TCS a Leader and Star Performer in Financial Crime and Compliance Operations: Everest Group.
Tata Consultancy Services' Strong Domain Expertise, Significant Investment in Blockchain and Automation Solutions and Expansion into New Geographies, Cited as Key Strengths
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader and Star Performer in the Everest Group PEAK Matrix for Financial Crime and Compliance (FCC) Operations1.
In an assessment of 23 FCC operations service providers, TCS was placed highest for its market impact. Additionally, it was named a Star Performer for having top quartile year-on-year improvement in its scores. According to the report, TCS has developed strong capabilities in FCC operations with continued initiatives to enhance domain expertise as well as sharpen its technology offerings. The report cites TCS' investments in bolstering offerings with the inclusion of platform-based solutions and digital levers like blockchain and cognitive automation, and to strengthen domain expertise with the hiring of SMEs and creation of a dedicated Centre of Excellence for FCC processes, as key strengths.
The report goes on to say that TCS has leveraged its talent pool to create frameworks, such as the Enterprise Regulatory Compliance Management Framework that offer end-to-end structured approaches to streamline compliance activities. It talks about TCS' onshore and nearshore delivery model that aligns with the market demand. The report also recognizes TCS' focus on expanding its FCC portfolio, with the company making inroads in regions such as Latin America and Continental Europe.
'Constantly changing risk landscapes, growing financial crimes and rising regulatory liabilities call for a more cohesive and comprehensive FCC mechanism. Today, an increasing number of banks and financial services firms are harnessing innovative technologies like AI and machine learning to build and maintain a robust defense against financial crime,' said K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS. 'This recognition from an independent third-party research firm is a reflection of our vision, capabilities, comprehensive portfolio of solutions, and the resultant market success.'
TCS has extensive experience partnering with some of the world's largest banks, and has built unparalleled expertise in financial crime and compliance services across KYC (risk profiling, due diligence, screening, client outreach, off-boarding), AML (transaction monitoring, sanctions screening, trade AML) and anti-fraud operations (cybercrime). TCS' comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions, platform solutions, and change management services.
TCS works with over 15 of the top tier global banks, including the top three banking and financial services providers, a leading European multinational bank, a large global bank, and a fortune 500 European financial services provider.
'With the pandemic impacting agent availability, exposing internal vulnerabilities, and pushing the demand for digital, financial institutions are looking at third-party support for more than just handling the volumes. There is openness toward leveraging partnerships to explore more end-to-end engagements that include consulting, operations, and technology,' said Robin Jain, Practice Director, Everest Group. 'TCS' continuous investments to enhance its FCC capabilities with a focus on talent and technology backed by its market success are steps in the right direction to become a one-stop solution for all things FCC.'
'TCS' strong domain knowledge in FCC and a consulting-led approach combined with our vast experience in the financial services industry makes us the right partner for our clients in their journey towards transforming the financial crime and compliance operations,' added K Krithivasan.
About Tata Consultancy Services (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 Agile 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 488,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021, 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com and follow TCS news at @TCS_News.
To stay up-to-date on TCS global news, follow @TCS_News.
1. Everest Group, Financial Crime and Compliance Operations - Services PEAK Matrix Assessment 2021, Manu Aggarwal, Robin Jain, Akanksha Pathak, March 25, 2021
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