Large financial institutions depend on many thousands of EUC applications, and more than a trillion dollars’ worth of computations are done using spreadsheets each year. Any application that leaves system-based processes in the hands of an average user poses huge risks in key functional areas such as:
- Month-end processes and adjustments: Converting local book balances to U.S. GAAP, tax adjustments, suspense clearing, custody fees, and P&L attributions
- Accounting: Recording business expenses, rewards, purchase orders, and interest payments
- Analytics: Analyzing profitability, FINRA, Basel, cost of credit
- Accrued expense adjustments: Handling fee computations, invoicing
- Regulatory reporting: Documenting 10K/10Q, FFIEC, FRY, liquidity updates, LCR, NSFR, borrowing capacity, and cashflow
- Taxation: Managing sales tax estimation, 1042 tax reporting of taxable corporate action events, and withholding totals
Most of the existing solutions to handle these risks lack the ability for enterprise-scale process orchestration. They also lack the necessary monitoring, auditing, security, and integration capabilities; access and version control; and are unable to provide an open system to extend product functionality. These factors, along with the urgent need to close the month-end or period-end accounting books, result in businesses managing and manipulating their data in nontechnical ways that are not process compliant.
The challenges enterprises need to solve
- Modernize processes and reduce dependence on desktop-based business applications
- Prevent risks, errors, and fraud due to manual processes
- Ensure regulatory compliance with rapidly changing standards
- Reduce data redundancy due to data residing in several desktops and in several forms
Wipro’s EUC remediation framework enables financial services institutions to tackle their operational challenges with solutions that remediate high-risk EUCs, while ensuring compliance standards are met. Our strategic interventions deliver comprehensive transformations of how companies govern, manage, prevent, and eliminate EUC risks and inefficiencies. We combine process simplification advisory and a pre-built platform for EUC development and management to address needs across operating and governing functions.