We offer a framework for investment banks to structure their IT architecture to ensure greater operational efficiency while reducing the overall complexity of the architecture.

1. A Framework for Improving Operational
Efficiency in Investment Banks
Continuing pressure on operating margins is posing a significant
challenge for investment banks. This calls for a holistic approach to
improve operational efficiency while reducing the complexity of the
business and the technology architecture.
Executive Summary
Since the financial crisis of 2008, investment
banks’ (IBs) operating margins have been
narrowing while their expenses have been
rising (see Figure 16, appendix1
). The rising cost
of regulatory compliance and a volatile global
economic environment have added to the woes of
investment banking divisions (IBDs). The growth
of electronic trading, regulatory restrictions on
proprietary trading (as mandated by the Volcker
Rule) and the trading of complex high-margin
products have squeezed operating margins.
Structural issues such as complex operations,
weak corporate governance and inadequate
controls compound the problem.
Cost-cutting measures such as headcount
reduction, offshoring and outsourcing have
helped the IBs in the short term but might not
be enough over the long term. We believe that
sustainable improvement in the cost profile of
these businesses requires a more systematic and
holistic approach.
This paper discusses the key cost and efficiency
challenges facing IBDs. It proposes a compre-
hensive framework for enhancing operational
efficiency by simplifying business processes and
improving IT architecture.
A Framework for Operational
Efficiency
In the current macroeconomic environment,
investment banks face a range of internal and
external challenges (see Figure 1, next page) that
can negatively impact operating margins, opera-
tional risks and operating flexibility.
Figure 2 (next page) defines a solution framework
that can help achieve the two operational
efficiencythemesidentifiedabove.Theframework
is based on the idea that simplified and standard-
cognizant 20-20 insights | may 2016
• Cognizant 20-20 Insights

2. cognizant 20-20 insights 2
ized business processes that are aligned to business strategy can support improvements in technology
architecture and ultimately drive sustained operational efficiency improvements.
As Figure 2 depicts, the framework consists of the following six interrelated steps.
Challenges, Impact Areas and Key Themes
Figure 1
Increased cost of compliance
due to multi-jurisdictional
nature of regulations
Commoditization of existing
products and increased
regulatory scrutiny of high
revenue streams
Misaligned & non-
standard business processes
between front, middle and
back offices
Inflexible and complex
business/IT architecture
Inadequate control mechanisms
and poor data quality
Challenges Impact
Reduced operating
margin
Increased
operational risk
Reduced flexibility
for future changes
Operational Efficiency
Themes
Simplification
of business
processes
Improvement
in IT
architecture
Simplification
o
fBusinessProcesses
Improvementin
IT
Ar
chitecture
STEP 6
Establish well-defined
metrics to measure
operational efficiency
and identify/track risks
and issues that need
attention.
STEP 1
Based on the business
strategy, outline core
business capabilities and
sub-capabilities and
identify target data
flows.
STEP 2
Document the current
state business processes
and data flows for each
entity and product
within the IBD that are
impacted by the
business strategy.
STEP 3
Based on the capability/
business process map,
identify redundancies/
variations/issues across
regions/entities/products
and devise
resolution strategy.
STEP 4
Based on the identified
resolution strategy,
streamline underlying
IT architecture.
Operational
Efficiency
FrameworkSTEP 5
Realign supporting
control model to ensure
timely, efficient
monitoring of data flows.
Solution Framework for IBD Processes and Architecture
Figure 2

