Banking and Financial Services (BFS) firms are experiencing drastic regulatory changes – the most sweeping since the Volker reforms and the Dodd-Frank Act following the 2008 economic crisis – across cybersecurity, data privacy, enterprise risk, financial crime, and financial risk management. The need of the hour is a resilient, scalable, agile, and flexible risk management and regulatory reporting architecture, which can adapt to the needs of the post-COVID-19 ecosystem.
BFS firms face challenges in transforming their risk and compliance functions in particular because of legacy IT systems and infrastructure, which come in the way of adopting modern solutions such as AI- and big data analytics-driven risk assessments and real-time insights. To address this need, service providers are building solutions and entering into partnerships with technology vendors to help BFS firms build API-driven data warehouses, agile risk assessment models, and cloud-based risk & compliance management platforms.
In this compendium, we provide detailed profiles of 26 IT service providers featured on the BFS Risk and Compliance IT Services PEAK Matrix Assessment® 2020. Each profile provides a comprehensive picture of the service provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading BFS risk and compliance IT service providers, client reference checks, and an ongoing analysis of the BFS risk and compliance IT services market.
In this compendium, we study the following risk and compliance IT service providers: Accenture, Atos, Birlasoft, Capgemini, CGI, Cognizant, Deloitte, DXC Technology, EY, Happiest Minds, HCL Technologies, IBM, Infosys, KPMG, LTI, Mphasis, NSEIT, NTT DATA, PwC, Sopra Steria, Synechron, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies.
This report features 26 IT service provider profiles, each of which includes: