Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
It’s no secret that the major reporting regimes – MiFID II, EMIR, MiFIR, REMIT, CSDR, SFTR, FinfraG – have drastically impacted the European financial industry.
The level and volume of new regulations that businesses, firms, providers, and organisations are still adjusting to is only the beginning. Transaction reporting will continue to have a large impact on the infrastructure, resources, and budgets of organisations, providers, firms, and subsidiaries well into the future.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
It’s no secret that the major reporting regimes – MiFID II, EMIR, MiFIR, REMIT, CSDR, SFTR, FinfraG – have drastically impacted the European financial industry.
The level and volume of new regulations that businesses, firms, providers, and organisations are still adjusting to is only the beginning. Transaction reporting will continue to have a large impact on the infrastructure, resources, and budgets of organisations, providers, firms, and subsidiaries well into the future.
Regulators on the Move – Recent Treasury and Comptroller Actions: How They Af...Winston & Strawn LLP
The U.S. Treasury and Comptroller of the Currency recently published reports and announced major initiatives of impact to financial institutions. What should directors know about these initiatives and how do they impact financial institution strategy? This webinar discussed those issues, addressed likely competition from fintech firms, and focused on the following topics:
- U.S. Department of the Treasury report on “Nonbank - Financial, Fintech, and Innovation”
OCC’s fintech charter
- Recent efforts by institutions to eliminate holding company regulations
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/regulators-on-the-move-recent-treasury-and-comptroller-actions-how-they-affect-you.html
Managing Costs Related to Increasing Banking RegulationCognizant
With banks' regulatory compliance challenges only increasing, they must find ways to reduce the associated legal costs, such as by using legal process services providers with experience in handling Know Your Customer (KYC), eDiscovery, foreign bank organizations, Deferred Prosecution Agreements (DFAs), non-prosecution agreements (NPAs), the Dodd-Frank Act and much more.
Proposed amendments to the financial services bill sdj 21 06 12Simon Deane-Johns
A set of amendments I was asked to prepare for a cross-party group of Peers for their review of the Financial Services Bill. Explained further on The Fine Print: http://sdj-thefineprint.blogspot.co.uk/2012/06/innovation-meets-financial-services.html
201502 accenture automatic exchange of information regime an emerging compl...Francisco Calzado
publicación acerca de la norma internacional sobre el intercambio automático de información, elaborada por la OCDE junto con el G20 y la colaboración de la Unión Europea.
Este informe pone de manifiesto los nuevos retos en materia regulatoria a los que se enfrentan las entidades financieras tras la adopción de la norma, con especial foco en el impacto que supondrá el cumplimiento de los requerimientos exigidos por el CRS.
Preparing for the OECD Common Reporting StandardCognizant
Maintaining planogram compliance enables retail organizations to better fulfill consumers' expectations and realize higher returns from their display investments by having the right product in the right place, in the right quantity, at the right price, at the right time.
Special Report: Data Management Implications Of Solvency IIConor Coughlan
This is a special report that Thomson Reuters has sponsored relating to the practical challenges facing practitioners in adhering to Solvency II. This report provides the read with some unique insights into how the industry is dealing with this matter.
if you are working for or connected to an Insurer, Asset Manager, Custodian, Fund Administrator or Prime Broker this will be of interest to you.
Secured Transactions and Collateral Registries ConceptsArmeniaFED
Secured Transactions Reform (STR) in Armenia.
Presented on STR conference, organized by USAID FED program on April 3, 2015
See details here: http://www.armeniafed.com/str-conference
Finatix - The Finance Club of IIM Raipur presents
"Atharva - The Annual Finance Magazine 2018" which is the 4th edition of this kind.
The 4th edition is published with theme "Global FInancial Risks".
Magazine has cover story by Ms.Surbhi Agarwal, Director, HSBC (HK) followed by interview with Ms.Lakshmi Iyer, CIO, Kotak Mahindra AMC.
Apart from this, a national level competition - "Atharva - The Article Writing Competition" - is organized every year by Finatix and top 5 articles selected are printed in this magazine.
This magazine also contains insights of the year 2018 in brief.
Alternative Finance Briefing Paper - Simon Deane-Johns 27 01 12Simon Deane-Johns
Submitted on 27 January 2012 to the UK Government's Red Tape Challenge on Disruptive Business Models (http://www.redtapechallenge.cabinetoffice.gov.uk/themehome/disruptive-business-model/) and the Taskforce on Non-bank Finance (http://www.bis.gov.uk/businessfinance). Related posts are here: http://sdj-thefineprint.blogspot.co.uk/2012/01/submission-on-new-model-for-retail.html
Experience in Supervising Banks and Non-banks Operating through AgentsCGAP
Agent supervision is still an underdeveloped area in the majority of countries with the exception of a few countries that have created comprehensive and detailed supervisory frameworks, encompassing all phases, from licensing to monitoring, from inspections to enforcement.
The majority of countries have not yet fully developed their supervisory procedures to identify and mitigate agent risks, acting on a more reactive and ad-hoc basis.
The approach in supervising agents varies considerably depending on the overall approach taken by supervisors (with some being more intrusive and some more lax in supervising the financial sector)
In the countries where nonbanks (e.g. mobile money providers) have extensive agent networks (e.g. Tanzania), there is disparity in the approach to supervising bank-based vs. nonbank-based agents
Regulators on the Move – Recent Treasury and Comptroller Actions: How They Af...Winston & Strawn LLP
The U.S. Treasury and Comptroller of the Currency recently published reports and announced major initiatives of impact to financial institutions. What should directors know about these initiatives and how do they impact financial institution strategy? This webinar discussed those issues, addressed likely competition from fintech firms, and focused on the following topics:
- U.S. Department of the Treasury report on “Nonbank - Financial, Fintech, and Innovation”
OCC’s fintech charter
- Recent efforts by institutions to eliminate holding company regulations
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/regulators-on-the-move-recent-treasury-and-comptroller-actions-how-they-affect-you.html
Managing Costs Related to Increasing Banking RegulationCognizant
With banks' regulatory compliance challenges only increasing, they must find ways to reduce the associated legal costs, such as by using legal process services providers with experience in handling Know Your Customer (KYC), eDiscovery, foreign bank organizations, Deferred Prosecution Agreements (DFAs), non-prosecution agreements (NPAs), the Dodd-Frank Act and much more.
