Tech Mahindra and Prometeia, a provider of risk management consulting and software solutions, have announced their partnership to provide governance, risk and compliance services to banks in order to improve their overall performance, in line with Basel III framework.
Basel III is a set of international banking regulations developed to promote stability in the international financial system. Tech Mahindra’s capabilities in banking risk management and compliance, business intelligence, analytics, data management and system integration, combined with Prometeia’s ability to provide local industry specialists, will help in responding to regulatory challenges impacting banks all over the world.
While risk (credit, market and operational) management function is important from the banks’ compliance and regulatory perspective, it also has a direct correlation with the bank’s profitability. Asset and Liability Management, which is an integral part of Prometeia’s product suite, helps in improving the profitability by managing the asset and liability.
Gautam Bhasin, Vertical Head, Banking & Financial Services, Tech Mahindra, said, “Our partnership with Prometeia will help us expand our presence in the banking enterprise risk management space, especially in Europe with best of breed solutions on ALM, credit risk, IFRS 9 and regulatory compliance. We hope to leverage Prometeia’s proven expertise in developing niche solutions in the risk, wealth and performance management domain to better serve our customers globally.”
Tech Mahindra and Prometeia have experience in risk and compliance, ranging from implementation experience for credit risk frameworks and regulatory reporting to liquidity risk, asset and liability management and International Financial Reporting Standards (IFRS) 9 compliance.
Massimo Pedroni, Senior Partner and Head of International Business, Prometeia, said, “Our partnership with global partner Tech Mahindra enlarges Prometeia’s footprint in the whole Enterprise Risk Management space, reinforcing our presence in the Middle East and extending our reach to Asia. Our collaboration with Tech Mahindra will enrich our client offering, via a larger team of specialists with global experience and local presence.”
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