TCS Named a Leader in BFS Risk and Compliance IT Services by Everest Group
Report Cites Tata Consultancy Services’ Focused Go-to-Market Strategy, Wide Partnership Ecosystem and Industry Leading Thought Capital, as Key Strengths
NEW YORK | MUMBAI, July 21, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix® for BFS Risk and Compliance IT Services1. In an assessment of 26 leading risk and compliance IT service providers, TCS has been placed highest for its market impact as well as vision and capability.
The report highlights TCS’ focused go-to-market strategy for new buyers, differentiated risk assessment offerings across different lines of business, industry leading thought capital on important themes, and wide partnership ecosystem, as key strengths. According to the report, clients appreciate TCS' expertise in relationship management and agility in driving high engagement levels across risk and compliance projects.
“We are leading from the front to help our customers accelerate digitalization in the risk and compliance function and successfully steer through the pandemic,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. "This independent third-party assessment is a validation of our thought capital, differentiated offerings, and the value we bring to our customers' regulatory, market reform and digital transformation initiatives.”
Post the 2008 financial crisis, TCS helped BFSI firms strengthen their risk and compliance function and reduce the quantum of leveraged assets, in turn fortifying the balance sheet to withstand stressful events. The COVID-19 crisis is proving to be a real-life severe stress event, and BFSI firms have been able to weather the storm well. Global political tensions, trade wars, increase in financial and cybercrime, and climate change risk are forcing BFSI firms to continuously innovate to stay ahead of the game, as these risks have the potential to cause catastrophic harm to the financial system.
TCS’ risk and compliance experts track macro, micro, regulatory, and industry trends to assess their impact on businesses and develop assets and solution accelerators based on each customer’s business context, to help them achieve their goals in a timely manner. Our offerings span:
Regulatory and market reform: FRTB, Basel IV, LIBOR transition, financial risk assessment from climate change, and risk and finance alignment.
Digital and RegTech: Automated regulatory compliance, real-time early warning signal, intelligent cloud burst for risk calculations, reduction of false positives in financial crime detection, communication surveillance, cognitive data assurance, and cyber threat intelligence.
“BFS enterprises are experiencing unprecedented headwinds due to increasing regulatory pressure, emerging risks, rising cost of compliance, and a post-pandemic reevaluation of risk appetite and associated data and reporting systems to comply with government-enforced stimuli. BFS firms need a resilient, scalable, and agile risk management and regulatory reporting architecture to manage the current situation,” said Ronak Doshi, Vice President, Everest Group. “TCS has strengthened its market positioning, earning Leader recognition on the Everest Group BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020 driven by its focused go-to-market strategy to engage with new buyer centers beyond the CIO organization, differentiated risk assessment offerings across different lines of business, and extensive thought leadership on emerging themes such as LIBOR transition and the role of AI in risk management.”
“Our deep contextual knowledge of our customers’ business needs and expertise in the risk and compliance domain, coupled with our advisory, implementation, data management, analytics, and assurance services, have made us the preferred partner for institutions looking to transform and lead in the post COVID-19 world,” added Krithivasan.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 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 AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 443,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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.
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1 BFS Risk and Compliance IT Services: Building Cloud-Based Data Infrastructure for Intelligent Real-time Controls – Services PEAK Matrix® Assessment 2020, Ronak Doshi, Everest Group, June 20, 2020
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