Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has been positioned as a Leader in Everest Group’s BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020: Building Cloud-based Data Infrastructure for Intelligent Real-time Controls.
The report evaluated the vision, capability and market impact generated by 26 leading BFS Risk and Compliance IT service providers. This is the second iteration of this assessment and the landscape has evolved dramatically. This can be attributed to the rapid evolution of the regulatory landscape and the step-up in investments for modernization of risk functions with modern data and cloud-enabled tools.
Wipro is well-positioned on account of its investments in solutions focused on areas such as anti-money laundering and fraud management. The variety of case studies, and improvements year over year, shows the depth of work that Wipro has done over the last 18 months. The analyst team recognized the investments in partnerships and joint Go To Market partnerships across geographies.
“BFS enterprises are experiencing unprecedented headwinds due to increasing regulatory pressures, emerging risks, rising cost of compliance, and a re-evaluation of risk appetite, associated data, and reporting systems to comply with government-enforced stimuli. BFS firms need a resilient, scalable, agile, and flexible risk management and regulatory reporting architecture to manage the current situation,” according to Ronak Doshi, Vice President, Everest Group. “In this scenario, Wipro has secured a Leader position on the Everest Group BFS Risk and Compliance IT Services PEAK Matrix® Assessment 2020 due to its meaningful AI-based solutions for risk and compliance, such as anti-money laundering and fraud management via the Wipro HOLMESTM platform; client recognition on account of strong commitment to timelines and senior executive thrust to drive strategic alignment; and sustained expansion of the partnership ecosystem with RegTech firms to strengthen risk management platform capabilities.”
Harpreet Arora – Global Head – Consulting, Strategy & Insights, BFSI, Wipro Limited said, “We have made strategic investments in our Risk and Compliance propositions through a mixed approach of advisory and platform capability, leveraging our experience of industry best practices. This has helped our clients in the financial services sector to look beyond regulatory requirements and digitize the risk and financial crime functions to gain significant competitive advantage. As financial institutions adopt cloud in Risk & Compliance functions, we will help our clients drive their strategic transformation agenda and resultant business outcomes. Our efforts are continuously supported by our deep domain understanding, Wipro HOLMESTM capabilities and best of breed industry platforms”.