CGI Experts Offer Viewpoint to Federal, Banking Sectors to Gain Taxpayer Trust in $700 Billion Troubled Asset Relief Program (TARP)

December 03, 2008 (PRLEAP.COM) Business News
CGI Group Inc. (TSX: GIB.A; NYSE: GIB), a leading information technology and management consulting company, and CGI Federal, its wholly-owned U.S. operating subsidiary today shared ideas with U.S. federal government agencies and financial institutions on specific solutions to facilitate the management of the enormous challenges facing them within the current financial crisis and recently enacted TARP.

In a CGI Viewpoints podcast newly posted on, CGI Federal President George Schindler and Jame Cofran, Senior Vice-President of CGI's Global Banking and Financial Markets practice, shared their thoughts and offered the following insights:

- Rebuilding the public trust and stabilizing the financial markets will require strong, effective governance. Clear roles and responsibilities, solid reporting processes, and well defined success metrics are essential.
- Ensuring transparency throughout the entire financial lifecycle will be key for both government and banking institutions.
- Leveraging existing, proven federal and commercial systems to fulfill Treasury's new role in loan servicing, property management, financial management and reporting to enable faster program implementation.
- Exploring alternative investment strategies with third party partners that are able to invest while governments and banks are constrained by budget limitations.
- Using strong technology partners to address non-core business functions in light of tightening budgets so executives can focus on core operations critical to business success.
- Looking for the best mix of partners to successfully navigate the new regulatory and reporting environment.
- Balancing the need for near term efficiencies with ongoing innovation in government and private sector. Organizations still must transform their legacy systems and operations to respond to the continuing demand from citizens and customers for more flexible, responsive customer service.

"The events of the past six months are fundamentally changing the financial services industry from the government, regulatory and financial institution perspectives," said Schindler. "The biggest change we see is increasing government oversight of a broader set of financial institutions and markets that will require a commensurate increase in transparency to gain taxpayer trust in the stewardship of the dollars being invested in the TARP program."

"Having this kind of structure in place is critical to building back the public's trust in banks, which will help stabilize the markets and the economy," agreed Cofran. "This type of framework also has helped our banking clients eliminate unnecessary time and costs during major transformation efforts, which is key in allowing a client or a market to return its focus on growth."

Mr. Schindler and Mr. Cofran each have more than 25 years experience in managing large, complex initiatives with government agencies and financial institutions.

For more than 30 years, CGI has provided IT and business process, as well as managed services to financial institutions and the U.S. federal government including 24 of the top 25 banks in the Americas, 17 of the top 25 European banks, and more than 100 U.S. federal government agencies. CGI's banking-focused solutions include core banking, end-to-end wealth management, trade finance, business intelligence/data warehousing and customer relationship management.

CGI's managed services and solutions enable its federal clients to reduce and contain costs; increase revenue collections; improve operational efficiency accountability and effectiveness; transform government service delivery; and focus on mission results.

To access the podcast along with a transcript, please go to

About CGI
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,500 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's fiscal 2008 revenue was $3.7 billion and at September 30, 2008, CGI's order backlog was $11.6 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website:


For more information contact:

Peter Cutler
Director, Communications

Lee LoPriore
Executive Consultant, Global Banking & Financial Markets