Boardwalktech and HCLTech Extend Partnership to Reduce Risk and Improve Control for Financial Institutions
Boardwalk Velocity Product continues expansion into financial services sector to help mitigate risk due to end-user computing applications
Banks and insurers of all sizes are facing mounting regulatory pressure to mitigate the risk associated with end-user computing applications (EUC's). Until recently, progress with mitigating EUC risk and improving manual processes within financial institutions has been hampered by the extensive scale of the problem and the pervasive reliance on embedded manual solutions like Microsoft Excel. Considering the evolving regulatory environment regarding EUC's, the risk management implications impeding both revenue opportunity and control, and the imposition of fines by regulatory bodies, financial institutions have come to realize the utmost importance of prioritizing the transformation of these EUC's into a secure, compliant and improved environment with proper controls. The Boardwalk Velocity solution for financial services addresses these problems and provides a rapid path for mitigation of EUC risk and improvement of EUC controls across any financial institution.
"Our collaborative partnership with HCLTech at a prominent US bank has empowered us to optimize our strategy for the transformation of these End User Computing systems, resulting in swift compliance, better risk management supporting revenue endeavors, and robust data governance with a highly appealing return on investment," stated
According to IT partners and financial services customers using Velocity, they have reported a 10x superior performance (in terms of time to deploy and cost to remediate mid and highly complex EUCs) versus alternative software solutions currently available in the market. Poorly integrated and non-compliant EUCs pose a massive risk management and compliance issue for banks. Financial institutions utilize thousands of Excel and Access based EUCs for financial and performance models along with reporting trackers that must be transformed into an environment to mitigate and manage capital risk, while being compliant with OCC and Dodd-Frank risk modeling requirements. By leveraging Velocity's unique data architecture, financial institutions can rapidly transform these EUCs onto Velocity's compliant data management platform. These transformations can be completed faster and with minimal impact to the end users' day-to-day operations, all while preserving user reliance on the Excel experience and their existing EUCs. These improved auditability, operational and governance features allow financial services firms and banks to continue to use Excel while moving these EUC's into a compliant, secure and auditable environment.
About
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in
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