Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, announced that it has been named a Major Contender in Everest Group’s inaugural 2017 PEAK Matrix for Risk & Regulatory Compliance Application Services in Banking and Financial Services (BFS).
Virtusa was recognized for its risk and regulatory compliance application services capability in BFS specific to scale and scope of services, domain expertise and innovation, delivery footprint, and overall buyer satisfaction. Virtusa was also acknowledged for its market success relative to BFS service growth and active deals.
“We are proud to be recognized as a Major Contender in Everest Group’s Risk & Regulatory Compliance Application Services in BFSPEAK Matrix assessment,” said Bob Graham, global solutions head, Banking and Financial Services, Virtusa. “We currently see several factors contributing to organizations driving significant spend and resource allocation to maintain compliance. These include a constantly evolving global regulatory environment,a greater focus on optimizing the cost of compliance, and the emergence of RegTechs and other technology trends surrounding robotics and machine learning.”
Issued annually, the Everest Group study measures service providers through its proprietary PEAK Matrix™ criteria. Everest Group’s report evaluated the risk and regulatory compliance application services capabilities of 21 leading BFS service providers.
“The regulatory compliance space, while complex and overbearing, remains a top priority for banks and financial institutions,” said Ronak Doshi, practice director, Everest Group. “To compete successfully in this environment, financial services firms need to evaluate their respective business models. Service providers like Virtusa are helping leading BFS institutions adapt to this ever-changing regulatory landscape by enabling them to better identify and manage risk.”
For more than 25 years, Virtusa has been helping its banking and financial services clients gain competitive advantage and strong governance capabilities in the risk and regulatory compliance space by enabling them to innovate, drive efficiencies, improve performance, and transform their businesses. Virtusa’s risk and compliance capabilities provide services to clients in the areas of risk management and regulatory compliance, KYC/AML (know your customer/anti-money laundering) and financial crime surveillance, data and analytics, and cybersecurity.
Virtusa offers a wide solution portfolio and works towards combining offerings with next-generation technologies includingartificial intelligence (AI) and robotic process automation (RPA). The company continues to make investments in developing internal IP and tools in partnership with its Virtusa FinTech lab, improving domain knowledge, as well as expanding service and technology footprints to improve overall capability. Virtusa is also focusing on partnerships with leading commercial off-the-shelf (COTS) products and programs to collaborate with regulatory technology companies on such areas as digital identity and chatbots. Virtusa has created a variety of solutions that provide key transformation and simplification initiatives for its clients. Examples include its regulatory reporting workbench, scenario manager, model repository and risk monitoring analytics solution, financial crime analytics, use of AIto locate new patterns and go beyond traditional rule-based scenarios for AML and trade surveillance, and a framework for regulatory reporting that includes data attributes and data lineage solutions to meet BCBS 239 mandates.