    Managing emerging risks in BFSI: an uphill battle

    In the banking, financial services, and insurance (BFSI) sector, firms are struggling with emerging risks such as cyber, climate, operational resilience, and supply chain, among others.

    While BFSI firms are constantly upgrading their models and infrastructures to accommodate new regulatory requirements, evaluating emerging risks poses big challenges. Diverse methodologies and a large number of vendors operating in this space further complicate the issue. 

    Our research focused on the state of RiskTech adoption in the BFSI industry and how firms can leverage it to better manage emerging risks and gain a competitive edge. We also examined how firms in the three sub-sectors of the BFSI industry—banking and financial services, capital markets, and insurance—are utilizing RiskTech in mitigating emerging risks. The research and analysis is contained in a series of four reports:

    • BFSI report – an overarching view of key findings and recommendations. Download the full report
    • Banking report – a deep dive into the banking results and the level of RiskTech adoption. Click here for more
    • Capital markets report – a detailed analysis of how broker dealers and capital markets firms are using RiskTech. Click here for more
    • Insurance report – an extensive review of the risk landscape and RiskTech adoption. Click here for more
    Key findings: BFSI

    Key findings: BFSI

    Close
    Key findings: BFSI
    Key findings: BFSI

    A changing risk environment

    Structural barriers, new risks, challenges created by rapid digital transformation, and regulatory uncertainty in some areas have come together to create a continually shifting risk environment in the BFSI industry. Amid rising IT and cyber risks (over 80% regard them as ‘highly significant’, especially for data privacy and operational resilience), strategic risks, supply chain and climate risks as well as industry- and geographic-specific risks, firms are ramping up investments in an array of non-financial risk management tools.

    Evolving Risks

    Evolving Risks

    Close
    Evolving Risks
    Evolving Risks

    Obstacles in managing emerging risks

    We asked BFSI firms about the main concerns they face in addressing emerging risks.

    Top Challenges

    Top Challenges

    Close
    Top Challenges
    Top Challenges

    RiskTech: now and future

    BFSI firms have relied on technology to effectively address emerging risks. Yet, their adoption is not uniform across different types of risk. Further, GenAI implementations are largely limited to pilots indicating that there is much more to accomplish on the road to maturity.

    Now and the Future

    Now and the Future

    Close
    Now and the Future
    Now and the Future

    BFSI firms and regulatory bodies are equally focused on managing emerging risks though there is no consensus on methodologies, tools, and techniques as yet. In terms of RiskTech adoption and focus, emerging risk areas signal signs of maturity even as modeling, tools, and techniques are at an evolutionary stage.

    About the research

    TCS and Chartis Research jointly conducted a study of banking, financial services, and insurance (BFSI) organizations on emerging risk types and the role of RiskTech. We surveyed 152 BFSI firms, predominantly large and mid-sized firms, with a diverse institutional mix across the BFSI spectrum. Our interview respondents included CEOs, board members, chief risk officers (CROs), heads of IT risk and a range of other risk and regulatory leads. 

    To support our quantitative survey, we also conducted more in-depth qualitative interviews of 54 institutions spread across banking, capital markets, and insurance. These institutions are distributed across Europe, North America, and Asia.

    Related reading

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    Industries
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