Hyderabad, Andhra Pradesh, India: Mphasis, unveiled an industry first Cognitive Hub for Risk and Compliance (CHRC) for the financial services sector in Hyderabad. CHRC will focus on creation and delivery of next-generation Governance, Risk and Compliance (GRC) framework and domain-specific solutions for enterprises in the financial services industry. The centre will focus on developing next-generation GRC solutions based on Artificial Intelligence (AI), Cognitive Computing, Machine Learning, Natural Language Processing, Big data, Semantic Modelling and Knowledge Systems technology domains.
With ever increasing financial risk and constantly changing regulatory landscape, financial services companies are investing hundreds of millions of dollars to strengthen their GRC framework. Aligning with its hyper-specialization strategy, Mphasis’ Cognitive Hub for Risk and Compliance (CHRC) is specifically designed to accelerate the banking client’s journey to develop an integrated path for compliance and risk management with a sound governance approach.
CHRC will leverage high-end technology talent pool available in Hyderabad to develop and deliver cutting edge solutions in the area of GRC. Mphasis would on-board and skill finest engineering talent to develop some of the best-in-class solutions in emerging technologies like Artificial Intelligence, Cognitive Computing, Machine Learning and Big data specifical for the financial services sector. In line with the industry trend of moving away from ‘human heavy – automation light’ to ‘human light – automation heavy’ model, the centre will execute some of the best practices in this direction.
“Modern technology gives us the ability to re-imagine a new world of IT services. Our hyper-specialization journey is now embarking on leveraging cognitive technology for Risk and Compliance. We couldn’t have choosen a better partner than the start-up state of Telangana to set up our Cognitive hub for Risk and Compliance. With this, we will co-create a new paradigm with our customers,” said Ganesh Ayyar, Chief Executive Officer & Executive Director, Mphasis.
“Since inception, Telangana has emerged as one of the preferred investment destination for Information Technology, growing at the rate of 16%. We want to ride the next wave of growth and are seeing significant interest from home-grown innovators and global corporates. With the release of our new IT Policy, we encourage organizations operating in specialised technology areas including data analytics and IoT to invest in Telangana. I would like to congratulate Mphasis for having set up a centre in a niche area as Risk and Compliance and assure to extend all the necessary support,” said KT Rama Rao, Minister of IT, Government of Telangana.
Mphasis has been consistently investing to create more effective, efficient, and predictive delivery for GRC technology and operations.
Mphasis Pioneers Cognitive Hub for Risk and Compliance
