Geopolitical Instability and Regional Concentration: Epam has historically had significant operations and talent pools in Eastern Europe, particularly Ukraine and Belarus. Ongoing geopolitical conflicts and regional instability pose risks to operations, employee safety, and the ability to deliver services, potentially leading to disruptions and increased costs.

Intense Competition and Pricing Pressure: The IT services market is highly competitive, with numerous global and local players. Epam faces pressure on pricing, client acquisition, and talent retention, which could impact revenue growth and profit margins if it cannot differentiate effectively or maintain competitive pricing.

Talent Acquisition and Retention Challenges: The demand for highly skilled IT professionals remains strong, leading to wage inflation and fierce competition for talent. Epam's ability to attract, develop, and retain qualified engineers and consultants globally is crucial for its growth and service delivery capacity.