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 understanding and traceability required by regulators
IT services major Wipro has partnered with Axiom Software Laboratories to offer financial risk and compliance services to financial institutions across geographies, a market expected to cross USD 18 billion by next year.
Axiom Software Laboratories (AxiomSL) is a global firm dealing in regulatory reporting and risk management solutions for the financial services industry. It helps firms meet regulatory reporting and risk requirements across multiple regulators and jurisdictions.
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 understanding and traceability required by regulators," Wipro said in a release.
The Bangalore-based firm is currently assisting two global banks in the firm-wide roll-out of the AxiomSL solution, it added.
"The market for regulatory reporting solutions and associated upstream data aggregation and integration services will exceed USD 18 billion globally by 2015," Celent Research Director (Finance and Risk, Global Financial Services) Cubillas Ding said.
Risk & Compliance Services is one of the fastest growing segments for Wipro's banking, financial services and insurance business, India's third largest software services firm said.
The company has 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, it added.
Wipro stock price
On April 17, 2014, Wipro closed at Rs 588.40, up Rs 16.50, or 2.89 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 315.30.
The company's trailing 12-month (TTM) EPS was at Rs 29.69 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 19.82. The latest book value of the company is Rs 98.22 per share. At current value, the price-to-book value of the company is 5.99.
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