3. cognizant 20-20 insights 3
STEP
1
Define Core Business Capabilities and Sub-capabilities Based on Business Strategy and
Identify Target Data Flows
Core capabilities can be defined by logically grouping similar business activities performed within the
IBD. These capabilities can then be divided into sub-capabilities. For example, trade execution and
management is a core capability with sub-capabilities of market connectivity, order management, trade
capture, etc.
Figure 3 provides an example to illustrate Step 1.
STEP
2
Document Current State Business Processes and Data Flows for Each Entity and Product
Impacted by Business Strategy
The current state documentation can be used at the product level to:
• Identify inter-entity variations in functional ownership for each capability. For example, position
management done in trade execution and management for entity A but in operations for entity B.
• Identify duplication in the functional ownership of capabilities within an entity. For example, for an
entity, trade capture process resides in both trade execution and management and operations.
Understanding Business Strategy for Trade Execution & Management (TEM)
Strategic goal: Address key areas of inefficiency and complexity by standardizing TEM capability (data
and processes) for a product across entities and defining a consistent representation of trade model (data
attributes that make up a trade) front to back.
A. Identifying Core Capabilities & Sub-capabilities Impacted by TEM Business Strategy
As the business
strategy focuses on
standardization of
trade management
model, capabilities
and sub-capabilities
which generate and
consume trade data
are considered.
Trade Execution & Management
Market
Connectivity
Trade Lifecycle
Events
Trade Capture
Risk Management
EOD Capture
Operations
Clearing & Settlement
B. Identifying Data Flows Between Sub-capabilities
A target state
mapping of data
flows between sub-
capabilities is created.
For example, trades
and positions data
should flow from TEM
to risk management
in the target state
once the TEM
business strategy is
implemented.
Mapping of
Data of Sub-
capabilities
Trade
Execution &
Management
Risk
Management
Operations
Trade
Capture
EOD Risk Clearing & Settlement
Trade
Execution &
Management
Market
Connectivity
Trades Market Data
Trade
Capture
Trades,
Positions
Trades
Trade
Lifecycle
Events
Trade
Lifecycle
Cash
Trades,
Positions
Asset Servicing
Outcomes
Defining Core Capabilities/Sub-capabilities/Data Flows for Target State
Figure 3
Legend
Business Capability Business Sub-capability Data

4. cognizant 20-20 insights 4
IBDs will typically trade multiple products, and each product will be traded across multiple entities.
As the intention is to standardize the business flows for a product across entities, the current state
mapping process should be documented for each product/entity pair (see Figures 4 and 5).
STEP
3
Identify Redundancies/Variations/Issues Across Regions/Entities/Products and Devise
Resolution Strategy
After defining the target state of the different sub-capabilities and associated data flows, the next step is
to identify issues in the current state for each product. To standardize business processes across entities
and eliminate any redundancies:
• For each product and entity, analyze the current state capability-process map. Focus on those
business processes that can be mapped to multiple business capabilities within an entity. Examine
these processes thoroughly, as they typically indicate either straight through processing (STP) defi-
ciencies between capabilities (e.g., dual keying of trades in trade execution and management, and in
operations) or process redundancies in the existing infrastructure.
Mapping Current State Business Process to Capabilities/Sub-capabilities
Figure 4
Figure 5
Product 1 – Entity A Product 1 – Entity B
Capability Sub-capability Business Process
Trade Execution &
Management
Trade Capture &
Routing
Trade Capture
Trade Booking
Trade Enrichment
Risk Management EOD Risk
P&L Calculation
Position
Management
Risk Methodology
Operations
Clearing &
Settlement
Trade Capture
Trade Enrichment
Capability Sub-capability Business Process
Trade Execution &
Management
Trade Capture &
Routing
Trade Capture
Trade Booking
Trade Enrichment
Position
Management
P&L Calculation
Risk Management EOD Risk Risk Methodology
Operations
Clearing &
Settlement
Trade Capture
Trade Enrichment
Mapping Current State Data Flows Between Sub-capabilities
Product 1 – Entity A Product 1 – Entity B
Mapping
of Data of
Sub-
capabilities
Trade
Execution
& Manage-
ment
Risk
Management
Operations
Trade
Capture
EOD Risk Clearing &
Settlement
Trade
Execution
&
Management
Market
Connectivity
Trades Market Data
Trade
Capture
Trades Trades
Trade
Lifecycle
Events
Trade
Lifecycle
Cash
Trades
Mapping
of Data of
Sub-
capabilities
Trade
Execution
&
Management
Risk Man-
agement
Operations
Trade
Capture
EOD Risk Clearing &
Settlement
Trade
Execution
&
Management
Market
Connectivity
Trades Market
Data
Trade
Capture
Trades,
Positions
Trades
Trade
Lifecycle
Events
Trade
Lifecycle
Cash
Trades,
Positions
Asset
Servicing
Outcomes
Legend
Business Capability Business Sub-capability Data
Legend
Business Capability Business Sub-capability Business Process

