Cognizant 20-20 Insights

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

cognizant 20-20 insights | may 2016

these businesses requires a more systematic and

holistic approach.
This paper discusses the key cost and efficiency
challenges facing IBDs. It proposes a comprehensive 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, operational risks and operating flexibility.
Figure 2 (next page) defines a solution framework
that can help achieve the two operational
efficiency themes identified above. The framework
is based on the idea that simplified and standard-

Challenges, Impact Areas and Key Themes

Challenges

Operational Efficiency
Themes

Impact

Increased cost of compliance

due to multi-jurisdictional
nature of regulations

Reduced operating
margin

Commoditization of existing
products and increased
regulatory scrutiny of high
revenue streams

Simplification
of business
processes

Increased
operational risk

Misaligned & nonstandard business processes

between front, middle and
back offices
Inflexible and complex
business/IT architecture

Improvement
in IT
architecture

Reduced flexibility
for future changes

Inadequate control mechanisms

and poor data quality

Figure 1

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.

Solution Framework for IBD Processes and Architecture

Si m

n
IT
Ar

ch

ite

ct
ur
e

Figure 2

cognizant 20-20 insights

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.

s
esse
roc

ti
en

STEP 4
Based on the identified
resolution strategy,
streamline underlying
IT architecture.

io

P
ss
in e

m
ove
I mpr

STEP 5
Realign supporting
control model to ensure
timely, efficient
monitoring of data flows.

Operational
Efficiency
Framework

fi c
at

us
fB

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.

pl i

STEP

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.

Defining Core Capabilities/Sub-capabilities/Data Flows for Target State

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
Trade Lifecycle
Connectivity
Events
Risk Management
EOD Capture
Operations
Clearing & Settlement

Trade Capture

B. Identifying Data Flows Between Sub-capabilities

A target state
mapping of data
flows between subcapabilities 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.

Trade
Execution &
Management
Trade
Capture

Mapping of
Data of Subcapabilities

Trade
Execution &
Management

Market
Connectivity
Trade
Capture

Trades

Trade
Lifecycle
Events

Trade
Lifecycle
Cash

Risk
Management

Operations

EOD Risk

Clearing & Settlement

Market Data
Trades,
Positions

Trades

Trades,
Positions

Asset Servicing
Outcomes

Legend
Business Capability

Business Sub-capability

Data

Figure 3
STEP

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.
cognizant 20-20 insights

Mapping Current State Business Process to Capabilities/Sub-capabilities

Product 1 Entity A
Capability

Sub-capability

Trade Execution &

Management

Trade Capture &

Routing

Product 1 Entity B
Business Process

Capability

Sub-capability

Business Process
Trade Capture

Trade Capture

Trade Booking

Trade Booking
Trade Enrichment

Trade Execution &

Management

Trade Capture &

Routing

Trade Enrichment
Position
Management

P&L Calculation
Risk Management

P&L Calculation

Position
Management

EOD Risk

Risk Management

EOD Risk

Operations

Clearing &
Settlement

Risk Methodology

Risk Methodology
Trade Capture

Clearing &
Settlement

Operations

Trade Enrichment

Trade Capture
Trade Enrichment

Legend
Business Capability

Business Sub-capability

Business Process

Figure 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).

Mapping Current State Data Flows Between Sub-capabilities

Product 1 Entity A
Mapping
of Data of
Subcapabilities

Trade
Execution
&
Management

Trade
Execution
& Management

Risk
Operations
Management

Trade
Capture

EOD Risk

Market
Trades
Connectivity

Market Data

Trade
Capture

Trades

Trade
Lifecycle
Events

Product 1 Entity B

Trade
Lifecycle
Cash

Mapping
of Data of
Subcapabilities

Clearing &
Settlement
Trade
Execution
&
Management

Trades

Trades

Trade
Risk ManExecution agement
&
Management

Operations

Trade
Capture

Clearing &
Settlement

EOD Risk

Market
Trades
Connectivity

Market
Data

Trade
Capture

Trades,
Positions

Trades

Trades,
Positions

Asset
Servicing
Outcomes

Trade
Lifecycle
Events

Trade
Lifecycle
Cash

Legend
Business Capability

Business Sub-capability

Data

Figure 5
STEP

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) deficiencies between capabilities (e.g., dual keying of trades in trade execution and management, and in
operations) or process redundancies in the existing infrastructure.

