Peyman Mestchian has been appointed as the Chief Executive Officer of RiskTech. Mr. Peyman has a Bachelors degree in computer science and MBA from London Business School. Formerly the Global Head of the Enterprise Risk Management Practice at SAS Inc., Peyman has vast experience in covering credit risk, market risk, operational risk and financial crime solutions. He was instrumental in conceptualizing the strategy and leading the execution of a global business plan positioning SAS as a dominant player in the risk technology space and generating over $100mn of revenue. Previously, he was a Director of the Business Risk Consulting Practice at Ernst & Young and is an established thought leader in this field. Peyman will manage the business from UK.
“I am looking forward to furthering Hexaware’s market penetration and helping our clients achieve the benefits of improved performance, effective risk management and value for money," says Peyman Mestchian, CEO of Risk Technology International (RiskTech), adding, "we have already won four customers, one of them being a Fortune 500 bank in Europe and the other being one of the largest banks in the Middle East
Hexaware has a strategy of focusing on under served markets with niche offerings. In line with the same strategy, this new venture will exclusively focus on the ERM (Enterprise Risk Management) space. In recent years, the ERM market growth has been very high and currently, the global market size is estimated at $5.5 billion and the growth rate is expected to be 18-24% in terms of expenditure. Hexaware believes that this new initiative will boost its banking and financial services and insurance (BFSI) practice. Currently, Hexaware gets around 40-45% of its revenue from the BFSI practice, and so far, has been focusing on two micro verticals – Asset Management and Wealth Management, both in the space of capital markets, ERM will be the third micro vertical in this BFSI space.In recent years, since the regulatory compliances and government requirements have necessitated meeting the ERM guidelines, the growth has been in the double digits, and Hexaware believes that focusing on risk, technology, the ERM space will open doors in the premium banking and finance institutions for both RiskTech as well as for Hexaware.
This new venture has already signed four customers with regards to its ERM offering, including one of the largest banks in Europe and two of the largest banks in the Middle East. RiskTech will be able to leverage Hexaware’s international reach, especially in USA, Europe, and Asia Pacific, and RiskTech will also benefit from Hexaware’s existing competencies in areas such as Business Intelligence, Analytics (which comprises more than 300 professionals), ERP, and also the practices in Asset Management and Wealth Management.
The company will offer a suite of technology-focused solutions for implementation and support in the areas of Value-based Enterprise Risk Management (ERM) including Basel II and Pillar III based services, Regulatory Compliance, and Treasury Risk Management. In addition to the above offerings, RiskTech will also provide MiFID related services. The combined capabilities of RiskTech and Hexaware will provide a unique one stop shop in the area of enterprise risk technology, and this is truly unique and highly differentiated in the current market place.
“RiskTech will provide a new line of business and also new customer relationships for the entire Hexaware organization. We expect RiskTech to add at least half a dozen new clients in the next six months. Peyman’s rich industry knowledge and business network in this space would be invaluable in giving RiskTech the business momentum."” said Rusi Brij, Vice Chairman and CEO of Hexaware Technologies Ltd.
