Banks and financial services institutions face unprecedented risk and compliance challenges - and in an economic environment that's putting increasing pressure on these businesses to cut costs and boost the bottom line.

This white paper, produced jointly by Compliance Week and Wipro Technologies, offers insights into how leading financial-industry players are tackling these challenges, in particular from the IT perspective.

While institutions are following their own paths, there are some unmistakable trends, according to our global survey and interviews with Wipro executives. Among the key developments include a drive toward improving data quality, increasing centralization of risk and compliance function, and a rising tide of the outsourcing of risk and compliance activities and related IT services.