Proposed amendments to the financial services bill sdj 21 06 12Simon Deane-Johns
A set of amendments I was asked to prepare for a cross-party group of Peers for their review of the Financial Services Bill. Explained further on The Fine Print: http://sdj-thefineprint.blogspot.co.uk/2012/06/innovation-meets-financial-services.html
201502 accenture automatic exchange of information regime an emerging compl...Francisco Calzado
publicación acerca de la norma internacional sobre el intercambio automático de información, elaborada por la OCDE junto con el G20 y la colaboración de la Unión Europea.
Este informe pone de manifiesto los nuevos retos en materia regulatoria a los que se enfrentan las entidades financieras tras la adopción de la norma, con especial foco en el impacto que supondrá el cumplimiento de los requerimientos exigidos por el CRS.
Preparing for the OECD Common Reporting StandardCognizant
Maintaining planogram compliance enables retail organizations to better fulfill consumers' expectations and realize higher returns from their display investments by having the right product in the right place, in the right quantity, at the right price, at the right time.
Special Report: Data Management Implications Of Solvency IIConor Coughlan
This is a special report that Thomson Reuters has sponsored relating to the practical challenges facing practitioners in adhering to Solvency II. This report provides the read with some unique insights into how the industry is dealing with this matter.
if you are working for or connected to an Insurer, Asset Manager, Custodian, Fund Administrator or Prime Broker this will be of interest to you.
Secured Transactions and Collateral Registries ConceptsArmeniaFED
Secured Transactions Reform (STR) in Armenia.
Presented on STR conference, organized by USAID FED program on April 3, 2015
See details here: http://www.armeniafed.com/str-conference
Finatix - The Finance Club of IIM Raipur presents
"Atharva - The Annual Finance Magazine 2018" which is the 4th edition of this kind.
The 4th edition is published with theme "Global FInancial Risks".
Magazine has cover story by Ms.Surbhi Agarwal, Director, HSBC (HK) followed by interview with Ms.Lakshmi Iyer, CIO, Kotak Mahindra AMC.
Apart from this, a national level competition - "Atharva - The Article Writing Competition" - is organized every year by Finatix and top 5 articles selected are printed in this magazine.
This magazine also contains insights of the year 2018 in brief.
Alternative Finance Briefing Paper - Simon Deane-Johns 27 01 12Simon Deane-Johns
Submitted on 27 January 2012 to the UK Government's Red Tape Challenge on Disruptive Business Models (http://www.redtapechallenge.cabinetoffice.gov.uk/themehome/disruptive-business-model/) and the Taskforce on Non-bank Finance (http://www.bis.gov.uk/businessfinance). Related posts are here: http://sdj-thefineprint.blogspot.co.uk/2012/01/submission-on-new-model-for-retail.html
Experience in Supervising Banks and Non-banks Operating through AgentsCGAP
Agent supervision is still an underdeveloped area in the majority of countries with the exception of a few countries that have created comprehensive and detailed supervisory frameworks, encompassing all phases, from licensing to monitoring, from inspections to enforcement.
The majority of countries have not yet fully developed their supervisory procedures to identify and mitigate agent risks, acting on a more reactive and ad-hoc basis.
The approach in supervising agents varies considerably depending on the overall approach taken by supervisors (with some being more intrusive and some more lax in supervising the financial sector)
In the countries where nonbanks (e.g. mobile money providers) have extensive agent networks (e.g. Tanzania), there is disparity in the approach to supervising bank-based vs. nonbank-based agents
Dodd-Frank's Impact on Regulatory ReportingHEXANIKA
We previously analyzed how Dodd-Frank and how the new regulations have impacted large banks as well as midsize and small banks. This time, we will look at how the law meant to address one issue (avoid a financial meltdown similar to 2008) might have created other challenges for banks – the most important one that of regulatory reporting:
#RegReporting is a tough nut to crack! In his recent blog, Prakash Jalihal writes on why the process has become so complicated and explains how HEXANIKA can streamline Regulatory Reporting for banks using #BigData technology:
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
"To address the multiple challenges of regulation, banks need to establish a scalable, flexible, sustainable and integrated platform with proven capabilities in data management, reporting and automation." Learn how Reporting Dictionaries are able to improve compliance by reading the White Paper.
Data Quality in the Banking Industry: Turning Regulatory Compliance into Busi...Precisely
During the last 15 years, regulatory requirements in financial services have grown substantially in order to reduce the risk of global, systemic economic failure. Quality data provided through effective data governance and data quality processes is central to achieving effective compliance reporting. Not only does data quality help ensure accurate reporting, but successful compliance significantly enhances other business decisions which rely on high quality data.
This webinar looks at the ramp up in reporting complexity, how successful compliance is linked to data governance and data quality, and how data quality helps empower financial institutions to make better decisions to increase revenue and decrease expense.
