INDUSTRY
- Banking
Banking on purpose-led ecosystems
Highlights
- The financial services industry has witnessed increased regulatory rigor and stricter controls in recent times.
- This is driving the risk and compliance functions of industry players to explore intelligent automation solutions.
- TCS understands the pain point and offers a range of cognitive solutions for compliance and control.
in this article
Challenge
Banks and insurers deal with a range of risks across functions daily.
Manual processes in risk data management, coupled with a complex regulatory landscape, result in inefficient risk mitigation and call for specific control assurance solutions. Increased regulatory rigor and stricter controls demand enhanced risk and compliance management and effective performance management.
The purpose of risk management solutions, frameworks, and assurance activities is to strengthen organizational controls. Risk and compliance functions are looking to drive intelligent interventions in information and control assurances. As the probability of risk in the financial sector increases, so does the stringency of control measures.
The TCS solution
TCS’ suite of compliance solutions for banks and financial institutions.
They include:
- Risk and compliance data controls framework: Drive data control transformation facilitating effective data risk management and compliance with regulatory obligations.
- Obligation analytics solution: Enable intelligent traceability of obligation and control analytics facilitating compliance and change management.
- Control testing automation solution: Drive cognitive intervention in testing control effectiveness and facilitate control performance management.
The Benefits
Our solutions drive intelligent interventions in risk information and control assurance.
With TCS’ solutions, industry players can:
- Ensure compliance with obligations around data risk management.
- Adopt human-guided cognitive automation in risk and compliance management.
- Improve efficiency and resilience in control testing and risk assessment with automated testing.
- Increase regulatory confidence on account of scaled and full testing.
- Reduce manual interventions and, therefore, decrease operational risk.
- Optimize cost of risk management solutions.
THE TCS ADVANTAGE
TCS has decades of experience in banking and financial services and brings deep contextual knowledge to the table.
TCS has a proven track record, having worked with several Fortune 500 companies on transforming their compliance function using digital technologies.
Our strong alliances with key technology companies help us develop state-of-the-art solutions for our clients.
Our investments in technology research and collaboration with customers and peers aids innovation and cutting-edge solutions.
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