Wipro Partners Axiom Software for Financial Risk, Compliance Service

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 $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 $18 billion globally by 2015," Celent Research director (finance and risk, global financial services) Cubillas Ding said.

Risk and 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.