View this webinar on-demand for a discussion on:
• Tracing the background for regulatory reporting and key financial regulations
• Understanding how data quality helps institutions succeed with regulatory reporting compliance
• How regulatory reporting improves data for other business decisions
• How financial institutions leverage Trillium DQ to deliver quality data
AI applications in financial compliance An overview.pdfChristopherTHyatt
AI applications in financial compliance revolutionize regulatory oversight by automating tasks like anti-money laundering (AML) and Know Your Customer (KYC) protocols. Machine learning algorithms analyze vast datasets to detect anomalies and ensure regulatory compliance. By streamlining processes and enhancing accuracy, AI empowers institutions to navigate complex regulatory frameworks with confidence and efficiency.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
A Summary of Top 28 areas covered by EC Proposed Regulation for CRR, CRD IV and Basel III Regulatory Compliance and Implementation of the proposal: A publication by James Jeffrey Okarimia
Partner at RM associates: Partners in Enterprise Risk Managements
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
Broker-Dealer Outsourcing: Key Regulatory Issues and Strategies for ComplianceBroadridge
Due to the efficiencies and economics of outsourcing, broker-dealers are relying more and more on outsourcing for a broader range of tasks. However, because of new and stricter regulations, outsourcing presents ever-growing compliance and oversight challenges. This paper explores how to retain regulatory controls while gaining the maximum benefit from outsourcing.
Similar to Technology Facilitating the Regulatory Reporting (20)
Q2 Highlights:
Revenues grew 19% YonY and 8.2% QonQ
Profit after taxes were up 12.2% YonY and 17.0% QonQ
Order intake of US$ 176 mn, marking the 10th consecutive quarter of sequential increase in order intake
The Board recommends an interim dividend of Rs 10 per share as interim dividend. The record date for this payout will be 5th November 2019.
Consolidated revenues for the quarter under review grew 19.0% over the same period last year and 8.2% sequentially over the preceding quarter to Rs 1038.5 crore. EBITDA margin for the quarter expanded to 18.3%, up 118 basis points QoQ.
Among verticals, Insurance grew 15.3% QonQ contributing 31.1% of overall revenues, BFS expanded 9.4% QonQ contributing to 16.7% of revenue, and Travel Transport and Hospitality (TTH) was up 5.8% QonQ contributing to 27.8% of revenue. Other segments collectively grew 0.8% QonQ and they now represent 24.4% of overall revenues.
Digital revenues grew by 56% YoY and 18% QoQ, contributing to 38% of the total revenues in the quarter under review. Americas, EMEA, APAC and India contributed 49%, 37%, 10% and 4% of the revenue mix.
Fresh business of US$176mn was secured by the company during the quarter. As a result, the order book executable over the next twelve months has also increased to US$405mn.
“We have delivered robust revenue and margin performance yet again in line with our stated intent to drive robust, predictable and profitable growth for our business. The fundamentals of the business continue to be strong, as reflected in the sustained deal wins and the operating margin threshold that we have established,” said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
Acknowledgements:
A TBR Perspective on Transform at the intersect - NIIT Technologies and the near future of Digital and Post-digital Transformation
A special blog by NelsonHall on how NIIT Technologies Delivers Digital Transformation with Capacity & Capability at Speed and Scale
HfS Research PoV on Change the game with verticalized AI: NIIT Technologies’ unique play as a post-digital firm
Q1 Highlights:
Revenues grew 16.7% YoY.
Profit after taxes up 2.0% YoY on reported basis, up 17.3% YoY after adjusting for non-recurring expenses.
Order intake of US$ 175 mn, marking the 9th consecutive quarter of sequential increase in order intake.
The quarter under review had one-time non-recurring expenses of Rs. 235 mn translating to a negative impact of 240 bps. Adjusted for that, the EBITDA margin for the quarter stood at 16.9%, an expansion of 103 basis points YoY, and PAT increased 17.3% YoY to Rs 100.6 crore.
In constant currency terms, BFS expanded 2.8% QoQ contributing to 16.5% of revenue, Travel & Transportation (TT) was up 5.9% QoQ contributing to 28.3% of revenue and Insurance grew 6.6% QoQ contributing 29.1% of overall revenues. Others segments collectively grew 1.5% QoQ and they now represent 27.0% of overall revenues.
Digital revenues grew 46% YoY contributing to 34% of the total revenues. Americas, EMEA, APAC and India contributed 49%, 35%, 11% and 5% of the revenue mix.
The Company secured fresh business of US$175mn during the quarter. The order executable over the next twelve months has also increased to US$395mn.
“We registered a good performance in Q1FY20 and the fundamentals of the business are strong,” said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
Acknowledgements:
NIIT Technologies ranked #1 in ‘Business Understanding’ for the second consecutive year in ‘Whitelane’s 2019 UK IT Sourcing Study’.
NIIT Technologies named as a Leader among midsize agile software development service providers, by Forrester Research Inc., an independent research and advisory firm, in their report, The Forrester WaveTM: Midsize Agile Software Development Service Providers, Q2 2019.
NIIT Technologies companies Incessant Technologies and RuleTek received Pega Partner Award 2019 for ‘Excellence in Growth and Delivery’.
FY’19 Key Highlights
• Revenues expand 22.9%
• Operating profit up 28.7%
• Operating margin improved 80 bps to 17.6%
• Net Profits improved by 43.9%
• Cumulative order intake for the year is USD 646 MN. Up 27% over previous year
FY’19 Geo mix
Americas- 49%
EMEA-33%
India-8%
APAC- 10%
FY’19 Industry mix
Insurance- 28.7%
BFS- 16.1%
Travel & Transportation- 26.9%
Leadership Speaks
“FY 19 was one of the most successful years in our firm’s history. Not only did we deliver very significant growth but we also increased operating margin simultaneously. Our strategy of transforming the three industries we serve at their intersection with emerging technologies continues to differentiate and drive growth.”
Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
“The year was characterized by strong deal momentum. Order intake improved steadily in each quarter with large deal wins and new logo additions. USD 170 m of fresh business was secured during the quarter”.
Mr. Arvind Thakur, Vice Chairman and Managing Director, NIIT Technologies Ltd.
“With strong leadership in place, the platform is set for our next phase of growth”.
Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
Acknowledgements
• Recognized in the Best of The Global Outsourcing 100® list produced by IAOP
• Positioned as a Leader in the NelsonHall NEAT Report for RPA & AI in Banking 2019
Q2 FY19 PAT up 66.3% YoY
Q2 Highlights:
• Revenues up 23.1% YoY and 10.0% QoQ
• Strong improvement in Operating Profits, by 37.2% YoY and 25.1% QoQ
• Operating Margins expand by 186 bps YoY and 217 bps QoQ
• Fresh Order Intake expands to USD 160 Mn
NIIT Technologies delivers robust 145% growth in PAT for FY’16NIIT Technologies
NIIT Technologies Limited, a leading global IT solutions organization, announced its financial results for the year FY15-16 resulting in revenues of `2,682 Crores, operating profits at `473 Crores and net profits at `280 Crores.
4 factors to consider before finalizing a Cargo Management SystemNIIT Technologies
With a gradual increase in the air cargo traffic year on year, most airlines and cargo handling companies are increasingly facing challenges in cargo management. Cargo handling has become extremely complex and unpredictable, involving multiple stakeholders with multi-warehouse operations in a multi-location environment. An efficient cargo management system can enhance service capabilities and significantly improve customer experience, while saving precious time and money, especially at the time when the industry faces an uphill battle to restore competitiveness and increase its share of trade growth.
Unlock value potential from Cargo Management OperationsNIIT Technologies
Cargo Management Systems are beneficial in times where quantity of cargo and burden on infrastructure has increased. The improved cargo turnaround rate, easy integration with system landscapes and partner networks make it an effective solution.
New Distribution Capability benefits and challengesNIIT Technologies
Is NDC (New Distribution Capability) in Airlines a norm or a phenomenon?
Explore the benefits and challenges of New Distribution Capability: goo.gl/K5n5wO
Discover Palmer, Puerto Rico, through an immersive cultural tour that unveils its rich history and vibrant traditions. Experience lively festivals, savor authentic cuisine, and explore local markets. Visit historical landmarks, museums, and stunning colonial architecture. Engage with friendly locals, enjoy live music, and hike scenic nature trails, all while participating in cultural workshops and discovering unique artisan crafts.
The Cherry Blossom season in Hunza begins in the second week of March and lasts until the end of April, varying with altitude. During this enchanting period, tourists from around the world flock to Hunza Valley to witness its transformation into a vibrant tapestry of white, pink, and green. The valley comes alive with cherry blossoms, creating a picturesque and mesmerizing landscape that captivates visitors.
About the Company:
The Cherry Blossom season in Hunza starts in the second week of March and extends until the end of April, depending on the altitude. During this enchanting period, tourists from around the globe travel to Hunza Valley to witness its transformation into a vibrant tapestry of white, pink, and green. The valley comes alive with cherry blossoms, creating a picturesque and mesmerizing landscape that captivates all who visit. For the best experience, join Hunza Adventure Tours, the top tour company in Pakistan, and immerse yourself in this breathtaking seasonal spectacle.
London Country Tours, the foremost travel partner offers customized Stonehenge tours from London coming with private tour guides and direct access to the inner circles. Visit: https://www.londoncountrytours.co.uk/tour/tours-to-stonehenge-oxford/
How To Change Name On Volaris Ticket.pdfnamechange763
How to change name on Volaris ticket? This is one of the most common questions asked by travelers flying with Volaris Airlines. The mentioned details can help you with your name rectification on the airline ticket. If you are still facing difficulties call the consolidation desk at +1-800-865-1848.
During the coldest months, Italy transforms into a winter wonderland, providing visitors with a very unique experience. From the Settimana Bianca ski event to the lively Carnevale celebrations, Italy's winter festivities provide something for everyone. Enjoy hot cocoa, eat hearty comfort foods, and buy during winter deals. Explore the country's rich cultural past by participating in Settimana Bianca, and Carnevale, sipping hot chocolate, shopping during winter deals, and indulging in winter comfort foods. Visit our website https://timeforsicily.com/ for more information.
MC INTERNATIONALS | TRAVEL COMPANY IN JHANGAshBhatt4
Experience the world with MC Internationals travel and tourism. From foreign getways to cultural concentration, we tailor unforgettable journeys for every traveler. Let us turn your dream into reality and create lasting memories. Explore with us today. #TRAVEL,COMPANY #BEST,TRAVEL,COMPANY #VISIT,VISA #EMPLOYMENT,VISA #STUDY,VISA #HAJJ,AND,UMRAH
Antarctica- Icy wilderness of extremes and wondertahreemzahra82
In this presentation, we delve into the captivating realm of Antarctica, Earth's southernmost continent. This icy wilderness stands as a testament to extremes, with record-breaking cold temperatures and vast expanses of pristine ice. Antarctica's landscape is dominated by towering glaciers, colossal icebergs, and expansive ice shelves. Yet, amidst this frozen expanse, a rich tapestry of unique wildlife thrives, including penguins, seals, and seabirds, all finely attuned to survive in this harsh environment. Beyond its natural wonders, Antarctica also serves as a vital hub for scientific exploration, providing invaluable insights into climate change and the Earth's history
4 DAYS MASAI MARA WILDEBEEST MIGRATION SAFARI TOUR PACKAGE KENYABush Troop Safari
Join our 4-day Masai Mara Wildebeest Migration Safari in Kenya. Witness the incredible wildebeest migration, enjoy exciting game drives, and stay in comfortable lodges. Get up close and personal with one of nature's most amazing exhibits! Book Your Safari Today at - https://bushtroop-safaris.com/
TRAVEL TO MT. RWENZORI NATIONAL PARK WITH NILE ABENTEUER SAFARIS.docxnileabenteuersafaris
Let’s explore the captivating Rwenzori Mountains National Park in Uganda with Nile Abenteuer Safaris. This UNESCO World Heritage Site, also known as the “Mountains of the Moon,” offers unparalleled beauty and diverse ecosystems. 🌿🏔️
Key Features of Rwenzori Mountains National Park:
Majestic Peaks:
Mount Rwenzori, Africa’s third-highest peak, dominates the landscape. Its snow-capped summits and glacier-draped slopes provide a challenging yet rewarding adventure for trekkers and climbers.
