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PRESS RELEASE
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MUMBAI, India, March 16, 2011: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS), announced that TowerGroup, a Corporate Executive Board Company, has rated TCS’ risk management framework as high in regulatory and compliance value and high in risk management value in its two recently published reports: “From Cohabitation to Wedded Bliss? The Future of Governance, Risk Management and Compliance (GRC)” and “From Frameworks to Architecture: Holistic Risk Management Matures Across Financial Services.”
TowerGroup analysts evaluated the solutions from top service providers. They noted that the solutions must be effective at both compliance and risk management to contribute to better governance.
According to TowerGroup, “At first glance, the TCS framework appears to be the most complex of the three main frameworks under review. In fact, however, it captures logical and long-known aspects of risk. Moreover, most of the elements of the framework already exist in financial services institutions, albeit in an uncoordinated fashion, making this a practical approach to coordination, aggregation and integration of risk.”
“We are delighted to be recognized for our excellence in Risk & Compliance Architectures and Frameworks,” said K Krithivasan, Vice President, Banking & Financial Services, TCS. “Our endeavor is to help banks adapt to and thrive in a dynamic regulatory and risk environment.”
An in-depth understanding of the critical internal bank processes and decades of experience has led TCS to establish robust risk management structures. This has enabled TCS to offer IT services that help financial institutions understand the business implications of risk data. The holistic approach helps customers bring risk management principles and methods to the forefront of decision-making processes, ensuring that the risk is appropriately accounted for in the governance structure.
TCS commissioned TowerGroup to combine the existing research and analysis of risk management trends, solutions and technologies in the financial services industry from the two reports: “From Cohabitation to Wedded Bliss? The Future of Governance, Risk Management, and Compliance (GRC),” and “From Frameworks to Architecture: Holistic Risk Management Matures Across Financial Services.”
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model™ (GNDM™), recognized as the benchmark of excellence in software development.
A part of the Tata group, India’s largest industrial conglomerate, TCS has over 186,500 of the world’s best-trained IT consultants in 42 countries. The company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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