PwC UK, the professional services leader, is joining forces with Cockroach Labs, a cloud-native SQL database provider for modern cloud applications, in a move to reduce the risks, costs, and complexity of regulatory compliance and mainframe modernisation.
Through the new partnership, PwC UK and Cockroach Labs will offer end-to-end comprehensive solutions to banks and financial service institutions trying to ensure compliance and keep up with evolving regulatory complexities and impending mandates around operational resiliency, business continuity, and data sovereignty.
The firms will also look to address the growing need for financial firms to migrate from legacy mainframes in alignment with modern customer expectations and industry-wide cost optimisation initiatives.
“Designing for operational resilience is paramount as significant regulatory headwinds underscore the importance of multi-cloud and multi-region platforms,” explained Jon Maskery, cloud transformation and payments leader at PwC UK. “We view CockroachDB as more than just another database within a crowded market. It provides our clients with a critical solution to reduce regulatory risks associated with data sovereignty, operational resilience, and cloud transformation.”
In the EU, the Digital Operational Resilience Act (DORA) has broadened the focus from guaranteeing financial soundness to ensuring firms can maintain resilient operations through severe operational disruptions.
More recently, the Bank of England’s Prudential Regulation Authority (PRA) issued a supervisory statement outlining due diligence for concentration risk on a single supplier, business continuity, and exit strategies.
PwC backs compliance and modernisation
As data sovereignty regulations continue to expand to more countries and jurisdictions, organisations face further challenges related to adapting their operations to comply with ever-changing requirements. PwC UK helps navigate these ongoing challenges for global firms grappling to become more personalised, and customer-centric, avoiding regulatory pitfalls.
Developing the right strategy in this evolving landscape can seem daunting, often requiring a combination of cloud and on-premises database deployments. Cockroach Labs designed CockroachDB to support data domiciling in multi-region clusters and hybrid environments so global deployments have enough feature flexibility to help comply with various data sovereignty regulations.
PwC UK also looks to mitigate modernisation risks by identifying the optimal migration strategy, facilitating advanced tooling, and preparing a rollout plan for their business. Alongside Cockroach Labs, PwC UK clients can overcome legacy database challenges to reduce operational expenditure, improve business agility, and attract a new generation of talent entering the workforce.
“Legacy modernisation initiatives have regained momentum as cost optimization and unlocking siloed on-premises data for Gen-AI readiness have been elevated to executive boardroom discussions,” said Allen Terleto, head of global partners and ecosystem at Cockroach Labs. “Our strategic collaboration with PwC provides comprehensive business and technology solutions across a broad range of financial services including banks struggling with mainframe modernisation, payment systems mitigating operational resiliency risk, as well as cross-border fintechs challenged by data sovereignty regulations.”
The post PwC Partners With Cockroach Labs to Reduce Risk, Cost and Complexity of Compliance and Modernisation appeared first on The Fintech Times.
