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
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