5. cognizant 20-20 insights 5
• For each product, compare the capability-process map across entities to pinpoint areas where the
same business process is mapped to different capabilities in different entities. Examine such entity
variations and rectify them for a more standardized business process architecture.
• For each product, compare the target-state and current-state data flows between capabilities to
identify additional or missing data flows. This indicates redundant data or incomplete data flowing
between capabilities that require data enrichment.
Investigating Business Processes Mapped to Multiple Capabilities
to Identify Redundancies
Figure 6
Product 1 – Entity A
Capability Sub-capability Business Process
Trade
Execution &
Management
Trade Capture
& Routing
Trade Capture
Trade Booking
Trade Enrichment
Risk
Management
EOD Risk
P&L Calculation
Position Management
Risk Methodology
Operations
Clearing &
Settlement
Trade Capture
Trade Enrichment
Comparing Capability-Process Map Across Entities for Given Product to
Investigate Inter-entity Variations
Product 1 – Entity A Product 1 – Entity B
Capability Sub-capability Business Process
Trade
Execution &
Management
Trade Capture
& Routing
Trade Capture
Trade Booking
Trade Enrichment
Risk
Management
EOD Risk
Position Management
P&L Calculation
Risk Methodology
Operations
Clearing &
Settlement
Trade Capture
Trade Enrichment
Capability Sub-capability Business Process
Trade
Execution &
Management
Trade Capture
& Routing
Trade Capture
Trade Booking
Trade Enrichment
Position Management
P&L Calculation
Risk
Management
EOD Risk Risk Methodology
Operations
Clearing &
Settlement
Trade Capture
Trade Enrichment
Issues Trade being captured at multiple places Multiple data enrichments by different business functions
Figure 7
Issues Position being calculated by different business functions in different entities
PL calculation being performed by different business functions in different entities

6. cognizant 20-20 insights 6
• Once all the issues have been collated, they must be analyzed to identify the root cause. Based on
the outcome of the root cause analysis, a comprehensive resolution strategy must be defined. The
strategy must not only help simplify business processes but also provide inputs for streamlining the
underlying IT architecture and control framework.
Comparing Current-State and Target-State Data Flows Between
Sub-capabilities to Identify Data Attributes Issues
Product 1 – Current State Product 1 – Target State
Mapping
of Data
of Sub-
capabili-
ties
Trade
Execu-
tion
Manage-
ment
Risk
Manage-
ment
Operations
Trade
Capture
EOD Risk Clearing
Settlement
Trade
Execu-
tion
Manage-
ment
Market
Connec-
tivity
Trades Market
Data
Trade
Capture
Trades Trades
Trade
Lifecycle
Events
Trade
Lifecycle
Cash
Trades
Mapping
of Data of
Sub-capa-
bilities
Trade
Execution
Man-
agement
Risk Man-
agement
Opera-
tions
Trade
Capture
EOD Risk Clearing
Settle-
ment
Trade Ex-
ecution
Manage-
ment
Market
Connec-
tivity
Trades Market
Data
Trade
Capture
Trades,
Positions
Trades
Trade
Lifecycle
Events
Trade
Lifecycle
Cash
Trades,
Positions
Asset
Servicing
Outcomes
Figure 8
Figure 9
Issues Data flow variation between TEM and risk management across current state and target state
Data flow variation between TEM and operations in current and target state
Investigating Issues and Defining Resolution Strategy Based on Root Cause Analysis
Issues Investigation Resolution
Trade capture happening within
multiple functions.
Lack of STP between front and back office; no com-
mon definition of trade between them.
Canonical trade data model
defined and owned by trade
execution management with a
capability to handle all trade life-
cycle events thus removing the
need of back office to capture
trade and generate PL.
Trade lifecycle events captured in back office due to
lack of capability in the front office.
PL calculation being performed
by different business functions in
different entities.
Back office and front office have their own PL view
due to capture of certain lifecycle events in the back.
This leads to increase in reconciliation effort.
Multiple data enrichments by differ-
ent business functions.
Lack of common sourcing of reference data across
functions leading to enrichment of data in multiple
business functions.
Establish data standards with
robust governance.
Position being calculated by differ-
ent business functions in different
entities.
Granularity of position data required varies across
business functions.
Creation of business services
(e.g., position management
services), which can cater to
requirements of various business
functions.
Data flow variations between busi-
ness capabilities across entities.
As per target mapping of data flows between sub-
capabilities, trade management should be sending
positions to risk management.
Golden sources and ownership to
be defined for key data classes
produced or consumed by trade
execution management.
Legend
Business Capability Business Sub Capability Data

