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Cognizant_Introduction to management consulting in Switzerland

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audrey miguel

Cognizant is launching management consulting services in Switzerland to help clients with strategy, business transformation, customer relationships, and risk management. Since 2004, Cognizant has provided these services primarily to banking, financial services, and insurance clients. The document outlines Cognizant's five specialized consulting practices and experience assisting clients with regulations like IFRS 9, Basel III, BCBS 239, and PRIIPS.

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Originally developing from Equinox, a French management consulting boutique, Cognizant is now launching in Switzerland Management Consulting expertise dedicated to help clients defining their strategy and transforming their business operations, customer relationships and risk management capabilities. Since 2004, core expertise of dedicated teams lay in banking, financial services and insurance. Switzerland Cognizant - Management Consulting capabilities Cognizant Management Consulting capabilities are organized in 5 specialized practices to ensure strong business knowledge and enable consultants getting a high level of expertise in order to deliver the best and to meet our clients needs. 1 Snapshot 2016 In 2008, Cognizant (NASDAQ: CTSH), a leading provider of information technology, business process services for financial industry, life sciences, healthcare and communications expanded its operations in business consulting in order to widen its ability to add value for its clients. Cognizant Business Consulting Focus on Management Consulting 12 Industries +15% Growth 8 000 Consultants 5 Practices +20% Growth 220 Consultants In 2013, Equinox joined Cognizant to complete the consulting capabilities provided to banks, insurers and asset managers. Cognizant clients now benefit from a global delivery network, innovative digital transformation capabilities and access to a broad range of technology service and expertise. Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com
2 Cognizant Management Consulting Hot topics & key credentials (1/2) Switzerland Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com IFRS 9 After many years of development, the International Accounting Standards Board (IASB) has completed its project to replace the IAS 39 “Financial instruments : Measurement and assessment “ with the IFRS 9 ‘Financial instruments” standards. This standard represents an important reorganization of accounting rules which are applicable to Financial instruments. A new financial asset classification approach is presented and the impairment approach based on the incurred loss model is replaced by a more prospective model of expected losses. The final version of IFRS 9 includes the three phases that contributed to the global thinking:  Phase 1 : Classification and assessment of Financial instruments  Phase 2 : Financial assets impairment  Phase 3 : Hedge accounting (excluding macro coverage) In addition to the assessment of its impact on P&L & balance sheet, companies will need to gather and analyze additional new data required and make impacting changes to systems. Basel III (NSFR, LCR & leverage ratio) & liquidity monitoring ratios With the set-up of Basel III, the committee has enforced the set-up of two minimum standards, and a measure of bank leveraging, aiming at promoting a more resilient banking sector: Liquidity Coverage Ratio - LCR, developed in order to promote the short-term resilience of a bank’s liquidity risk profile by ensuring that it has sufficient high-quality liquid assets (HQLA) to survive a significant stress scenario Net Stable Funding Ratio - NSFR, developed in order to reduce funding risk over a longer time horizon by requiring banks to fund their activities with stable sources of funding in order to mitigate the risk of future funding stress. Leverage ratio- the leverage ratio is a risk independent indicator capturing the global leverage of a bank balance sheet In addition, the Committee has developed a set of liquidity risk monitoring tools to measure other dimensions of a bank’s liquidity and funding risk profile, these tools are supplementary to both the LCR and the NSFR. BCBS 239 & data quality Following 2008 financial crisis, Basel Committee for Banking Supervision has launched a global thinking aiming at fostering data quality in banks in order to improve capability to act sound decisions, both for banks senior management and regulators. Impacts are present at several levels and range from adaptation of IT systems to implementation of dedicated Roles & Responsibilities governance framework aiming at improving data quality governance. Initial deadline was set for January, 1st 2016. However, a global survey conducted by BCBS revealed that due to large IT projects implied in compliance projects, most banks didn’t expect to comply by this date. Large financial institutions have launched projects that are still ongoing. Cultural changes required are now triggered. Benefits of the projects are expected in terms of data accuracy, timely production and risk coverage comprehensiveness thus resulting in higher adaptability and improved response ability in crisis time. PRIIPS Linked to the huge wave of regulations fostering transparency and customer protection, PRIIPS