IT services company Wipro announced its alliance with Axiom Software Laboratories (AxiomSL), a provider of regulatory reporting and risk management solutions, to address challenged faced by the financial services industry.
Wipro and AxiomSL will offers solutions for 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.
Risk & Compliance Services is one of the fastest growing segments for Wipro’s banking, financial services and insurance business. Wipro has a 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. AxiomSL’s solution combined with Wipro’s consulting and technology capabilities will empower clients to have full control over their regulatory process workflow.
The market for regulatory reporting solutions, and associated upstream data aggregation and integration services will exceed $18 billion globally by 2015.
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.”