East Brunswick, New Jersey, USA and Bangalore, India – July 17, 2020: 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”.
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About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 180,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.