will enter into force in January 2017 for the major part of the investment products (except AIF and UCITS funds for which there is a 3 years deferral period) distributed to retail clients. The objectives of this structuring regulation are to: • Establish uniform rules on transparency at European Union level which will apply to all participants in the PRIIPs market and thereby enhance investor protection (so does MiFID 2) • Set up a common shared standard for the Key Information Documents (KID) in a uniform fashion so as to be able to harmonize their format and content • Rebuild the confidence of retail investors in the financial market, in particular in the aftermath of the financial crisis Financial institutions and Insurance industries have to anticipate the impacts both in the creation of the KID by retrieving the relevant data and performing accurate calculation / consolidation and in its distribution to the distributors. BNPP Wealth management Gap analysis & 1st impact study Crédit Agricole SA Operational impacts & project strategy CA Consumer Finance PMO for global compliance project Our experiences Société Générale Newedge Basel III liquidity framework set-up Crédit Agricole SA Re-engineering of prudential consolidation system BNP BGL Global project for LCR Our experiences BNP Paribas Leasing Solutions Compliance project Global PMO Roles & responsibilities framework Natixis Data dictionary & governance Société Générale – Crédit du Nord Global project strategy definition Our experiences BNP Paribas Securities Services MiFID 2 / PRIIPS project coordination BNP Wealth Management Assistance in the Investor Protection Program aiming at implementing MiFID 2, PRIIPS and local constraints PRIIPS training sessions Our experiences
3 Cognizant Management Consulting Hot topics & key credentials (2/2) Switzerland Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com Wealth Management Corporate & Investment Banking Asset Servicing Specialised Financing Cognizant CMC is a first-rank partner for all major CIBs in Europe, accompanying their CEOs and COOs on their strategy, organization and management issues. Our sustainable relationship with major BFSI actors provides us with a comprehensive knowledge of their key business challenges and help us in aiming to: • Contribute to developing innovation and building the bank of tomorrow • Define and implement operational excellence levers • Reinforce dynamic risk management policies • Conduct core transformation programs within the Group Businesses We have strong CIB sector and function specific capabilities spanning operational strategy (market analysis and benchmarking, TOM, sourcing strategy, digital), regulatory and market changes (MiFID 2, PRIPS, T2S / SWIFT, EMIR, AIFMD, UCITS, CSDR, MMSR for instance) and business and IT transformation (BPO, change management, business integration, operational efficiency) across Financial Institutions’ business domains BP2S and CIB ITO CIB of Tomorrow industrialization Program Derivatives Execution & Clearing Risk & regulatory compliance programs : MiFID 2, IFRS 9, PRIIPS, IFRS9, RADAR (BCBS 239) Our experiences Asset Servicing, encompassing Securities services and Asset management domains, is one of the key development driver for Cognizant CMC in Europe. Our consultants have a strong expertise in accompanying custodian, depositary banks, TA, fund administration and asset managers and are able to manage projects linked with securities and fund services issues. Asset servicers and market infrastructures are particularly impacted today by the current regulatory tsunami. Their business models are indeed deeply questioned due to the rising change in the worldwide Financial services area. We are supporting our clients in rethinking their business models in different domains: • Funds: business development and new product creation / distribution, market study, regulatory alignment (AIFMD, UCITS, S2) and implementation of new management practices to transform the business operating models • Securities: from settlement to custody, we are mainly focusing on 3 major stakes => Target 2 Securities implementation and the European streamlining of Corporate Actions processes, CSDR and Liquidity management models optimisation from sourcing to collateral management process Regulatory expertise and market infrastructure CSDR, T2S, UCITS, EMIR, MMSR TA or Custody migration Process efficiency Transformation programs Our experiences Leasing, factoring and consumer lending are key activities in financial industry. Products provided are highly specific and are thus offered by companies focusing on unique business models. Differentiated risk appetite, use of immaterial collateral and direct owning of goods make these companies quite different from traditional, well established, banks. However, constraints resemble those faced by the industry as a whole:  Ever tighter regulation framework  Lower margins due to stiffer competition from new competitors expanding in specialised markets  Necessity to reinvent business models & become first adopter of digitalization innovations Cognizant Management Consulting has extensive experience & knowledge of specialised financing actors. It has provided assistance not only to central functions such as Risk & Finance in their transformation projects but also to business networks & operations. Natixis Factor Opportunity analysis for Standard vs Advanced credit risk approach