Wipro wins Financial Times/'The Banker' magazine's prestigious 'Risk Management Award' for its work for J. P. Morgan Chase and Co

The project is designed to be available enterprise-wide and on a global basis to any employee with intranet access. The system includes modules for capturing and analyzing operational loss data, self-assessment, a capital allocation calculator, and a sophisticated reporting and analytics engine. Established in 1926 and published by Financial Times, The Banker provides global financial intelligence to the international banking and finance community.

Leveraging thin-client, web-based technology, removing the need for installation of additional components or ongoing desktop maintenance, the solution is based on a scalable architectural framework, enabling easy integration with other risk management tools and the ability to accommodate changing risk management needs. The system interfaces with software tools like 'Business Objects' and 'OpVantage'.

The objective of this project was to develop a global risk management solution that would help their client, JPMorgan Chase, meet the overall requirements of the Basel II Accord, but more importantly, meet their overall risk management objectives. Judges felt this project is an intelligent demonstration of a business process oriented solution that has been developed in conjunction with JPMorgan Chase. Also, the use of both onsite/offshore development and maintenance teams were considered an innovative approach to enabling cost-effective 24/7 developments and support to deliver the solution within schedule.

Judges were impressed with the solution's focus on addressing the topical business issues of the need to improve return on investment by improving management of operational risk, and the need to comply with Basel II regulations. Wipro Technologies demonstrated a comprehensive understanding towards addressing the client's business challenges.

Mr. Joe Sabatini, Managing Director and the Global Head of Operational Risk at JPMorgan Chase said, "Our overall objective was to design and implement an integrated and cost-effective tool for operational risk which is responsive to business needs, improves our management of risk, enhances our reporting capabilities and helps us meet regulatory requirements. We are reaching that goal through this project."

According to Rajan Marathé, the Program Manager for Wipro Technologies, "Wipro's ability to provide Subject Matter Experts to define and streamline the business requirements as well as technical specialists for design and implementation is very advantageous for projects of this size and complexity."

Outlining the company's ambitious vision for the Middle East market, Mr. Syed Mansoor Ahmad, General Manager, Middle East operations, Wipro, "The Middle East is a critical component of our global expansion strategy, with an IT services market, estimated to be worth over US$ 5 billion and growing at a healthy rate".

The company has won several prestigious projects including contracts from Dubai E-Government, Dubai Municipality, Riyadh Pharma, Saudi Polyolefins Company, Qatar Petroleum and Doha Bank. In Kuwait, Wipro recently inked agreements with Gulf Insurance Company, Kuwait Foundation for Advancement of Sciences, Investment Dar and Future Communications Company.