Cockroach Labs, the pioneer and leader of the cloud-native distributed SQL database market with CockroachDB, and PwC UK, a leader in professional services, 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”.
SOURCE: PRNewswire