Industry leaders collaborate to accelerate
legacy platform modernization and reduce regulatory risks
LONDON, Aug. 12,
2024 /PRNewswire/ -- Cockroach Labs, the pioneer
and leader of the cloud-native distributed SQL database market with
CockroachDB, and PwC UK, a leader in professional services, today
announced a strategic collaboration to reduce the risks, costs, and
complexity of regulatory compliance and mainframe
modernization.
With this partnership, PwC UK and Cockroach Labs will offer
end-to-end comprehensive solutions to banks and financial service
institutions grappling with evolving regulatory complexities and
impending mandates around operational resiliency, business
continuity, and data sovereignty. Additionally, they will address
the growing need for financial firms to migrate from legacy
mainframes in alignment with modern customer expectations and
industry-wide cost optimization initiatives.
"Designing for operational resilience is paramount as
significant regulatory headwinds underscore the importance of
multi-cloud and multi-region platforms," said Jon Maskery, Cloud Transformation and Payments
Leader, 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."
Operational Resiliency
EU regulations have elevated operational resiliency to a
top-priority for financial firms which emphasizes the need for
multi-region and multi-cloud platforms. The Digital Operational
Resilience Act (DORA) has broadened the focus from guaranteeing
financial soundness to also ensuring firms can maintain resilient
operations through severe operational disruptions. Even 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.
Form3, a global payment technology platform and Cockroach Labs
customer, chose to leverage CockroachDB to build a scalable,
resilient, and advanced multi-cloud infrastructure. The company had
to privately network all the clouds together and maintain network
connectivity through multiple datacenters: "The idea of our
platform is to be able to survive a cloud vendor outage, so we're
not going to be dependent on any cloud vendor," said Kevin Holditch, Head of Platform, Form3. "We're
going to have a Kubernetes cluster in each cloud vendor — so Azure,
AWS, GCP – and run CockroachDB across the three".
Data Sovereignty
Compliance with cross-border data transfers remains complex with
adequacy arrangements, global privacy rules, and varying approaches
taken by regulators. As data sovereignty regulations continue to
evolve and expand to more countries and jurisdictions,
organizations face the ongoing challenge of adapting their
operations to comply with ever-changing requirements. PwC UK helps
navigate these ongoing challenges for global firms grappling to
become more personalized, customer-centric, and future fit digital
banks, 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. Consequently, CockroachDB was
designed 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.
Mainframe Modernization
PwC UK mitigates modernization risks by identifying the optimal
migration strategy, facilitating advanced tooling, and preparing a
rollout plan for their business. Together with 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 modernization 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,
Cockroach Labs. "Our strategic collaboration with PwC UK provides
comprehensive business and technology solutions across a broad
range of financial services including banks struggling with
mainframe modernization, payment systems mitigating operational
resiliency risk, and cross-border fintechs challenged by data
sovereignty regulations."
Companies interested in learning more about the strategic
collaboration between PwC UK and Cockroach Labs can visit
cockroachlabs.com/partners/pwc-uk for more information.
About PwC
At PwC, our purpose is to build trust in
society and solve important problems. We're a network of firms in
151 countries with over 364,000 people who are committed to
delivering quality in assurance, advisory and tax services. Find
out more and tell us what matters to you by visiting us at
www.pwc.com. PwC refers to the PwC network and/or one or more
of its member firms, each of which is a separate legal entity.
Please see www.pwc.com/structure for further details.
About Cockroach Labs:
Cockroach Labs is a pioneering
software company at the forefront of database technology, dedicated
to delivering resilient and scalable database solutions to run
mission-critical workloads for the world's most important
businesses. The company's clients include Form3, Hard Rock Digital,
and Shipt, Fortune 50 global financial institutions as well as
retail and media industry leaders. With a mission to scale when
others fail, Cockroach Labs is revolutionizing the way businesses
manage their data with its innovative cloud native distributed SQL
database, CockroachDB.
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SOURCE Cockroach Labs