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UBS AG Renews Global Finance Operations Deal with HCL
PUBLISHED DATE: Jan 24, 2017
Strategic partnership to drive process efficiencies and cost transparency over the next three and half years
Noida, India; 24th January 2017 – UBS AG, the Swiss global financial services company, renewed its Finance Operations services contract with HCL Technologies (HCL), a leading global IT services company, announced HCL. HCL will continue to deliver key Finance Operations services to UBS AG, supporting cost transparency and continuous improvements to the operating model of its finance department for the next three and half years.
HCL has been working with UBS AG since 2012, providing integrated process and technology management in an end-to-end global shared services model. Processes being handled by HCL include the completion of financial reports for multiple regulators; in addition to data management, operational and general accounting functions are delivered, managed via HCL’s Enterprise Function-as-a-Service (EFaaS) model. As an important partner, HCL will further invest in developing Proof of Concepts (POC) for robotics use cases to deliver efficiency gains through the automation of mutually selected business processes within UBS AG’s Finance department.
Todd Tuckner, Group Controller and Chief Accounting Officer, UBS AG, said: “Our continued engagement with HCL is important in supporting our drive to continuously improve our finance function by delivering efficient, effective and well-controlled products and services to our stakeholders. By streamlining regulatory reporting tasks and exploring new ways to further optimize and potentially automate manual processes, HCL understands and helps us to deliver on our strategic priorities.”
Rahul Singh, President and Global Head – Financial Services, HCL Technologies, said: “The financial services industry is amongst the most heavily regulated in the world, with auditing and reporting requirements that create a major drain on resources. As a result, it is vital that financial services firms can streamline their business processes and improve productivity through automation. With our unique combination of deep domain knowledge and technical expertise, we are thrilled to support UBS AG, as it continues to strive towards achieving greater efficiency gains.”
HCL has deep domain expertise & several years of experience in delivering business process services, with core expertise in process design, simplification & harmonization, digitalization & automation, and agile transition & transformation.
About HCL Technologies
HCL Technologies (HCL) is a leading global IT services company that helps global enterprises re–imagine and transform their businesses through Digital technology transformation. HCL operates out of 32 countries and has consolidated revenues of US$ 6.7 billion, for 12 months ended 31st December, 2016. HCL focuses on providing an integrated portfolio of services underlined by its Mode 1–2–3 growth strategy. Mode 1 encompasses the core services in the areas of Applications, Infrastructure, BPO and Engineering & R&D services, leveraging DRYiCETM Autonomics to transform clients' business and IT landscape, making them 'lean' and 'agile'. Mode 2 focuses on experience–centric and outcome–oriented services such as Digital and Analytics Services (BEYONDigitalTM), IoT WorKSTM, Cloud and Security, utilizing DRYiCETM Orchestration to drive business outcomes and enable enterprise digitalization. Mode 3 strategy is ecosystem–driven, creating innovative IP–partnerships to build products and platforms business.
HCL leverages its global network of integrated co-innovation labs, and global delivery capabilities to provide holistic multi–service delivery in key industry verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail CPG, Life Sciences Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. With 111,092 professionals from diverse nationalities, HCL focuses on creating real value for customers by taking 'Relationships Beyond the Contract'. For more information, please visit www.hcltech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’,’ strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the Management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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