Hyderabad, (IANS) : Leading IT services and solutions provider Mphasis on Wednesday launched its Cognitive Hub for Risk and Compliance (CHRC) for the global financial services sector in Hyderabad.

CHRC, said to be industry’s first centre of its kind, will focus on creation and delivery of next generation governance, risk and compliance framework and domain specific solutions for enterprises in the financial services industry.

Telangana’s Information Technology Minister K. T. Rama Rao inaugurated the facility at Raheja Mindspace IT Park in Hitec City.

The centre will focus on developing next-generation GRC solutions based on artificial intelligence, cognitive computing, machine learning, natural language processing, big data, semantic modelling and knowledge systems technology domains.

“Modern technology gives us the ability to re-imagine a new world of IT services. Our hyper-specialisation journey is now embarking on leveraging cognitive technology for Risk and Compliance,” said Ganesh Ayyar, Chief Executive Officer and Executive Director of Mphasis.

He said CHRC would leverage high-end technology talent pool available in Hyderabad to develop and deliver cutting edge solutions in the area of GRC.

With ever increasing financial risk and constantly changing regulatory landscape, financial services companies are investing hundreds of millions of dollars to strengthen their GRC framework, he noted.