UK FSA Selects Cognizant as Key Supplier Under Strategic Outsourcing Framework
The UK Financial Services Authority (FSA) has chosen Cognizant to be a key supplier as part of its strategic outsourcing framework agreement (SOFA). SOFA is important to the FSA’s ability to deliver on its statutory objectives and more proactively intervene when a firm’s actions pose potential systemic risk. The agreement enables the FSA to develop relationships with key third-party suppliers, enhance the scope of services it outsources and ensure greater value for money.
Cognizant will aim to 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 awarded five service areas, covering solutions consultancy, application development, application maintenance, testing, and web design and hosting, and will initially support a key market surveillance application used by the FSA to monitor compliance with the Markets in Financial Instruments Directive (MiFID II).