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

BANGALORE, India, June 2, 2004--Wipro has been awarded Financial Times / 'The Banker' magazine's "Risk Management Award" for its work for J. P. Morgan Chase & Co. The project was to develop an enterprise-wide Operational Risk Management System for the J. P. Morgan Chase & Co.

Designed to be available enterprise-wide and on a global basis to any employee with intranet access, the Operational Risk Management system includes modules for capturing and analyzing operational loss data, self assessment, a capital allocation calculator, and a sophisticated reporting and analytics engine. Using 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.

Judges were impressed with the solution's focus on addressing the topical business issues of the need to improve ROI by improving management of operational risk, and the need to comply with Basel II regulations. Wipro Technologies shows a comprehensive understanding of, and approach to addressing, their client's business issues. In this particular case the goal was to develop a global risk management solution which would help their client, JPMorganChase, meet the overall requirements of the Basel II Accord, but more importantly, meet their overall risk management objectives. Judges felt this project is an impressive demonstration of a business process oriented solution that has been crafted in heavy conjunction with JPMorganChase. Also, the use of both onsite/offshore development and maintenance teams was considered an innovative approach to enabling cost-effective 24/7 development and support to deliver the solution within schedule.

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 Marathe, 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."

About J. P. Morgan Chase & Co

JPMorgan Chase is a leading global financial services firm with assets of $793 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com.

About Wipro Limited

Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai and the National Stock Exchange, among others. More information is available at www.wipro.com.

Please visit our websites at www.wipro.com, www.wiprocorporate.com and www.wipro.co.in.



Wipro
Rajan Marathe, Program Manager, Operational Risk
212-792-4246
rajan.marathe@wipro.com
or
Arjun Viswanathan, Manager, Strategic Marketing
+91-80-8440251
arjun.viswanathan@wipro.com  

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