Leasing Activiy Review of the provisionning framework Consumer finance Outsourcing strategy deployment & definition of KPI for SLA Our experiences Private Bankers, whether pure-player or part of a larger network, are for some years now not only undergoing strong market pressure due to increased competition but also increased regulatory activity resulting in more regulations and scrutiny. These trends drove banks to focus their projects on 1) compliance with new regulatory texts, 2) cost optimization. With regards to these two axis, Cognizant Management Consulting regulatory expertise & deep business knowledge is a natural key partner to accompany clients in their transformation projects. Our internal workshops & initiatives such « Digital Lab » make sure we remain constantly aware of markets innovation & new constraints. Our Wealth Management capabilities are centered around three key axis:  Facing the regulatory tsunami  Leading large transformation program & global sourcing strategies  Setting the pace Private Banking digitalization French mutual bank Target Operating Mutual for low cost savings products offering Large European bank Client Investment report application Large Mutual bank Set-up of Advisory services Our experiences
We have developed strong sector and function specific competencies covering operational strategy, regulatory and transformational changes across multiple activities and business domains. This makes us uniquely positioned to assist our Clients throughout their transformation journey. 4 Our Swiss-dedicated experts provide Management Consulting services to leading financial institutions across all segments of financial industry (banking sector, asset management & insurance). We help our clients to address their key business and regulatory challenges, in an ever competitive and innovating environment. Our combination of deep industry knowledge, skills and experience allow us to drive client’s business changes successfully by providing unique and adapted solutions to their positioning. Cognizant Management Consulting Swiss Capabilities Switzerland Facing regulatory changes Support business transformation Detect business opportunities, sharpen organization, prepare for next steps Target operating model definition Create new experiences for customers & streamline internal processes Digitalization Improve cost/efficiency ratio along business lines and functions Processes efficiency and reliability Make strategic decisions for out, near & in- sourcing Sourcing strategy Arrange success of your projects through dedicated assistance Change management Key contacts Audrey MIGUEL Partner Finance & Risk Management T. +33 (0)6 11 81 11 54 @ amiguel@equinox-cognizant.com Romain MALOUVIER Associate Director Capital Markets T. +41 (0)79 397 65 30 @ romain.malouvier@cognizant.com Alrick DUPUIS Senior Manager Risk Management T. +41 (0)79 214 87 56 @ alrick.dupuis@cognizant.com Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com

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Cognizant_Introduction to management consulting in Switzerland

  • 1. Originally developing from Equinox, a French management consulting boutique, Cognizant is now launching in Switzerland Management Consulting expertise dedicated to help clients defining their strategy and transforming their business operations, customer relationships and risk management capabilities. Since 2004, core expertise of dedicated teams lay in banking, financial services and insurance. Switzerland Cognizant - Management Consulting capabilities Cognizant Management Consulting capabilities are organized in 5 specialized practices to ensure strong business knowledge and enable consultants getting a high level of expertise in order to deliver the best and to meet our clients needs. 1 Snapshot 2016 In 2008, Cognizant (NASDAQ: CTSH), a leading provider of information technology, business process services for financial industry, life sciences, healthcare and communications expanded its operations in business consulting in order to widen its ability to add value for its clients. Cognizant Business Consulting Focus on Management Consulting 12 Industries +15% Growth 8 000 Consultants 5 Practices +20% Growth 220 Consultants In 2013, Equinox joined Cognizant to complete the consulting capabilities provided to banks, insurers and asset managers. Cognizant clients now benefit from a global delivery network, innovative digital transformation capabilities and access to a broad range of technology service and expertise. Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com
  • 2. 2 Cognizant Management Consulting Hot topics & key credentials (1/2) Switzerland Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com IFRS 9 After many years of development, the International Accounting Standards Board (IASB) has completed its project to replace the IAS 39 “Financial instruments : Measurement and assessment “ with the IFRS 9 ‘Financial instruments” standards. This standard represents an important reorganization of accounting rules which are applicable to Financial instruments. A new financial asset classification approach is presented and the impairment approach based on the incurred loss model is replaced by a more prospective model of expected losses. The final version of IFRS 9 includes the three phases that contributed to the global thinking:  Phase 1 : Classification and assessment of Financial instruments  