To address challenges faced by financial institutions with solutions that offer increased transparency
Wipro has signed a partnership with Axiom Software Laboratories Inc. (AxiomSL), a global leader of regulatory reporting and risk management solutions for the financial services industry.
The partnership between Wipro and AxiomSL seeks to address challenges faced by financial institutions with solutions that offer increased transparency, improved data integrity and a deeper level of data granularity and traceability required by regulators. Wipro is currently assisting two global banks in the firm-wide roll-out of the AxiomSL solution announced the press release.
Cubillas Ding, Research Director – Finance and Risk, Global Financial Services, Celent, said, “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,” said Gordon Elliot, Global COO, AxiomSL. “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.”
Santhosh Nair, Vice President and Global Head – Risk & Compliance, Finance Solutions, Wipro, said, “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.”