Cognizant, a provider of IT, consulting and business processing outsourcing services, said today it was added by the U.K. FSA to its list of suppliers as part of its strategic outsourcing framework agreement (SOFA).
The FSA is an independent body that regulates the financial services industry in the U.K. and oversees some 29,000 firms. The SOFA is an initiative by the FSA to develop relationships with third-party suppliers and enhance the scope of its services. Cognizant said it will "help the FSA improve the reliability, scalability and flexibility of the IT systems and solutions that support the FSA's market surveillance operations, supervisory analysis and risk management functions."
Cognizant has been selected to work in five service areas: solutions consultancy, application development, application maintenance, testing, and web design and hosting. The company will also initially support a key market surveillance application used by the FSA to monitor compliance.