This report analyzes the changing dynamics of the BFS Risk and Compliance IT services landscape, focuses on 26 service providers and assesses their capability across key dimensions.
“BFS enterprises are experiencing unprecedented headwinds due to increasing regulatory pressure, emerging risks, rising cost of compliance, and a re-evaluation of risk appetite, associated data, and 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,” according to Ronak Doshi, Vice President, Everest Group. “In this scenario, Wipro has secured a Leader positioning on the Everest Group BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020 due to its meaningful AI-based solutions for risk and compliance, such as anti-money laundering and fraud management via the HOLMES platform; client recognition on account of strong commitment to timelines and senior executive thrust to drive strategic alignment; and sustained expansion of the partnership ecosystem with RegTech firms to strengthen risk management platform capabilities.”
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