Mphasis sets up centre for risk and compliance

It will focus on developing next-generation Governance, Risk and Compliance solutions based on artificial intelligence, cognitive computing

Bengaluru-based IT services provider Mphasis on Wednesday unveiled a Cognitive Hub for Risk and Compliance (CHRC) for the financial services sector in Hyderabad.

The centre will focus on developing next-generation governance, risk and compliance (GRC) solutions based on artificial intelligence (AI), cognitive computing, machine learning, natural language processing, big data, semantic modelling, among others.

"Modern technology gives us the ability to re-imagine a new world of IT services. Our hyper-specialisation journey is now embarking on leveraging cognitive technology for risk and compliance. We couldn't have chosen 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," Ganesh Ayyar, chief executive officer and executive director, Mphasis, said in a statement.

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-specialisation strategy, Mphasis' the CHRC is designed to accelerate a client's journey to developing an integrated path for compliance and risk management with a sound governance approach, the company said in a statement.