So Jene Kim, Partner In today’s highly regulated world, the constantly changing regulation has acutely impacted financial and risk management practices of banking organizations. The wake of new and strengthened regulations have created new complexities, high implementation costs and an increase in risk reporting for all banks and financial institutions forcing them to redefine their business models. They are also faced with operational and technological challenges to comply with the increasing regulations and to stay ahead of the curve. What banking organizations need today is reliable experts who not only understands the finance and risk converge, but also helps them build a robust compliance framework, support them in data supply chains, governance and reporting processes, as well as with interconnectivity.
One company that is stirring a revolution in the finance, risk convergence and compliance arena through their game-changing strategies, operational experience and RegTech expertise is Capco. The company exploits new technologies to successfully implement risk management and compliance programs aimed at aligning complex regulations in the financial services industry.
“At Capco, we understand the emerging trends that need to be addressed in the regulatory landscape and introduce our clients to some of the revolutionary technologies and capabilities through our digital innovation lab,” states So Jene Kim, Partner at Capco. “We are focused on giving our clients a more holistic approach to their problem and the different methods which ultimately pinpoint to the most fitting solution not only to deliver value to the bank in the present but also for the long run,” adds in Peter Dugas, Managing Principal at Capco’s Center of Regulatory Intelligence.
Besides Capco’s digital and data capabilities, the company has also built a Center of Regulatory Intelligence which functions in Washington DC and Europe.
Peter Dugas, Managing Principal, Center of Regulatory IntelligenceThe team at Center of Regulatory Intelligence studies the political and legislative landscape and then helps financial institutions understand the specific regulatory requirements needed to build the most suitable system or technology to address their specifications. “Our team is a good mix of tech-focused people and digital innovators who keep track of the regulatory framework not just in the U.S, but also in other jurisdictions,” mentions So Jene.
Capco also offers managed services where in they perform some of the necessary activities that support regulatory compliance on behalf of the client providing them with end-to-end support, economic boost, and better efficiency. “With Capco’s global regulatory surveillance and intelligence capability, clients can proactively address their compliance or risk management hurdles,” remarks Dugas.
Capco’s consultants comprised of former chief risk officers, compliance officers and regulators combine their subject matter expertise and technical prowess to identify the client’s challenge accurately and map out a clear strategy.
Capco deals with clients ranging from Tier 1 investment banks to smaller community banks where the company identifies the regulatory challenges and exploits the improvement opportunities. One of the clients, a global financial institution chose Capco specifically to come in and help them with their CCAR compliance. They required a governance model which worked for their U.S entities while fulfilling their CCAR and regulation YY compliances. Capco conducted a SWOT and currency capability analysis, built a governance model as well as a management framework for their CCAR and enterprise risk compliance, and continues to support the financial organization in their regulatory requirements.
From a startup based in Belgium to a topnotch regulatory tech player, the company hit their 20th-anniversary milestone in 2018. Upcoming plans include enhancing Capco’s services to reach their full potential and be the provider of choice to their clients. “Through our digital lab, we want to bring about innovation so that our clients are able to make smarter and quicker decisions about renovating their processes,” says So Jene. Going forward, Capco intends to marry the worlds of financial services consulting and digital technology to make their client relationships stronger.
Leveraging their extensive expertise spanning over 20 years, Capco's US Community Banking practice has been dedicated to providing support for the risk and compliance initiatives of numerous community banks and credit unions. However, with the emergence of fintech companies, evolving customer expectations, regulatory transformations, and advancements in technology, community banking organizations now face novel challenges.
“Community banks have traditionally struggled to keep pace with the technological advances and digital offerings of their larger banking peers. We can partner with community banks to help them devise strategies to remain competitive, develop personalized products and services, and maintain enduring relationships with their customers.”
To address these challenges, the Community Banking practice has expanded its range of solutions, leveraging Capco's proven history of incorporating cutting-edge technologies. This strategic approach ensures that community banking organizations are equipped to offer unique and compelling products and services, enabling them to maintain their competitiveness in a rapidly evolving marketplace.
These tailored offerings encompass:
• Risk, Regulatory and Compliance – A comprehensive suite of end-to-end solutions to identify regulatory and compliance requirements, establish efficient and effective programs, remediate deficiencies, and execute BAU activities.
• Core & Digital Transformation – Modern development techniques, including API first architecture, to help our clients abstract from legacy technology and processes to enable new and engaging solutions.
• Marketing – End-to-end marketing and creative services, via Capco Studio, to help community banks create tailored customer experiences that drive acquisition and engagement.
• Payments – Comprehensive advisory expertise across all payment types, including instant payments, payment delivery lifecycle, customer journey mapping, payment architecture and modernization.
• Data & Analytics – Guidance to help our clients unlock the true value of data across all aspects of enterprise data functions irrespective of current data capabilities or maturity.
• Cybersecurity – Support to enhance business growth via digital transformation and expertise to help clients address the cyber regulatory landscape to protect their business operations and build cyber resilience.
Lance Levy, CEO, Capco said: “The community banking sector plays a vital role in serving local consumers, businesses, and communities in addition to being a key pillar of the wider US financial system. We remain committed to delivering the innovative, flexible and robust solutions that will allow community banking institutions to set the pace when it comes to achieving operational excellence, elevating their customers’ experiences, and meeting all their regulatory obligations.”
John Soffronoff, Partner, Community Banking Practice Lead at Capco, said: “Community banks have traditionally struggled to keep pace with the technological advances and digital offerings of their larger banking peers. We can partner with community banks to help them devise strategies to remain competitive, develop personalized products and services, and maintain enduring relationships with their customers.”
Capco, a subsidiary of Wipro, is a renowned global technology and management consultancy that specializes in facilitating digital transformation within the financial services sector. With an extensive client base consisting of over 100 prominent international organizations, Capco excels at bridging the gap between business and technology. By combining forward-thinking strategies with unparalleled industry expertise, Capco accelerates the implementation of digital initiatives in various sectors such as banking and payments, capital markets, wealth and asset management, insurance, and the energy industry. Capco's commitment to innovation is exemplified through its celebrated Be Yourself At Work culture and diverse pool of talented professionals. For further information, please visit www.capco.com or connect with us on LinkedIn, Instagram, Facebook, and YouTube.