CSC launches Risk Constellation for Europe

Source: Computer Sciences Corporation

Computer Sciences Corporation (NYSE: CSC) today announced that it has launched a new breed of risk management solution for European-based financial services companies.

Known as CSC's Risk Constellation, this offering provides financial services organisations with an array of multi-faceted products and services through a CSC-led consortium of risk management software and consulting firms. Risk Constellation offers – for the first time – an enterprise-wide and fully integrated modular approach to risk management that predicts and identifies emerging risks before they become a significant threat to the business.

Many financial services organisations today remain extremely exposed to risk despite the increasing burden of regulation and compliance. CSC estimates that tens of millions of pounds are lost annually by many major financial services organisations through ineffective risk management strategies. According to published accounts, non-compliance with international regulations alone has cost European banks more than $175 million in fines in just the last six months.

Risk Constellation enables financial services companies to improve profitability, increase transparency in terms of risk monitoring, lower share price volatility, reduce capital requirements and improve ratings. The offering also supports new standards, regulations and legislation facing the financial services sector, enabling companies to exceed compliance requirements.

Risk Constellation combines the expertise of a consortium of more than twelve risk management consultancies and software firms, including CD Financial Technology Ltd, idRisk, J.E.G & Partners and Z/Yen, and many others depending on the type of engagement. Led by CSC, this consortium covers the full spectrum of risk management, from finance to operational to credit risk.

CSC will use its consulting, systems integration and financial services industry experience to deliver the solution and results most appropriate to each client. CSC will enable monitoring of emerging risks, early risk mitigation, and value creation from the resulting growth potential, efficiency and cost management gains. The approach to enterprise risk management will also provide senior executives with a consolidated dashboard of their entire organisation's total risk in a single real time view, enabling early corrective action.

"Many financial services companies tend to focus on the cost of avoiding fines rather than creating value through strategic risk management," said Anita Bradshaw, a CSC financial services risk management expert. "In addition, risk management is typically carried out by separate business units, some of which are better equipped than others.

Financial services organisations are increasingly concerned about their risk positions and are endeavouring to put effective risk management strategies in place. By enabling financial services companies to take a much more strategic view of risk, CSC's Risk Constellation creates the opportunity to increase returns, managing holistic risk in real time."

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