Phase 2 : Financial assets impairment  Phase 3 : Hedge accounting (excluding macro coverage) In addition to the assessment of its impact on P&L & balance sheet, companies will need to gather and analyze additional new data required and make impacting changes to systems. Basel III (NSFR, LCR & leverage ratio) & liquidity monitoring ratios With the set-up of Basel III, the committee has enforced the set-up of two minimum standards, and a measure of bank leveraging, aiming at promoting a more resilient banking sector: Liquidity Coverage Ratio - LCR, developed in order to promote the short-term resilience of a bank’s liquidity risk profile by ensuring that it has sufficient high-quality liquid assets (HQLA) to survive a significant stress scenario Net Stable Funding Ratio - NSFR, developed in order to reduce funding risk over a longer time horizon by requiring banks to fund their activities with stable sources of funding in order to mitigate the risk of future funding stress. Leverage ratio- the leverage ratio is a risk independent indicator capturing the global leverage of a bank balance sheet In addition, the Committee has developed a set of liquidity risk monitoring tools to measure other dimensions of a bank’s liquidity and funding risk profile, these tools are supplementary to both the LCR and the NSFR. BCBS 239 & data quality Following 2008 financial crisis, Basel Committee for Banking Supervision has launched a global thinking aiming at fostering data quality in banks in order to improve capability to act sound decisions, both for banks senior management and regulators. Impacts are present at several levels and range from adaptation of IT systems to implementation of dedicated Roles & Responsibilities governance framework aiming at improving data quality governance. Initial deadline was set for January, 1st 2016. However, a global survey conducted by BCBS revealed that due to large IT projects implied in compliance projects, most banks didn’t expect to comply by this date. Large financial institutions have launched projects that are still ongoing. Cultural changes required are now triggered. Benefits of the projects are expected in terms of data accuracy, timely production and risk coverage comprehensiveness thus resulting in higher adaptability and improved response ability in crisis time. PRIIPS Linked to the huge wave of regulations fostering transparency and customer protection, PRIIPS will enter into force in January 2017 for the major part of the investment products (except AIF and UCITS funds for which there is a 3 years deferral period) distributed to retail clients. The objectives of this structuring regulation are to: • Establish uniform rules on transparency at European Union level which will apply to all participants in the PRIIPs market and thereby enhance investor protection (so does MiFID 2) • Set up a common shared standard for the Key Information Documents (KID) in a uniform fashion so as to be able to harmonize their format and content • Rebuild the confidence of retail investors in the financial market, in particular in the aftermath of the financial crisis Financial institutions and Insurance industries have to anticipate the impacts both in the creation of the KID by retrieving the relevant data and performing accurate calculation / consolidation and in its distribution to the distributors. BNPP Wealth management Gap analysis & 1st impact study Crédit Agricole SA Operational impacts & project strategy CA Consumer Finance PMO for global compliance project Our experiences Société Générale Newedge Basel III liquidity framework set-up Crédit Agricole SA Re-engineering of prudential consolidation system BNP BGL Global project for LCR Our experiences BNP Paribas Leasing Solutions Compliance project Global PMO Roles & responsibilities framework Natixis Data dictionary & governance Société Générale – Crédit du Nord Global project strategy definition Our experiences BNP Paribas Securities Services MiFID 2 / PRIIPS project coordination BNP Wealth Management Assistance in the Investor Protection Program aiming at implementing MiFID 2, PRIIPS and local constraints PRIIPS training sessions Our experiences
  • 3. 3 Cognizant Management Consulting Hot topics & key credentials (2/2) Switzerland Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com Wealth Management Corporate & Investment Banking Asset Servicing Specialised Financing Cognizant CMC is a first-rank partner for all major CIBs in Europe, accompanying their CEOs and COOs on their strategy, organization and management issues. Our sustainable relationship with major BFSI actors provides us with a comprehensive knowledge of their key business challenges and help us in aiming to: • Contribute to developing innovation and building the bank of tomorrow • Define and implement operational excellence levers • Reinforce dynamic risk management policies • Conduct core transformation programs within the Group Businesses We have strong CIB sector and function specific capabilities spanning operational strategy (market analysis and benchmarking, TOM, sourcing strategy, digital), regulatory and market changes (MiFID 2, PRIPS, T2S / SWIFT, EMIR, AIFMD, UCITS, CSDR, MMSR for instance) and business and IT transformation (BPO, change management, business integration, operational efficiency) across Financial Institutions’ business domains BP2S and CIB ITO CIB of Tomorrow industrialization Program Derivatives