Wipro Ltd. today declared that- it has signed up an alliance with Axiom Software Laboratories Inc. (AxiomSL), the regulatory reporting and risk management solutions source aimed at the financial services industry.
The alliance between Wipro as well as AxiomSL strives to address challenges encountered by financial institutions with solutions that make available increased transparency, followed by improved data integrity besides a deeper level of data granularity plus traceability required by regulators. Wipro is at present assisting two global banks in the firm-wide roll-out of the AxiomSL solution.
Risk & Compliance Services is one of those segments on the rise for Wipro’s banking, financial services as well as insurance business. Wipro from its barrio comprises of a strong team of ex-regulators, ex-CROs, risk architects and technologists that has efficaciously provided over 100 Risk & Compliance engagements spanning consulting, IT and BPO services.
AxiomSL’s incorporated data-driven platform meets the demands of regulators across multiple jurisdictions while supporting diverse submission formats together with XBRL taxonomy requisites. AxiomSL’s solution pooled with Wipro’s consulting and technology competencies will further enable clients to have full control over their regulatory process workflow.
CubillasDing,researchdirector – FinanceandRisk, GlobalFinancialServices, Celent, allegedthat, “The market for regulatory reporting solutions, and associated upstream data aggregation and integration services will exceed $18bn globally by 2015. With financial firms pressured to reliably go-to-market rapidly with mandatory obligations such as regulatory reporting, consulting and implementation partnerships between service providers can serve as a strategic catalyst”.
“To mitigate regulatory risks, financial firms demand an integrated, multi-jurisdiction regulatory reporting platform to reduce costs, improve efficiencies, enhance transparency and meet global and regional mandates,“ held Gordon Elliot, Global COO, AxiomSL.
Supplementing that – “We are confident that our strategic partnership with Wipro will enhance our value proposition and strengthen our global footprint. This collaboration will result in a more efficient approach for both firms to expand their reach and help financial institutions address reporting challenges as it relates to increasing transparency and flexibility, while meeting multiple filing deadlines under tight timeframes.”
SanthoshNair, VPandglobalhead – Risk&Compliance, FinanceSolutions, Wipro, delineatedthat, “Compliance with regulatory reporting requirements is critical for financial institutions to address the trust deficit with various stakeholders post the financial crises.”
Furthering that – “This strategic partnership enhances Wipro’s leadership position in Risk & Compliance Services to assist global financial institutions meet their regulatory obligations in a cost effective and timely manner. This solution combines AxiomSL’s industry-leading platform with Wipro’s techno-domain capabilities, global footprint and track record in helping leading financial institutions meet their risk and compliance obligations.”