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, âAt 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.â
âWe are delighted to be recognized for our excellence in Risk & Compliance Architectures and Frameworks,â said K Krithivasan, Vice President, Banking & Financial Services, TCS. âOur endeavor is to help banks adapt to and thrive in a dynamic regulatory and risk environment.â
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: âFrom Cohabitation to Wedded Bliss? The Future of Governance, Risk Management, and Compliance (GRC),â and âFrom Frameworks to Architecture: Holistic Risk Management Matures Across Financial Services.â