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Innovation Beyond The Four Walls



November, 30, 2015

Cognizant to Present at the Credit Suisse 19th Annual Technology, Media & Telecom Conference


The Cognizant Difference

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These days, business is not only increasingly global, it is exceedingly complex and rife with risky regulatory compliance challenges. For example, as a consequence of the global financial industry crisis, banks are scrambling to keep pace with a flurry of new regulatory mandates, from increased capital requirements through more stringent information security measures on credit card processing. In fact, since 2008, 120 regulatory changes have been announced by 15 federal agencies for credit unions and 921 compliance changes for U.S. banks. Add to this the 848-page “Dodd Frank Wall Street Reform and Consumer Protection Act” with its 400 rules and you have a regulatory compliance nightmare. It all adds up to compliance costs for U.S banks that are estimated to be $50 billion or roughly 12% of annual operating expenses by Maine Banker.

It’s no different in healthcare amid ongoing reforms aimed at streamlining cost. Moreover, new IDC-10 healthcare codes for classifying medical conditions and treatments has the entire industry in a flux, assessing various and sundry compliance options. For example, the U.S. Department of Health and Human Services (HHS) puts the conversion from ICD-9 to ICD-10 at a price tag of $1.64 billion, including $357 million for staff training, $572 million for losses in productivity and $713 million for system changes.

Whatever the drivers, meeting compliance challenges requires a cost-effective, disciplined and auditable response from the business. Organizations need clear governance frameworks for everything from preparation to gap analysis and execution. As a result:

  • High-performing risk management organizations are embedding analytics into management processes. For example, they are developing actionable dashboards for management to better inform compliance decision making.
  • Leading organizations are also cultivating risk technology’s “human element” through training and other measures to help make findings from risk analytics actionable and insightful.
  • Most organizations are investing in staff and skills to elevate the risk management function. In fact, risk is one of the few functions where most reporting organizations steadfastly have refused to cut staffing.


As business needs and regulatory priorities change, compliance becomes not a one-time event, but an ongoing process requiring constant reexamination and reinvention. The upside is that the improved reporting and governance for compliance can also deliver business benefits such as lower costs, faster time to market and improved customer service.

  • Our Latest Thinking

Mortgage Banking: A Holistic Approach to Managing Compliance Risk
With regulatory compliance requirements rapidly on the rise, we offer a full-spectrum approach for mortgage banks for compliance risk management, combining regulatory analysis, identifying competing regulations, instituting operational process controls, effective data quality and document management strategies.
The Future of IT: A Zero Maintenance Strategy
IT organizations walk a fine line in optimizing both maintenance and opportunity costs; our structured approach ensures operational excellence and increased business relevance to make the application portfolio not only “fit for use” but “fit for purpose”.
Enterprise Risk Management: Minimizing Exposure, Fostering Innovation and Accelerating Growth
Formal policies and processes for enterprise risk management (ERM) are common among large corporations, such as those in finance and healthcare. However, most technology‑focused companies consider ERM an obstacle to innovation. When properly implemented and maintained, an enterprise risk management program can lessen risk, accelerate strategic development, drive innovation and bolster bottom‑line growth.
Assessing Obsolescence
For many manufacturers, evaluating and managing the risk of obsolescence is a missing piece of their overall management strategy, an oversight that can have significant implications in terms of business continuity. With a clear obsolescence policy and risk-assessment framework, manufacturing companies can help ensure that their systems and assets remain up and running, supported by a continuous risk-mitigation cycle.
The New Payments Platform: Fast‑Forward to the Future
Today's bank customers demand digital payment instruments that support real‑time payments and settlements. While banks worldwide have adopted this concept, Australia's New Payments Platform (NPP), when contrasted with global models, takes this concept a step further with benefits that include all of the features today's bank customers want, such as 24x7x365 availability; real‑time settlement, posting in seconds, premier messaging standards and alternate identifiers. It is thus imperative to build a carefully planned, all‑inclusive NPP solution that will remain viable, profitable, efficient and serviceable from internal, regulatory, payments and customer perspectives alike.
Power to the People: Customer Care and Social Media
The growth of social media, including Facebook and Twitter, offers many opportunities for businesses to connect with customers. Nonetheless, most companies still view social media as an extension of their traditional sales and marketing efforts; few are using social media to strengthen customer care and offer customers consistent, seamless and satisfying experiences.
Dissecting Basel III by Geography
The impact of Basel III, also known as The Third Basel Accord, will vary by geography -- from potentially slowing down economies in emerging nations, to protecting the European Union from financial collapse, to increasing capital adequacy and improving risk management. Given the framework and timeline for implementing Basel III, the burden falls on national regulators to translate the international guidelines into national policies that suit and stabilize their economic environment and support economic growth.
The U.S. Federal Reserve's Rules for FBOs and the Implications for IT Operations and Systems
The U.S. Federal Reserve's recent rules allow Foreign Banking Organizations (FBOs) to apply the enhanced prudential standards required by the Dodd-Frank Act -- a development that will have widespread effects on these institutions' IT operations and systems.
OFAC Name Matching and False-Positive Reduction Techniques
To meet the Office of Foreign Assets Control rules for combating money laundering, financial institutions need to take stock of new software tools that automate the process of identifying possible illegal activities and reduce the probability of unwarranted red flags.
E-invoicing in Corporate Banking: A European Perspective
The prolonged economic crisis that has spread across Europe is forcing banks' decision makers to reduce costs, streamline operations and consider new, standards-based transaction models -- all while safeguarding their working capital. E-invoicing is an increasingly popular option for commercial and corporate banks looking to drive more efficiencies across their financial supply chain -- powered by the cloud and supported by a trusted third party.

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