UK’s Financial Conduct Authority selects Cognizant for tech revamp
The UK’s Financial Conduct Authority (FCA) has chosen Cognizant for an overhaul of its core IT applications and quality assurance processes related to the agency’s market surveillance, supervisory analysis, reporting and risk management functions.
This three-year agreement builds on the FCA’s ongoing relationship with Cognizant which began in 2011, when it was selected as one of the agency’s IT services suppliers.
Vivek Daga, VP and head of the UK and Ireland at Cognizant, says the demands on the FCA in regulating the UK financial services industry are becoming “ever more rigorous with the rise of digital technologies, cybersecurity considerations and other market challenges”.
Under the new agreement, Cognizant will expand its scope of work with the FCA, such as upgrading, and developing and implementing new software. Cognizant says it will also support the FCA as the regulator increases its use of digital analytics to manage data.
Recently, it was reported that Cognizant plans to get rid of up to 4% of its workforce. The firm is based in the US, but the majority of its workforce – 75% of 260,000 employees overall – is based in India.
According to sources, these are going to be underperforming employees with a “skills mismatch”.
Over the last two years, Cognizant has already downsized its workforce by 3%. The exact number of new layoffs is to be known at the end of this month, once the appraisals are completed, it is understood.