Tata Consultancy Services (TCS) has been named a Leader and Star Performer in the Everest Group PEAK Matrix for Financial Crime and Compliance (FCC) Operations.

The Indian IT giant was placed highest for its market impact in an assessment of 23 FCC operations service providers.

Tata Consultancy Services bagged the Star Performer title for registering top quartile year-on-year improvement in its scores.

Robin Jain – Practice Director, Everest Group said: “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.

“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.”

As per Everest Group’s report, the company has developed robust capabilities in FCC operations with continued initiatives to improve domain expertise and also sharpen its technology offerings.

The report cites the company’s investments in strengthening offerings by including platform-based solutions and digital levers such as cognitive automation and blockchain and to boost domain expertise by the hiring of SMEs and creation of a dedicated Centre of Excellence for FCC processes, as core strengths.

The report said that TCS has made use of its talent pool to create frameworks like the Enterprise Regulatory Compliance Management Framework that provide end-to-end structured approaches to optimize compliance activities.

K Krithivasan – Business Group Head, Banking, Financial Services, and Insurance, TCS said: “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.

“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.”

  Everest Group, Financial Crime Compliance, India, K Krithivasan, machine learning, Robin Jain, Tata Consultancy Services