Wipro enables compliance to regulatory bodies through 150% faster onboarding of critical applications and removal of open business sensitive risks for a leading banking organization

Industry Landscape

Banking Sector in the Asia Pacific region has been undergoing significant change with increasing mandates from regulatory authorities. For instance, Monitoring for security threat scenarios has been made mandatory in order to be in compliance with regulations from authorities Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS) etc. But a number of factors like high costs of application on boarding, slow speeds of on-boarding, lack of skilled resources in this area have been posing serious hindrance to this initiative

The Opportunity

Being one of the largest banks in the APAC region, the client wanted to meet the regulations by quickly on boarding critical log sources to be monitored and remove open risks due to in-ability to monitor for business sensitive risks. However the client was facing the following challenges (a) Slow on-boarding of log sources onto the Security event monitoring platform (b) Identifying skilled resources and their retention (c) Higher costs for on-boarding. The delay in on boarding of critical log sources to be monitored was resulting in open risks due to inability to monitor for business sensitive risks. Initial efforts with a different vendor to address these issues were not successful for the client since it resulted in high costs and speed of on boarding was also an issue.

Solution

Wipro adopted a factory-based approach for on-boarding assets for the client. The method employs a rigorous process to ensure alignment with existing use-cases and Compliance requirements and also has a structured capacity monitoring processes to highlight bottlenecks in advance.

• Creation of an ‘Asset On-Boarding factory”
• 360 degree SIEM deployment, integration and management service
•  Robust time tested process to support asset onboarding as a transaction
• Optimized team structure encompassing on-site and off-shore resources
• Outcome based service leveraging strong governance processes
•  Transparent and Flexible Costing models

Business Impact

150% - Improvement in time savings for onboarding

50% - Operational Cost Reduction as a result of the implementation

45 days - Short time span for structured on-boarding