TCS recognised for excellence in financial crime & compliance

12 December 2019 2 min. read

IT services firm Tata Consultancy Services has been named a global leader in the Financial Crime and Compliance (FCC) domain by analyst firm Everest Group. This is the second year running that TCS has received the award for a number of outstanding contributions in the field through its work with clients.

TCS was named as one of three firms across the globe that have achieved FCC excellence. The Everest Group rates companies not only by revenue, but also in terms of more specific FCC criteria such as Know Your Customer (KYC) and Anti-Money Laundering (AML) capabilities.

The firm also looks for excellence in the chargeback processes adopted by companies. TCS’ technological prowess in the FCC domain was its biggest clincher. According to Everest Group, TCS’ main winning points were its investment in blockchain as well as FCC-focused cloud solutions.

TCS has also recently launched an Enterprise Regulatory Compliance Management Framework, which allows clients to digitalise and optimise their compliance efforts. This is not the first time that TCS has been recognised by the Everest Group, which evaluates firms across the globe in a variety of specified fields.

TCS recognised for excellence in financial crime & compliance

Last year, Everest Group named TCS among the leaders in the domain of Software Product Engineering. Everest Group rates firms based on its Performance, Experience, Ability and Knowledge (PEAK) Index, and TCS has won out in the software product engineering sphere as well as the FCC sphere.

TCS is among the fastest growing IT services firms in the world, and is likely to make headway in a number of other tech domains as well. In April this year, Everest Group used its PEAK Index to name TCS a market leader in the Property & Casualty field as well, demonstrating the firm’s varying pool of capabilities.

Commenting on the most recent recognition, TCS’ Global Head for Banking, Financial Services and Insurance Krithi Krithivasan said, “With emerging business models, increasing regulatory scrutiny, and the creation of new digital channels, banks are leveraging innovative technologies such as AI and machine learning to prevent and combat financial crime.”

“With our vast experience in the financial services industry and knowledge of its regulations combined with our digital technology expertise and deep contextual knowledge, we are well-positioned to help our customers transform their FCC operations,” he added.