WESTBOROUGH, Mass., – 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 MatrixTM 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 BFS PEAK 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 including artificial 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 AI to 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.
About Virtusa: Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment.
Virtusa helps CXOs’ address the dual challenge of growing revenues while improving IT cost efficiencies. Virtusa’s digital transformation & innovation (DTi) solutions enable clients to reimagine the customer experience, accelerate revenue growth and creating lasting business value. The company’s operational excellence (OE) solutions help clients reduce risk, improve operational efficiencies, and lower IT costs.
Virtusa delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing, and maintenance, including infrastructure support. With a strong heritage in software engineering, Virtusa is highly qualified to both develop and maintain software, using a proven platforming methodology and advanced Agile and Accelerated Solution Design techniques to reliably deliver results on time and within budget.
Holding a proven record of success across industries, Virtusa readily understands its clients’ business challenges and uses its domain expertise to deliver distinctive, differentiated and innovative applications of technology to address its client critical business challenges. Examples include building the world’s largest P&C claims modernization program; one of the largest corporate customer portals for a premier global bank; an order to cash implementation for a multinational telecommunications provider; and digital transformation initiatives for media and banking companies.
Through the acquisition of a majority interest in Polaris Consulting Services Ltd. in March 2016, Virtusa has created a robust platform to provide end-to-end solutions and services in banking and financial services, strengthening its positioning as a top, global FinTech services provider. Virtusa Corporation is headquartered in Massachusetts and has 50 offices across North America, Europe and Asia.
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