Ascending these peaks allows you to witness breathtaking vistas and experience the thrill of high-altitude trekking.
Biodiversity:
Explore the park’s rich biodiversity, which includes montane forests, alpine meadows, and towering cliffs.
Encounter rare and endemic species such as the Rwenzori turaco, Rwenzori red duiker, and Rwenzori three-horned chameleon.
Trekking Trails:
Embark on immersive trekking experiences along a network of trails. Choose from leisurely walks to multi-day expeditions.
Traverse verdant valleys, moss-draped forests, and marvel at cascading waterfalls as you ascend toward the summit.
Cultural Heritage:
Engage with local communities of the Bakonjo and Bamba people. Gain insight into their traditional way of life and cultural practices.
Discover the rich history and folklore surrounding the Rwenzori Mountains.
Planning Your Visit:
Trekking and Climbing:
Select from various trekking routes tailored to different skill levels and durations.
Experienced guides and porters ensure a safe and enjoyable journey to the summit.
Wildlife Viewing:
Embark on guided nature walks to spot diverse wildlife, including primates, birds, and endemic plant species.
Keep an eye out for the Rwenzori hyrax, blue monkeys, and various bird species.
Accommodation:
Rest and rejuvenate in comfortable lodges, campsites, and guesthouses within and around the park.
Experience warm hospitality amidst the tranquility of nature.
Conservation:
Support conservation efforts by adhering to park regulations and practicing responsible tourism.
Your visit contributes to preserving this pristine wilderness for future generations.
Embark on an Unforgettable Adventure:
Whether you seek the thrill of summiting Africa’s legendary peaks or the serenity of exploring remote landscapes, Mount Rwenzori promises an unforgettable journey into the heart of nature’s majesty. Start planning your expedition today and unlock the secrets of this captivating natural wonder!
Visit
https://nileabenteuer.com/tour_destination/mount-rwenzori-national-park/
https://www.rwenzoriexpeditions.com/treks/rwenzoris-gorilla-trek/
For more information;
WhatsApp: +256 752 397520
Email: info@nileabenteuer.com
Website: www.nileabenteuer.com
Discover the wonders of the Wenatchee River with a variety of river tours in Monitor, WA. Whether you're seeking thrilling whitewater rafting, peaceful kayaking, family-friendly float trips, or scenic sunset cruises, there's something for everyone. Enjoy fishing, wildlife spotting, bird watching, and more in this beautiful natural setting, perfect for outdoor enthusiasts and families alike.
Its running cost is among the diverse vital aspects you must consider before buying an electric scooter. Calculate the cost of getting e-scooter charge for your regular usage to calculate its economic efficiency, similar to people who investigate the mileage of petrol or diesel-driven scooters.
Exploring Montreal's Artistic Heritage Top Art Galleries and Museums to VisitSpade & Palacio Tours
Montreal boasts a vibrant artistic heritage, showcased in its top art galleries and museums. From the expansive collections at the Montreal Museum of Fine Arts to the cutting-edge exhibits at the Musée d'art contemporain, discover the city's rich cultural landscape. Experience dynamic street art, indigenous works, and contemporary pieces, reflecting Montreal's diverse and innovative art scene.
2. CONTENTS
Executive Summary
3
Key Regulations and Trends
3
FATCA
3
Dodd Frank Act
4
BASEL III
5
FINRA
6
AML
6
KYC
7
Markets in Financial Instruments Directive (MiFID)
7
Emergency Economic Stabilization ACT (EESA)
8
Challenges & Implications of Regulations on the Capital Markets
8
Technology and Regulatory Reporting Compliance
9
Conclusion
9
3. INVESTMENT
FINANCE
CAPITAL
BANKING
INVESTMENT
WEALTH
FINAANCE
MARKET
INVESTMENT FINANCE
CARGO CAPITAL
ECONOMICS
FINANCE
REVENUE
REVENUE
MATKET
INVESTMENT CAPITAL
CAPITAL ECONOMICS
MARKET
FINANCE
Executive Summary
Key Regulations and Trends
Regulators face extreme challenges of collecting, processing
After the financial catastrophe in 2007-08, there was a need to
and
accurately.
bring changes in the regulatory system. Some of the key
Ever-expanding regulatory initiatives such as Dodd Frank Wall
regulations that brought sweeping changes in the regulatory
Street Reform and Consumer Protection Act, BASEL III, AML
system are:
reporting
information
efficiently
and
etc. and increased demands to report more at a time
exacerbate these challenges. These regulatory initiatives, thus,
FATCA
makes it imperative for the firms to improve the value of
Foreign Account Tax Compliance Act (FATCA) is not just a
information collected and reported and manage change
regulation or a compliance requirement; rather it is a compliance
effectively with the changing economic environment.
that covers the entire banking value chain. It was enacted in
March 2010 and is intended to prevent tax evasion by U.S.
taxpayers, through the use of offshore accounts. This compliance
from the U.S. requires U.S. clients to report their financial
Repor Preparationt
Analytics and Review
accounts held overseas and foreign financial institutions to the
Internal Revenue Service (IRS) about their American clients.
FATCA taxes U.S. citizens and residents on the worldwide
income. However, if a person is working in a foreign country then
FATCA gives a flexibility to exclude a limited amount of foreign
Figure 1: Data based on Federal Reserve Suggestion
income from the total income.
Over the past several years, external reporting requirements
All non-financial intermediaries and agents owning or holding U.S.
continue to evolve with numerous new laws, regulations and
investments will have to fulfill information reporting and disclosure
regulatory expectations. In order to provide transparency within
requirements of FATCA from January 2014. This U.S. legislation
the financial system banks and financial institutions must
will impact tax functions, technology systems, operations, and
automate regulatory reporting process to deliver data quality and
business strategy of an organization.
accuracy. According to a survey in 2012, 25% banks have
automated regulatory reporting process while 75% still have
Key Highlights
manual or partially automated regulatory environment.