7. cognizant 20-20 insights 7
STEP
4
Streamline Underlying IT Architecture Based on Resolution Strategy
Business processes are tightly coupled with the underlying IT architecture, and any change
in the former necessitates realignment of the latter to ensure maximum operational efficiency. As the
resolution strategy identified in Step 3 will impact business processes, it will also affect the supporting
IT architecture. The IT organization will need to understand each proposed item of the strategy, identify
the key changes required to support the strategy and then decide on an implementation approach.
Following are key steps/activities that the IT organization would need to undertake for some of the items
proposed in Figure 9 (previous page).
• Create a canonical trade data model defined and owned by trade execution and management with the
ability to handle all trade lifecycle events.
IT Alignment: Analyze existing trade models within IBD and define a common trade data model
that can accommodate all products and their respective lifecycle events. All systems that are
either producers or consumers of trade-related data will need to implement the new trade data
model. As trade execution and management (TEM) will now be able to capture all trade types and
trade-related lifecycle events, any trade capture functionality in back-office systems must be dis-
continued.
• Establish data standards with robust governance.
IT Alignment: A common messaging standard will need to be agreed upon between TEM and
all consumers of trade-related data. The messaging protocol can be developed internally or an
industry standard protocol such as FIX or FML can be used. The delivery mechanisms (publish/
subscribe or message queue) of the trade data messages must also be agreed upon between TEM
and downstream consumers.
• Create business services that can cater to the requirements of various business functions.
IT Alignment: The creation of shared services supporting a business capability across businesses/
entities aids in reusability of components within the IT architecture. Figure 10 illustrates trade
routing and booking capability as a service that can be used by all businesses and entities within
the IBD.
• Define golden sources and ownership for key data classes produced or consumed by trade execution
and management.
IT Alignment: Enlist the key data classes consumed as part of the trade lifecycle processing and
identify the golden source for each of the data classes together with the target distribution mech-
anism. For each data class, any enrichments happening in systems other than the golden source
must be discontinued. Figure 11 (next page) uses reference data as an example to showcase how
the concept of golden sources can be implemented with delivery through local hubs that act as
data quality monitoring gateways, ensuring any upstream data is quality checked for complete-
ness and accuracy before it is fed to downstream components.
Illustration of a Capability Designed as a Service
Figure 10
Trade Routing Booking Service
MessageBus
Publish
Trade Capture
Application
Invoke
Invoke
Trade Capture
Application
Validation Enrichment Distribution
Subscribe
Subscribe
Desk 1
Desk 2
Acknowledgment
Acknowledgment
Trade
Store 2
Trade
Store 1

8. cognizant 20-20 insights 8
STEP
5
Realign Supporting Control Model to Ensure Efficient Monitoring of Data Flows
Defining robust business and IT operational controls is a must to ensure that all data touch-
points (front to back) are monitored. Cross-functional controls should be emphasized. Any control breaks
such as data SLA breaches and poor quality data must be managed through a well-defined quality
assurance process.
The realignment of a control model can be broken down into the following sequential steps:
• Create a framework by key IT and business representatives to document controls with a defined list
of attributes. Figure 12 highlights some key control attributes that should be a part of the framework.
• Identify and document key controls as per the control framework. Figure 13 (next page) provides an
example for defining controls related to the trade execution and booking process.
• Implement the controls identified in the step above. The design must ensure that each control is
performed as per the frequency defined in a service level agreement and all breaks are reported in
real time. Any break that requires real-time intervention should be handled through a well-defined
exception management process.
Reference Data Sourced from Golden Stores Through Local Hubs
Figure 11
Figure 12
Exception Management
FinanceDataLayer
FrontOfficeDataLayer
Finance
Data Store
Book Data
Golden Store
Client Data
Golden Store
Product Data
Golden Store
Front Office
Data Store
Trade
Capture
Intraday
Risk Systems
PL Analysis
and Posting Tool
PL Adjustment
Tool
Reference Data
Management Layer
Definition
Elaboration of the
rationale behind the
control and what the
control is trying to
achieve.
Risk
Highlight the probable
risk in case the control
is not implemented.
Control Category
Define whether the
control is a business
process control or a
system process/feed
control.
Control Type
What does the control
check (completeness or
accuracy of data)?
Ownership
Identifies the function
that would own the
requirements for the
control.
Scope
Identifies the entities/
businesses/product
lines/products for which
the control is relevant.
Impacted Functions
Identifies those
functions that are
dependent on the
control and need to
know any control
breaks.
Data
The key data classes
affected by the control.
Key Attributes of Control Framework

