Assessment for BFS Risk and Compliance IT Services
NEW YORK: Mphasis, an Information Technology solutions provider specializing in cloud and cognitive services, today announced that it has been recognized as a Major Contender by Everest Group in the report “BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020: Building cloud-based Data Infrastructure for Intelligent Real-time Controls”.
June 2020’s PEAK Matrix® Assessment analyzed the capabilities of 26 leading global service providers specific to the banking and financial services sectors (BFS) and identified 13 service providers as the “2020 BFS Risk and Compliance Major Contenders” based on selective risks areas and value chain elements. Mphasis emerged as a Major Contender by making continued investments in developing internal IP and bolstering partnerships in order to plug capability gaps.
Based on Everest Group’s evaluation, Mphasis is positioned as a Major Contender within the 2020 PEAK Matrix. Mphasis has been able to create differentiated capabilities across specific areas such as market risk, credit risk, cybersecurity, and data privacy. Mphasis has been able to provide breadth and depth of technology skills, complemented with significant investments in building risk and compliance domain expertise.
“We are grateful that Mphasis was recognized for our efforts within the banking and financial sectors. As Mphasis continues to invest in training and certifications of resources across business operations, we also strive to empower clients to use new data sources,” said Dinesh Venugopal, President – Mphasis Direct and Digital. “In our new post-pandemic world, the financial opportunities that companies are faced with are abundant.”
“BFS enterprises are experiencing unprecedented headwinds due to increasing regulatory pressure, emerging risks, increasing compliance costs, and a post-pandemic reevaluation of risk appetite and associated data & reporting systems to comply with government-enforced stimuli. BFS firms need a resilient, scalable, agile, and flexible risk management and regulatory reporting architecture to manage the current situation,” said Ronak Doshi, Vice President, Everest Group.
“In this context, Mphasis has been able to strengthen its market position and earn a Major Contender recognition on the Everest Group BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020. Led by its focused investments in building solutions/frameworks for GDPR and CCPA compliance; managing credit and market risks; setting up of CoEs for key financial crime and anti-money laundering products, such as NICE Actimize, Oracle, and OpenRisk; and its openness in engaging in mature deployment models that share risk and rewards with its clients,” he added.
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