• Harmonize with inter-governmental agreements
• Relax documentation and due diligence requirements
This paper elucidates key regulations and trends and how
technology can help financial institutions in complying with
• Liberalization of requirements for retirement funds and savings
accounts
regulatory reporting.
• Limited relief for FFIs.
3
4. Technology and Compliance
Financial institutions must make significant changes in technology
to consolidate and automate processes and procedures before
implementing and complying with FATCA. They must reassess the
As of July 1 2013
Missed
Deadline:
Proposed, 111
Future
Deadline: Not
Proposed, 63
Future
Deadline:
Proposed, 5
current state of the systems and operations, conduct gap
analysis, develop action plans and evaluate the legal entities to
determine whether they have been covered by FATCA or not.
Data mining data help minimize the number of time information
is needed from the client for data analysis. Many technology
companies use business intelligence tools to customize
Missed
Deadline: Not
Proposed, 64
Finalized, 155
different types of data analysis. An important type of data
analysis for FATCA is link analysis. Link analysis enables clients
to bring together disparate data. Technology can be used to
find out common elements from the disparate data available;
Figure 2: DFA Rulemaking progress as on July 1, 2013
allowing financial institutions to connect and group data to a
centralized place. Technology also helps in data sharing and
automating data masking.
Dodd Frank Act
The Dodd–Frank Wall Street Reform and Consumer Protection Act
brought significant changes to financial regulation in the United
States. In order to protect unsuspecting borrowers against
abusive lending and mortgage practices, Dodd Frank Act
established federal financial regulatory agencies and financial
services industry to monitor banking practices and troubled
financial institutions. It contains roughly 1,500 provisions, including
about 398 rule-making requirements.
Key Highlights
• Protect U.S. citizens from abusive financial service practices
• Finish the “too-big-too-fail” concept to ensure that the
taxpayers don’t have to bear the consequences of the failure of
financial institutions
• Ensure advanced warning systems are created in order to deal
with future economic crisis
• Bring transparency in derivatives and instruments market and
don’t create havoc in the future
• Increase accountability of credit rating agencies for debt
instruments
• Ensure top executives decisions are aligned with interest of the
Regulatory activity on Dodd Frank in 2013 will include:
financial institution.
• Financial Stability Reform
• Resolution Planning
• Securitization Reforms
• Derivates Regulation
• Investor Protection Reform
• Credit Rating Agency Reform
• Volcker Rule
• Compensation, Corporate Governance and Disclosure
• Capital Requirements
• Foreign Bank Regulation
• Consumer Protection Reform
Technology and Compliance
Dodd Frank Act impacts different lines of business in the financial
services industry. To comply with Dodd Frank’s rules efficiently and
effectively, technology firms must assess the new rules and
regulations, tools and processes it currently has and build new IT
systems integrating old processes within the existing platforms.
New IT systems will contain measurable, transparent and
predictable processes that reduce costs across the different
business lines.
• Origin of Mortgage and its Servicing
• Specialized Corporate Disclosures.
4
5. Technology firms must
• implement pre-trade compliance checks enforcing system
restrictions
• rationalize and consolidate to achieve true copy of the data and
support regulatory reporting.
Financial institutions must place special emphasis on data
management, business intelligence, risk analytics and knowledge
management.
Figure 3: Basel III Phase in Arrangements
BASEL III
Key Highlights
Basel III builds on Basel I and Basel II documents by the Basel
• Improve the financial institutions ability to deal with issues
Committee on Banking Supervision. Basel III enhanced the
banking regulatory framework and dealt with financial and
economic stress, risk management, liquidity in the market and
arising from financial and economic stress
• Improve risk management and governance
• Strengthen banks transparency and disclosures
banks transparency. The two liquidity ratios – the short-term
Liquidity Coverage Ratio (LCR) and the longer-term Net Stable
Funding Ratio (NSFR) increases the high-quality liquid assets of
banks and obtains stable sources of funding. These liquidity
ratios ensures adherence to sound principles of liquidity risk
management.
Technology and Compliance
All technology firms must focus on improving data management
practices which requires financial institutions to aggregate,
standardize and analyze data to derive high quality information.
When the data management levels as required by Basel III are
LCR will incorporate amendments in expansion of the assets
considered as High Quality Liquid Assets (HQLA) and net cash
achieved, technology firms need to deploy advanced analytics
to achieve process efficiency.
outflows to reflect experience in times of stress. The new LCR will
be implemented in a phased manner starting January, 2015.
Implementing LCR on an ongoing basis help monitor and manage
liquidity risk. An LCR of 60% should be maintained in the first year
of its implementation; gradually climbing by 10% each year until it
is implemented at 100% in January, 2019.
In the past, data was managed in silos. To comply with Basel III,
financial institutions need to manage the quality of the data
extracted from the aging infrastructures. There is a need for IT
systems to be developed that produce and manage consistent,
accurate and true copy of the data from disparate systems. The IT
infrastructure should be flexible and robust enough to quickly
integrate data from disparate systems and build quick interfaces.
5
6. FINRA
AML came into effect after the formation of Financial Action Task
The Financial Industry Regulatory Authority (FINRA) is a self
Force (FATF) - an intergovernmental body, and anti-money
regulatory organization that oversees financial regulations of
laundering standards. Due to new government regulations and
member brokerage firms and exchange markets. It offers
ever evolving laundering techniques AML compliance departments
regulatory services to all security firms that publicly do business,
always struggle to stay ahead of the constant change.
and organizations that offer professional training, testing, and
licensing of registered persons, arbitration and mediation, market
New Anti-Money Laundering and Countering of Financing of
regulation by contract for the NYSE, the NASDAQ Stock Market,
Terrorism (AML/CFT) will undergo a makeover effective from the
Inc., the American Stock Exchange LLC, and the International
end of June. The following amendments will be made to the AML
Securities Exchange, LLC; and industry utilities, such as Trade
regulation:
Reporting Facilities and other over-the-counter operations.
