Wipro, one of the world’s largest IT, consulting and outsourcing suppliers, has signed a partnership with Axiom Software Laboratories (AxiomSL), a global leader of regulatory reporting and risk management solutions for the financial services industry, to develop regulatory reporting solutions. The partnership 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, according to a joint vendor statement.
“The market for regulatory reporting solutions, and associated upstream data aggregation and integration services will exceed $18bn globally by 2015,” comments Cubillas Ding, research director, Finance and Risk, Global Financial Services, Celent. “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.”
Wipro reports that Risk & Compliance Services is one of the fastest growing segments for its banking, financial services and insurance business, and the firm is currently helping two global banks roll out the AxiomSL solution enterprise-wide. The vendor claims to have a strong team of ex-regulators, ex-CROs, risk architects and technologists that has successfully delivered over 100 risk & compliance engagements spanning consulting, IT and BPO services. AxiomSL’s integrated data-driven platform meets the demands of regulators across multiple jurisdictions while supporting diverse submission formats including XBRL taxonomy requirements, according to the vendor statement. The vendors assert that AxiomSL’s solution combined with Wipro’s consulting and technology capabilities will empower clients to have full control over their regulatory process workflow.
“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,” comments Gordon Elliot, Global COO, AxiomSL. “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.”
Compliance with regulatory reporting requirements is critical for financial institutions to address the trust deficit with various stakeholders post the financial crises, according to Santhosh Nair, VP and global head of Risk & Compliance, Finance Solutions, Wipro.
“This strategic partnership enhances Wipro’s leadership position in Risk & Compliance Services to assist global financial institutions to meet their regulatory obligations in a cost effective and timely manner,” Nair comments. “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.”