Execution & Clearing Risk & regulatory compliance programs : MiFID 2, IFRS 9, PRIIPS, IFRS9, RADAR (BCBS 239) Our experiences Asset Servicing, encompassing Securities services and Asset management domains, is one of the key development driver for Cognizant CMC in Europe. Our consultants have a strong expertise in accompanying custodian, depositary banks, TA, fund administration and asset managers and are able to manage projects linked with securities and fund services issues. Asset servicers and market infrastructures are particularly impacted today by the current regulatory tsunami. Their business models are indeed deeply questioned due to the rising change in the worldwide Financial services area. We are supporting our clients in rethinking their business models in different domains: • Funds: business development and new product creation / distribution, market study, regulatory alignment (AIFMD, UCITS, S2) and implementation of new management practices to transform the business operating models • Securities: from settlement to custody, we are mainly focusing on 3 major stakes => Target 2 Securities implementation and the European streamlining of Corporate Actions processes, CSDR and Liquidity management models optimisation from sourcing to collateral management process Regulatory expertise and market infrastructure CSDR, T2S, UCITS, EMIR, MMSR TA or Custody migration Process efficiency Transformation programs Our experiences Leasing, factoring and consumer lending are key activities in financial industry. Products provided are highly specific and are thus offered by companies focusing on unique business models. Differentiated risk appetite, use of immaterial collateral and direct owning of goods make these companies quite different from traditional, well established, banks. However, constraints resemble those faced by the industry as a whole:  Ever tighter regulation framework  Lower margins due to stiffer competition from new competitors expanding in specialised markets  Necessity to reinvent business models & become first adopter of digitalization innovations Cognizant Management Consulting has extensive experience & knowledge of specialised financing actors. It has provided assistance not only to central functions such as Risk & Finance in their transformation projects but also to business networks & operations. Natixis Factor Opportunity analysis for Standard vs Advanced credit risk approach Leasing Activiy Review of the provisionning framework Consumer finance Outsourcing strategy deployment & definition of KPI for SLA Our experiences Private Bankers, whether pure-player or part of a larger network, are for some years now not only undergoing strong market pressure due to increased competition but also increased regulatory activity resulting in more regulations and scrutiny. These trends drove banks to focus their projects on 1) compliance with new regulatory texts, 2) cost optimization. With regards to these two axis, Cognizant Management Consulting regulatory expertise & deep business knowledge is a natural key partner to accompany clients in their transformation projects. Our internal workshops & initiatives such « Digital Lab » make sure we remain constantly aware of markets innovation & new constraints. Our Wealth Management capabilities are centered around three key axis:  Facing the regulatory tsunami  Leading large transformation program & global sourcing strategies  Setting the pace Private Banking digitalization French mutual bank Target Operating Mutual for low cost savings products offering Large European bank Client Investment report application Large Mutual bank Set-up of Advisory services Our experiences
  • 4. We have developed strong sector and function specific competencies covering operational strategy, regulatory and transformational changes across multiple activities and business domains. This makes us uniquely positioned to assist our Clients throughout their transformation journey. 4 Our Swiss-dedicated experts provide Management Consulting services to leading financial institutions across all segments of financial industry (banking sector, asset management & insurance). We help our clients to address their key business and regulatory challenges, in an ever competitive and innovating environment. Our combination of deep industry knowledge, skills and experience allow us to drive client’s business changes successfully by providing unique and adapted solutions to their positioning. Cognizant Management Consulting Swiss Capabilities Switzerland Facing regulatory changes Support business transformation Detect business opportunities, sharpen organization, prepare for next steps Target operating model definition Create new experiences for customers & streamline internal processes Digitalization Improve cost/efficiency ratio along business lines and functions Processes efficiency and reliability Make strategic decisions for out, near & in- sourcing Sourcing strategy Arrange success of your projects through dedicated assistance Change management Key contacts Audrey MIGUEL Partner Finance & Risk Management T. +33 (0)6 11 81 11 54 @ amiguel@equinox-cognizant.com Romain MALOUVIER Associate Director Capital Markets T. +41 (0)79 397 65 30 @ romain.malouvier@cognizant.com Alrick DUPUIS Senior Manager Risk Management T. +41 (0)79 214 87 56 @ alrick.dupuis@cognizant.com Hohlstrasse 560 8048 Zürich, Switzerland T. +41 (0)44 286 60 70 www.cognizant.com