1) Amendments to the ordinary course of business exemption that
currently applies to accountants and others will now include
FINRA uses internet, media and public forums to help investors
director, employee, agent or other person.
build financial knowledge. It also provides essential tools to better
understand the market and principles of investing. In 2013, FINRA
2) New Regulation 5A will require enhanced customer due
will consider the following products and investments for heightened
diligence to be undertaken for transactions requiring suspicious
scrutiny: Business Development Corporations, Leveraged Loan
transaction report.
Products, Commercial Mortgaged-Backed Securities, High Yield
Debt, Structured Products, Exchange Trade Notes, Non-Traded
REITs and Closed Funds.
3) Changes will be made to the customer due diligence exemption
and will be extended to client funds account.
Key Highlights
Technology and Compliance
• Regulates trading in equities, corporate bonds, security futures
Financial institutions are reacting to regulatory demands and
• Licenses individuals and admits firms to the industry, writes rules
to govern their behavior and examines them for regulatory
compliance
• Sells regulatory products and services to stock markets and
exchanges
• Provides educational and qualification examinations.
investing in automated systems that can monitor every single
financial transaction, discover unusual behavior and discover
transactions that seem to be a money laundering transaction.
Automated systems leverage data from disparate systems and
can help verify new customer identities and perform link analysis
in order to understand the background of the customer. These
systems must learn and adapt to the situations while analyzing
client profile and their transactions improving cost and
Technology and Compliance
operational efficiencies.
With FINRA clearly stating its social media guidelines, financial
institutions must look out for firms that can help them establish a
Financial institutions look for technology firms that can provide
strong social media policy that evolves as industry regulations and
technology platforms based on the product and risk specific
technology changes. The organization before building a social
requirements. There is no need to replace existing systems. The
media policy must find out the social media platforms aligned with
new platforms must integrate tightly with the existing applications
the business goals.
maximizing previous technology investments. The platform
designed must be agile enough to change as risks and rules
AML
changes. Changes may include product changes, mergers and
Anti Money Laundering Laws (AML) is a set of procedures, laws or
acquisitions, and financial organization working in a new
regulations used in the financial and legal industries to prevent,
geography. Maintaining these new systems help in achieving cost
detect and report illegal money laundering actions. According to a
efficiencies, and customer satisfaction.
survey in 2012, 41% organizations have integrated AML in the
business strategy of new products/services.
6
7. KYC
financial transparency and protect consumers in the field of
KYC regulation is important for both financial institutions and
investment services. MiFID covers investment banks, portfolio
regulatory companies to ascertain relevant information about the
managers, corporate finance firms and some derivatives and
customer while doing business with them. These policies help
commodities related firms.
prevent identity theft, financial fraud, money laundering and
terrorist financing. Seven out of 10 Indian financial services firms do
not regularly update the know-your-customer (KYC) details of their
Basel III
Dodd-Frank
customers, says a survey on anti-money laundering.
The following four key elements are incorporated by financial
institutions while framing their KYC policies:
• Customer Acceptance Policy
MAD
MiFID II
UCITS
• Customer Identification Procedure
• Transaction Monitoring
• Risk management.
Basic identity information helps financial institutions understand the
EMIR
capacity of the individual in committing money laundering or
Local
Regulations
identity theft. In order to understand the capacity daily transactions
of the individual are monitored against their expected behavior and
Figure 4: MiFID related regulations
recorded profile.
Technology and Compliance
Key Highlights
The global footprints of financial institutions necessitate the need
• Authorized firms regulated in their home states can provide
for global KYC hubs with data to cater to various regulations. The
data in these hubs must be reusable in order to enable better
flexibility and scalability. Reusable data reduces the overall cost of
the financial institution. Global KYC hubs will help in automating
firm’s processes improving efficiency, enabling rapid turnaround
and at the same time reducing operational risk. Automated
processes ensure all data is captured; reducing the risk of
complying with the regulations due to incomplete data.
services to customers in other EU member states
• Clear procedures are adapted to categorize customers as
"eligible counterparties", professional clients or retail clients
• While taking client orders detailed information needs to be
captured
• New post-trade transparency requirements and capital
requirements to transactions is extended in financial instruments
• Firms need to publish price, volume and time of all trades in
listed shares
Markets in Financial Instruments Directive
(MiFID)
MiFID is a European Union Law that aims to increase the cross
border investment orders. Its main objective is to increase
competition, create harmonization across jurisdictions, enhance
• Firms must obtain best possible results in the client order
execution
• MiFID treats Systematic Internalisers as mini-exchanges for preand post-trade transparency requirements.
7
8. Technology and Compliance
To comply with MiFID, technology firms had to alter marketing
practices, rewrite customer contracts and deeply assess client
needs. This poses a challenge for the firms to retain and integrate
information to plan for and implement technology requirements.
Firms must manage information lifecycle to easily access
information and include indexing for fast and accurate searching.
In order to implement MiFID regulation in a financial institution,
technology firms need to upgrade the network infrastructure and
communication lines to enable acceptance of data from multiple
sources. The upgradation should be flexible enough to handle the
new business rules and data elements that may emerge with time.
Along with the infrastructure technology firms must also upgrade
their storage systems. Storage infrastructure has to ramp up
significantly to handle increase in data flow and manage data
exchange mechanisms.
Challenges & Implications of
Regulations on the Capital Markets
Managing regulatory reforms is the biggest driver of strategic and
operational change in the capital market industry. Financial
institutions have to change their working every time a new rule global, national and regional – is reinforced.
Few are the challenges that financial institutions face:
• Multiple bank regulations at various stages of development and
implementation
• Diminished returns and rising costs
• Aligning business and strategic choices to the new regulatory
environment
• Ineffective use of big data
• Banks have to change their culture and behavior; take difficult
decisions, implement them effectively and restore customer
Emergency Economic Stabilization ACT (EESA)
confidence and trust.