cognizant 20-20 insights

Investigating Business Processes Mapped to Multiple Capabilities

to Identify Redundancies
Product 1 Entity A
Capability

Sub-capability

Trade
Execution &
Management

Trade Capture
& Routing

Risk
Management

EOD Risk

Business Process
Trade Capture
Trade Booking
Trade Enrichment
P&L Calculation
Position Management
Risk Methodology

Issues

Trade Capture

Clearing &
Settlement

Operations

Trade being captured at multiple places

Trade Enrichment

Multiple data enrichments by different business functions

Figure 6

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.

Comparing Capability-Process Map Across Entities for Given Product to

Investigate Inter-entity Variations
Product 1 Entity A
Capability
Trade
Execution &
Management

Sub-capability
Trade Capture
& Routing

Product 1 Entity B

Business Process

Capability

EOD Risk

Trade Capture
Trade Booking

Trade Enrichment

Trade
Execution &
Management

Issues 

Clearing &
Settlement

Trade Capture
& Routing

P&L Calculation

Trade Enrichment
Position Management
P&L Calculation

Risk Methodology
Operations

Business Process

Trade Booking
Position Management

Risk
Management

Sub-capability

Trade Capture

Trade Capture
Trade Enrichment

Risk
Management

EOD Risk

Operations

Clearing &
Settlement

Risk Methodology
Trade Capture
Trade Enrichment

Position being calculated by different business functions in different entities

P&L calculation being performed by different business functions in different entities

Figure 7

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.

cognizant 20-20 insights

Comparing Current-State and Target-State Data Flows Between

Sub-capabilities to Identify Data Attributes Issues
Product 1 Current State
Mapping
of Data
of Subcapabilities

Trade
Execution &
Management

Market
Connectivity

Trade
Execution &
Management

Risk
Management

Operations

Trade
Capture

EOD Risk

Clearing &
Settlement

Trades

Market
Data

Trade
Capture
Trade
Lifecycle
Events

Product 1 Target State

Trades
Trade
Lifecycle
Cash

Mapping
of Data of
Sub-capabilities

Trade Execution &

Management

Trades

Market
Connectivity

Trade
Risk ManExecution agement
& Management

Operations

Trade
Capture

EOD Risk

Clearing &
Settlement

Trades

Market
Data

Trade
Capture

Trades,
Positions

Trades

Trades,
Positions

Asset
Servicing
Outcomes

Trades
Trade
Lifecycle
Events

Trade
Lifecycle
Cash

Legend
Business Capability

Issues 

Business Sub Capability

Data

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

Figure 8

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.

Investigating Issues and Defining Resolution Strategy Based on Root Cause Analysis
Issues

Investigation

Trade capture happening within

multiple functions.
P&L calculation being performed
by different business functions in
different entities.

Resolution

Lack of STP between front and back office; no common definition of trade between them.

Canonical trade data model

defined and owned by trade
Trade lifecycle events captured in back office due to execution & management with a
lack of capability in the front office.
capability to handle all trade lifeBack office and front office have their own P&L view cycle events thus removing the
due to capture of certain lifecycle events in the back. need of back office to capture
trade and generate P&L.
This leads to increase in reconciliation effort.

Lack of common sourcing of reference data across

Multiple data enrichments by differfunctions leading to enrichment of data in multiple
ent business functions.
business functions.

Establish data standards with

robust governance.

Position being calculated by different 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 business capabilities across entities.

As per target mapping of data flows between subcapabilities, 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.

Figure 9

cognizant 20-20 insights

STEP

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.

>> I T 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 discontinued.

Establish data standards with robust governance.

>> I T 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.

Illustration of a Capability Designed as a Service

Trade Capture
Application

Invoke

Trade Routing & Booking Service

Desk 1

Publish

Trade Capture
Application
Desk 2

Invoke

Validation

Enrichment

Distribution

Message Bus

Acknowledgment
Subscribe

Trade
Store 1

Subscribe

Trade
Store 2

Acknowledgment

Figure 10

Define golden sources and ownership for key data classes produced or consumed by trade execution
and management.

