Governance Risk and Compliance (GRC)
The situation: A global bank emerging from the financial crisis struggled to ensure regulatory adherence
Our solution: Established a Center of Excellence supporting global business and IT on regulatory adherence initiatives
The situation: An investment manager transforming the compliance function to improve effectiveness and delivery
Our solution: Formulated technology strategy and roadmap supported by a business case to enable the compliance transformation
The situation: A financial conglomerate facing potential operational risk loss quantification in Basel II framework
Our solution: Advanced Measurement Approach (AMA) based model utilizing internal loss event data and scenario analysis data
These are some of the ways in which Infosys' Governance Risk and Compliance (GRC) Practice has been delivering value to clients by improving their compliance capabilities, making them operationally efficient and providing thought leadership that counts. We help in Building Tomorrow’s Enterprise by providing end-to-end services ranging from strategy development to implementation to ongoing business / IT operations.
Financial institutions have benefited from Infosys' unique business accelerators, Global Delivery Model, Centers of Excellence and product-centric capabilities – which have enabled them to become more competitive.
Challenges & Opportunities
Enhancing compliance capabilities of globally expanding businesses: With a global footprint, organizations are challenged to ensure a global standard in compliance with a local flavor. Myriad policies, procedures, processes and governance structures are resulting in decreased efficiencies and increased overheads. Integration of compliance programs with enterprise-wide views, with a comprehensive analysis of globally distributed compliance models, is the need of the hour.
Increased regulatory compliance requirements and demand for transparency: Post crisis, organizations face new and stringent regulatory reporting and disclosure requirements. The mix of business and compliance effort has to be optimized within available budgets. Inefficiencies can be eliminated through standardization in processes and rationalization of compliance management systems. Shared services utilities or center of excellence resourcing models will help build scale.
Enhancing enterprise-wide risk management systems: Organizations suffer from the lack of an enterprise-wide risk view because of 'silo' risk programs. Currently, the monitoring and managing of risk across the operational life cycle of a business process is not consistent. Greater emphasis on integrated risk views with expanded risk data will help organizations develop a consistent approach. Organizations should integrate end-to-end risk processes with emphasis on trends and exceptions.
How Infosys Delivers Business Value
End-to-end capabilities and strong credentials make Infosys' Governance Risk and Compliance (GRC) Practice a trusted transformation partner for clients. This is a result of our three-pronged strengths in people, processes and technology. Our service offerings are supported by multi-functional teams of business and IT consultants and industry practitioners. During large and complex engagements, we use our proprietary Value Realization Model (VRM™) and IMPACT™ frameworks to make business benefits visible and help firms derive measurable business value from their technology investments. We have developed Product Competency Centers based on alliances with leading product vendors to enable delivery of tailored solutions to clients. Our focus areas:
Enterprise-wide compliance view: Evolving market regulations, expanding service lines and increasing complexity due to globalization have made a 'sight of the complete picture' difficult to achieve for many banks. For one such client, Infosys observed that compliance could benefit from integrating multiple data sources and infrastructure by virtualizing access and delivery of data through a common framework. Another financial services company faced challenges in bringing together customer on-boarding and KYC activities across multiple business units. For this company, Infosys defined and implemented an enterprise solution that helped reduce processing time by almost 50%.
Operational efficiency and effectiveness: Global financial firms face the day-to-day challenge of complying with multiple regulatory requirements while ensuring they remain effective. Infosys provided consulting services for a leading financial services conglomerate to assess and validate trade surveillance controls across their global retail and institutional businesses. For another client, Infosys redesigned anti-money laundering (AML) and employee monitoring controls for effectiveness by employing advanced pattern-based techniques and predictive analytics.
Integrated risk management: When the Basel II framework increased the focus on managing operational risk along with credit and market risk, one of the top 3 global banks leveraged Infosys' consulting services for implementation of Basel II operational risk program as per Advanced Measurement Approach (AMA). For a top asset management firm, Infosys designed and implemented an integrated risk and control management solution by bringing together ‘silo’ initiatives to address SEC, Operational Risk, IT Risk and SOX requirements.
Solutions