The Emergency Economic Stabilization Act of 2008 is a U.S.
financial system law enacted for international credit and
Leading financial institutions evaluate their current regulatory
subprime mortgage crisis. The regulation authorizes United
infrastructure and think of refining tools and capabilities to
States Secretary of the Treasury to spend more than $700
adjust to the current regulatory landscape. Institutions are
billion for the purchase of distress assets and for supplying cash
progressing from regulation to transformation in order to
directly to banks. It also allows companies to insure their
position themselves and achieve success. Control functions
troubled assets using EESA regulation.
must be used to ensure compliance and support transformation
change in key business processes. To support transformational
Treasury secretary was authorized to establish Troubled Asset
change, it is mandatory to identify and assess interrelationships
Relief Program (TARP) by the EESA to protect consumers and
between regulatory initiatives, develop business and structural
businesses for securing credit. The purchases of illiquid assets by
models in compliance with new regulations and change
the Treasury secretary under the TARP increase confidence of the
customer needs through innovation and investment.
banks in the credit market.
The pressure on financial institutions is to ensure that they meet
Key Highlights
regulatory requirements at an appropriate time. In order to meet
• Provide authority and facilities to restore liquidity and stability to
these requirements they need to do careful planning to improve
the financial system
• Allow TARP to purchase troubled assets from any financial
institution
• Imposes limits on executive compensation of participating
financial institutions
• Monitors the Secretary’s activities
• Protect homeowners.
economic conditions to generate balance sheet growth and reduce
provision of liquidity. Financial institutions also need to invest in
technology as a result of regulatory requirements. The existing IT
infrastructure reflects what was required to support regulatory
requirements in the past. Therefore, there is an urgent need to
bring significant architectural changes to adapt radically to the
changing regulatory landscape and create control of key individual
business functions.
8
9. Technology and Regulatory
Reporting Compliance
Conclusion
Banks and financial institutions that use technology are real winners in
burdens on financial institutions. Financial institutions need to
the capital markets as technology helps build tighter relationships with
• Automate regulatory reporting processes to minimize the
the client. Continued investment in technology, user friendly channels
such as mobile and internet, and social media help these institutions
in providing excellent customer service.
Regulatory compliance programs generate considerable data into
disparate silos. In order to properly manage and generate
intelligent data, there is a need to have a unified data management
system to reduce risk and maintain regulatory compliance, and use
appropriate technology and tools for fast access to granular
information. Without appropriate technology and tools it is difficult
to understand the background of data, measure and monitor
compliance programs and generate right kind of reports for the
higher management. Technology, thus, implemented appropriately
to monitor and manage compliance programs not only drives
down cost but also drives up revenues.
Three steps that a financial institution must consider in order to
overcome the challenges in areas of risk management and
regulatory compliance:
1. Unified Data Management Platform
Unified Data Management Platform delivers data integrity and quality to
support regulatory compliance. With an integrated and unified platform,
financial institutions can perform data mining, and data profiling and
Rapidly changing regulatory requirements have placed huge
manual work involved in the process
• Build a team that can handle changing requirements and help
train the personnel
• Optimize governance structure and control environment
within the regulatory function
• Enhance and evolve business processes with changing
regulatory environment in order to enhance flexibility and
effectiveness to keep pace with the regulatory demands.
Banks and financial institutions need to invest in the
infrastructure and leverage technology to ensure effective,
accurate
and
documented
compliance
processes.
The
investment should be timely, aligned with the current regulatory
environment and periodically monitored so that the financial
institutions are able to keep pace with the changing needs.
NIIT Technologies service areas address business processes,
data quality and technology architecture to support the
regulatory reporting processes. We manage the regulatory
reporting requirements and accuracy of numbers quickly and
easily. It simplifies the processes required to produce clients
financial views and facilitates the production of fully reconciled
financial reports at all levels of granularity.
monitoring. It also helps in transforming data silos maintained in
disparate systems into reliable, accurate and trusted data.
References
2. Optimization
1. Dodd-Frank Progress Report, July 2013
Optimizing regulatory structures enables financial institutions to
2. Bank for International Settlements
implement changes in the regulatory landscape within a specified
http://www.bis.org/bcbs/basel3.htm
time frame and aligned with short and long term objectives. This
can be achieved through incremental and innovative improvement
to the supporting technology.
3. Standardization
Regulators everywhere face the challenge of collecting, processing
and reporting information accurately and effectively. In order to
overcome this challenge, e-filling is a standard tool that regulators
must choose to improve the entire end-to-end regulatory reporting
process. The financial institutions achieve greater transparency and
efficiency while collecting relevant information. This standardized
reporting tool can easily support the changing needs of the regulators.
9
10. About NIIT Technologies
NIIT Technologies is a leading IT solutions organization, servicing customers in North America,
Europe, Asia and Australia. It offers services in Application Development and Maintenance,
Enterprise Solutions including Managed Services and Business Process Outsourcing to
organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, and
Government sectors. With employees over 8,000 professionals, NIIT Technologies follows global
standards of software development processes.
Over the years the Company has forged extremely rewarding relationships with global majors, a
testimony to mutual commitment and its ability to retain marquee clients, drawing repeat
business from them. NIIT Technologies has been able to scale its interactions with marquee
clients in the BFSI sector, the Travel Transport & Logistics and Manufacturing & Distribution, into
extremely meaningful, multi-year "collaborations.
NIIT Technologies follows global standards of development, which include ISO 9001:2000
Certification, assessment at Level 5 for SEI-CMMi version 1.2 and ISO 27001 information
security management certification. Its data centre operations are assessed at the international
India
ISO 20000 IT management standards.
NIIT Technologies Ltd.
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Write to us at marketing@niit-tech.com
www.niit-tech.com
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