>> I T 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 mechanism. 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 completeness and accuracy before it is fed to downstream components.

cognizant 20-20 insights

Reference Data Sourced from Golden Stores Through Local Hubs

Client Data
Golden Store

Front Office
Data Store

Front Office Data Layer

Product Data
Golden Store

P&L Analysis
and Posting Tool

Book Data
Golden Store

Reference Data
Management Layer

Exception Management

Finance Data Layer

Trade
Capture

Finance
Data Store

Intraday
Risk Systems

P&L Adjustment
Tool

Figure 11
STEP

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 touchpoints (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.

Key Attributes of Control Framework

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.

Figure 12

cognizant 20-20 insights

Control Definition Example (Trade Booking)

1
Venue Market
Connectivity

2
Order
Management

Invoke

Trade Capture
Application

Trade Routing & Booking Service

Invoke

Desk 1

Publish

Trade Capture
Application

Invoke

Desk 2

Validation

Enrichment

Distribution

Message Bus

Acknowledgment
Subscribe

Trade
Store 1

Subscribe

Trade
Store 2

Acknowledgment
Controls

Control Definition
No.

Risk

Control
Category

Control
Type

Ownership

Scope

Impacted
Functions

Data

Ensure
trade data
is in sync
with external sources

Internal and Business

external
version of
the trade
out of sync

Accuracy

Trade
business
management

All entities/ Trade

businesses managetrading cash ment
equities
electronically

Trades

Ensure
trade store
is in sync
with order
management store

Integrity
issues
between
pre- and
post-trade

Completeness

Trade
capture IT

All entities/ Trade

businesses managetrading cash ment
equities
electronically

Trades

System

Figure 13
STEP

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.

cognizant 20-20 insights

Metrics-Based Approach to Assess Operational Efficiency

1

Identify
Strategic
Performance
Themes

Strategic themes
should be
identified to
ensure that
metrics are
measuring the
progress towards
the themes ( e.g.,
business process
simplification).

Outline
Operational Goals
and Desired
Outcomes

Operational goals
should be specific
and aligned to
the strategic
themes.
Desired outcomes
should be
quantifiable or
comparable
against any
chosen benchmark.

Define Key
Metrics

Develop
Metrics
Computation
Methodology

Metrics should be
defined based on
some measurable
parameters.

Method of
metrics calculation (e.g.,
formula).

It should provide
valuable context
for assessing the
performance of a
specific business
process/function.

Data required to
compute and
source the data.

Establish
Metrics
Reporting
Mechanism

Decide on the
format frequency
and method of
reporting (e.g.,
dashboards,
scorecards,
reports, alerts).

Appropriate
business owner.

Figure 14

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.

Example to Illustrate Metrics-Based Approach

#

Steps to Define Metrics

Example

Strategic Performance Themes

Business process simplification

Operational Goals

Streamline trade enrichment and validation process

Desired Outcomes

Reduction in exceptions handling and manual adjustments

by 60%

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 correctly 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

Reporting

Daily reports/trendlines to track the improvements over

a period of time

Figure 15

cognizant 20-20 insights

10

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 capabilities, 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

Aggregate Investment Banking Revenue and Expense

274

240

231

198

184

202

197

200

196

88
US$b

148

174

202

2005

2006

2007

151

169

178

181

178

179

185

2008

2009

2010

2011

2012

2013

2014

Unclassified revenue

Advisory and underwriting revenue

FICC revenue

Total expenses

Net income

Figure 16

cognizant 20-20 insights

11

Equities trading revenue

Footnote
1

UBS Restructuring Shows Need for Bankings 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/eytransforming-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-challenges-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.

cognizant 20-20 insights

12

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 transformation 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 Cognizants 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 Cognizants 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 Consultings 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.

About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business
process services, dedicated to helping the worlds leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology 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 approximately 233,000 employees as of March 31, 2016, Cognizant is a member of the NASDAQ-100, the S&P
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.

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