FCA selects Cognizant as IT partner

The Financial Conduct Authority (FCA), the U.K.’s financial watchdog, has chosen IT and BPO consultancy firm Cognizant to overhaul its core IT applications and quality assurance processes related to its market surveillance, reporting and risk management functions, among others. The three-year contract will have Cognizant develop and implement new software, apply automation across the agency, lead best practices for agile software development, and enhance digital analytics for improved decision making. The FCA regulates conduct of 56,000 financial services companies and financial markets in the U.K. Cognizant’s Financial Services practice is the company’s largest industry segment, and it has clients in North America, Asia Pacific, and Europe.