TWO GRC (Governance Risk and Compliance) solutions by Tata Consultancy Services (TCS), leading global consulting, business solutions organisation, and IT services, have won the 2017 GRC 20/20 Innovation and User Experience Awards.
TCS’ Enterprise Regulatory Compliance Management Framework solution received the 2017 GRC 20/20 Innovation Award in Internal Controls Management for its alignment of control and compliance ecosystem to regulatory requirement and visualization of risk intelligence when evaluating the impact of business or regulatory changes, and determining the strategic or tactical responses to those changes.
In addition, TCS’ Integrated Information Controls Framework for data risk management, received the 2017 GRC 20/20 Innovation in User Experience Award in the Risk Management category for its analytical framework, ability to manage data risks, holistic view of data control assurance along with organizational (business, IT etc.) impacts of data weaknesses, and for infusing transparency in data lineage.
“Changing risk profiles, disruptive business models, shifting market dynamics, and increasing regulatory rigor demand an agile response,” said K Krithivasan, president, Banking and Financial Services, TCS. “We have been at the forefront of developing innovative RiskTech and RegTech solutions for our customers. The GRC 20/20 awards are a testimonial to our leadership in driving technology-led innovation in the GRC function.”
Providing both, strategy and roadmaps for NextGen Intelligent Compliance Solutions across the organisation, TCS’ GRC Consulting and Services Integration practice support customers, in an increasingly complex regulatory environment, to manage controls, risk, and compliance with an enterprise view. Offerings such as GRC As-a-Service (GRCAaS) and RegTech optimize each client’s ability to respond to risk by incorporating intelligent insights, process automation, risk analytics, optimised controls and integrated reporting that provides increased visibility and agility in responding to change.
TCS’ Banking and Financial Services Risk Management practice focuses on enterprise risk management and regulatory compliance, continuously tracking trends, market changes, and providing points of view on key issues. It uses the contextual knowledge of customers’ businesses and TCS’ deep domain expertise to develop innovative digital solutions to address their GRC requirements and pain points.
“Delivering actionable intelligence for GRC decisions is a challenging mix of information, implementation, integration, and innovation,” said Michael Rasmussen, The GRC Pundit, GRC 20/20 Research, LLC. “In combination, TCS’ solutions advance the ball of actionable intelligence as TCS’ Enterprise Regulatory Compliance Management Framework solution presents a firm’s control ecosystem with embedded ‘what if’ and predictive risk analytics in an easily navigable way while TCS’ Risk and Compliance Data Controls and Data Risk Management Solution imbues quality control and governance over the risk information driving the visual analysis of data risks and weakness impacting risk data aggregation, reporting, and regulatory compliance.”
“Our risk and compliance digital solution frameworks help our clients address risk and regulatory compliance challenges by delivering risk intelligence and automation. Analytics-driven risk insights empower our clients to quickly respond to market changes and build more resilient businesses,” added Krithivasan.