9. cognizant 20-20 insights 9
STEP
6
Establish Well-Defined Metrics to Measure Operational Efficiency
A sound performance measurement process will be able to link the key metrics to strategy
and therefore the business capabilities defined in Step 1 of the framework. It will enable senior
management to:
• Assess the progress towards achieving the key operational efficiency themes by providing insights
into the efficiency of the systems/processes and the efficacy of the controls in place.
• Detect risks by identifying inefficiencies and highlighting areas that need attention.
Systematic measurement of operational efficiency starts with the definition of metrics that are based on
measurable, specific and actionable parameters. Figure 14 (next page) outlines the essential elements of
a metrics-based approach for operational performance assessment.
Control Definition Example (Trade Booking)
Figure 13
Trade Routing Booking Service
MessageBus
Publish
Trade Capture
Application
Invoke
Invoke
Trade Capture
Application
Order
Management
Venue Market
Connectivity
Validation Enrichment Distribution
Subscribe
Subscribe
Desk 1
Desk 2
Acknowledgment
Acknowledgment
Trade
Store 2
Trade
Store 1
1 2
Controls
Invoke
Control
No.
Definition Risk Control
Category
Control
Type
Ownership Scope Impacted
Functions
Data
Ensure
trade data
is in sync
with exter-
nal sources
Internal and
external
version of
the trade
out of sync
Business Accuracy Trade
business
manage-
ment
All entities/
businesses
trading cash
equities
electroni-
cally
Trade
manage-
ment
Trades
Ensure
trade store
is in sync
with order
manage-
ment store
Integrity
issues
between
pre- and
post-trade
System Complete-
ness
Trade
capture IT
All entities/
businesses
trading cash
equities
electroni-
cally
Trade
manage-
ment
Trades

10. cognizant 20-20 insights 10
Performance assessment must be an iterative process that evolves over time. The metrics must be
periodically reviewed to test their worth and relevance in a dynamic operating environment. Figure 15
illustrates a set of metrics by using the trade enrichment and validation process as an example.
Metrics-Based Approach to Assess Operational Efficiency
• Metrics should be
defined based on
some measurable
parameters.
• It should provide
valuable context
for assessing the
performance of a
specific business
process/function.
• Method of
metrics calcula-
tion (e.g.,
formula).
• Data required to
compute and
source the data.
• Appropriate
business owner.
• Decide on the
format frequency
and method of
reporting (e.g.,
dashboards,
scorecards,
reports, alerts).
• Strategic themes
should be
identified to
ensure that
metrics are
measuring the
progress towards
the themes ( e.g.,
business process
simplification).
• Operational goals
should be specific
and aligned to
the strategic
themes.
• Desired outcomes
should be
quantifiable or
comparable
against any
chosen bench-
mark.
Define Key
Metrics
Develop
Metrics
Computation
Methodology
Establish
Metrics
Reporting
Mechanism
Identify
Strategic
Performance
Themes
Outline
Operational Goals
and Desired
Outcomes
1 2 3 4 5
Figure 14
# Steps to Define Metrics Example
1
Strategic Performance Themes Business process simplification
2
Operational Goals Streamline trade enrichment and validation process
Desired Outcomes Reduction in exceptions handling and manual adjustments
by 60%
3
Metrics Definition M1: Volume of manual adjustments due to cancel/corrected
trades
M2: % of fully enriched trades per product/asset class wise
M3: Daily trade reconciliation breaks between front office
and back office due to incomplete/incorrect reference data
(For example: If the coupon rate on a bond is not set up cor-
rectly in the front office, incorrect trade cash values will be
generated and sent to the back office)
4
Metrics Computation M1: Number cancel/corrected trades (daily) ÷ total number
of trades (daily)
M2: Fully enriched trades per product ÷ total trades per
product
M3: Number of breaks due to reference data issues ÷ total
number of breaks
5
Reporting Daily reports/trendlines to track the improvements over
a period of time
Example to Illustrate Metrics-Based Approach
Figure 15

