NEW YORK, May, 17, 2016 – Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today announced that it is adding Mendix, a leading application platform-as-a-service (aPaaS) provider, to its partner ecosystem. Genpact also is launching an innovative solution to help financial institutions standardize model risk processes and more easily adapt to ever-changing business and regulatory requirements.
Genpact is leveraging the Mendix platform to develop agile automation solutions that significantly improve model compliance operations. Genpact’s new offering automates model risk processes and “industrializes” end-to-end compliance operations including model risk validation, ongoing monitoring, and near-real-time performance reporting. The innovative solution is a unique combination of Mendix’s platform for rapid application development and delivery and Genpact’s Lean DigitalSM approach that leverages industry domain knowledge and process expertise, aligning business processes and technology to drive comprehensive enterprise transformation. Designed for adaptability and flexibility, the solution can sit on premise at client data centers or conveniently be delivered from the cloud.
Mendix joins Genpact’s incubation program, a unique Silicon Valley-based partner ecosystem that brings together leading disruptive technology innovators with Genpact’s Lean Digital approach and process expertise. The program takes advantage of Genpact’s extensive client base and market reach to develop solutions that realize practical business outcomes, drawing on Genpact’s deep experience at running operations for global enterprises.
Model risk management is complex, cross-functional work that is increasingly challenged by today’s ever-evolving regulations and changing market volatility. Financial institutions also are often constrained by legacy systems and disjointed operating processes, and can struggle to keep up with expanding compliance concerns.
Managing model risk and governance requires coordination among many stakeholders with interdependent activities including various related spreadsheets, transactional systems, statistical libraries, data repositories, and reporting. Most banks rely upon manual interventions such as measuring and assessing models’ performance both quantitatively and qualitatively, assuring ongoing risk monitoring, effecting changes to models, maintaining audit trails, and generating compliance and management reports.
“The current state of affairs in model risk management is ripe for digital transformation. Our system of engagement for risk management is built as a thin layer that can easily go on top of existing legacy systems. Our solution provides an agile and adaptable platform that captures siloed institutional knowledge and processes dynamically, increases accuracy and efficiency, and keeps the model always current,” said Sanjay Srivastava, senior vice president and chief digital officer, Genpact. “We welcome Mendix to our Silicon Valley-based incubation program, where we run one of the largest sandboxes in the world to effectively pilot, prototype, and implement the best digital technologies.”
Genpact selected the Mendix platform for its ability to support digital innovation initiatives with unprecedented speed and ease. The platform offers a highly abstracted visual development environment, one-click deployment on Cloud Foundry, and microservices support for sharing and reuse of components. Using Mendix, Genpact can rapidly build reusable solution frameworks and easily customize them to each customer’s specific business processes, ensuring fast deployment. Moreover, Mendix ensures that solutions evolve over time with changing client, market, and regulatory requirements.
“We are excited to partner with Genpact because its Lean Digital vision aligns so well with ours to fundamentally transform the enterprise,” said Derek Roos, co-founder and chief executive officer, Mendix. “We look forward to working together to build a reusable library of digital assets that can be applied vertically for specific markets and horizontally across Genpact’s extensive client base.”
This new solution is part of Genpact’s Systems of EngagementTM portfolio, which overlays cloud-based technology on top of clients’ existing systems to transform operations and provide quick, easy implementation and scalability without heavy capital or data center investment, and only minimal technology support.
For more information, see http://www.genpact.com/why-genpact/genpact-lean-digital-innovation-center and www.genpact.com/leandigital.