Mumbai: 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.