11. cognizant 20-20 insights 11
Conclusion
We believe sustainable operational efficiency will become a key differentiator for investment banks in
gaining competitive advantage.
The framework proposed above offers benefits of synergy when compared with isolated efforts to
reduce operating costs. Some of the key benefits of adopting this approach are:
• It establishes a clear logical business architecture that is in sync with the business strategy and capa-
bilities, thus ensuring alignment between business and IT.
• It streamlines the IT architecture through rationalization, use of common services and messaging
standards, ensuring reusability and sustained efficiencies.
• It reduces the operational overheads due to manual interventions for resolving discrepancies through
a well-defined data sourcing strategy supported by strong business and IT controls.
We believe that the key requirements to ensure the effective implementation of the solution
framework are:
• Strong sponsorship from senior IBD management.
• A robust governance structure to ensure the implementation aligns with strategic objectives.
• Involvement of cross-functional teams (business and IT) with knowledge of front-to-back processes,
systems and data flows.
• A commitment to spending in the short term to deliver sustainable savings in the long term.
Appendix
Figure 16
FICC revenue Total expenses
Unclassified revenue Equities trading revenueAdvisory and underwriting revenue
Net income
184
148 174 202 151 169 178 181 178 179 185
240
198
88
274
231
202 197
US$b
200 196
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Aggregate Investment Banking Revenue and Expense

12. cognizant 20-20 insights 12
Footnote
1 “UBS Restructuring Shows Need for Banking’s Simpler Future”, Paul J Davies. http://www.wsj.com/
articles/ubs-restructuring-shows-need-for-bankings-simpler-future-heard-on-the-street-1412006159
References
• “Transforming Investment Banks”, Ernst Young. http://www.ey.com/Publication/vwLUAssets/ey-
transforming-investment-banks/$File/ey-transforming-investment-banks.pdf.
• “Investment Banking: Syndetic Solutions to Discordant Challenges”, Grant Thornton Financial Services
Group. http://www.grant-thornton.co.uk/Documents/Investment-Banking-Challenges.pdf.
• “Top 10 Challenges for Investment Banks”, Accenture. http://www.accenture.com/microsite/10-chal-
lenges-investment-banks-2015/Documents/pdfs/AccentureTop10Challenges_2011.pdf.
• “UBS Tells Why it Cut Off a Limb”, Francesco Guerrera. http://www.wsj.com/articles/SB100014241278
87323894704578114863817976002.
• http://uk.reuters.com/article/2015/10/21/uk-credit-suisse-gp-strategy-idUKKCN0SF0AD20151021.

13. About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business
process services, dedicated to helping the world’s leading companies build stronger businesses. Head-
quartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technol-
ogy innovation, deep industry and business process expertise, and a global, collaborative workforce that
embodies the future of work. With over 100 development and delivery centers worldwide and approxi-
mately 233,000 employees as of March 31, 2016, Cognizant is a member of the NASDAQ-100, the SP
500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest
growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
World Headquarters
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Phone: +1 201 801 0233
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Email: inquiry@cognizant.com
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About the Authors
Chris Beer is the Cognizant Business Consulting Lead for Capital Markets in the UK. He has more than
20 years of experience in the European investment banking arena, with a proven track record of creating
sustainable client relationships and successfully delivering complex business advisory and business trans-
formation initiatives. Chris holds an M.B.A. (Distinction) from Nottingham University Business School and
a B.A. (Honors) from Manchester University. He can be reached at Christopher.Beer@cognizant.com |
LinkedIn: https://uk.linkedin.com/in/chris-beer-3390534.
Surajeet Mishra is Manager-Consulting, Capital Markets, within Cognizant’s Banking Financial Services
business unit. He has over nine years of professional experience in the information technology industry,
serving banking and financial services companies across the U.S., Europe and India. Surajeet is a CFA
Level-3 candidate and holds a B.E. in information technology and a post-graduate diploma in management
from XIMB. He can be reached at Surajeet.Mishra@cognizant.com | LinkedIn: http://uk.linkedin.com/in/
surajeetmishra.
Ruchir Mishra is Senior Consultant, Capital Markets, within Cognizant’s Banking Financial Services
business unit. He has nine years of professional experience, working with clients across investment
banking, fund management and OTC clearing. Ruchir is a CFA Level-3 candidate and holds a B.Tech. in
electrical and electronics engineering from NIT Warangal and a post-graduate degree in management
from IIFT, New Delhi. He can be reached at Ruchir.Mishra@cognizant.com | LinkedIn: http://uk.linkedin.
com/in/ruchirmishra.
Arti Dharpure is a Senior Consultant within Cognizant Business Consulting’s Capital Markets Practice.
She has worked with various clients globally in business process consulting, outsourcing and IT consulting
engagements. Arti is a management graduate and has over 10 years of experience in investment banking
and the investment management industry. She can be reached at Arti.Dharpure@cognizant.com | LinkedIn:
https://uk.linkedin.com/in/arti-dharpure-876b5430.
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