22 Jan We’re Movin’ On Up… To A Deluxe Apartment In The Sky → Cloud → RegCloud®
A Cloud Migration Case Study
Let’s face it, no one likes moving. Even when you know that it’s for the best – a dream job, better school district, no shared walls with inconsiderate neighbors, better security, less maintenance, or moving regulatory reporting to the cloud.
For years, financial institutions have had their hands full monitoring and interpreting new regulations, incorporating ever-changing regulatory rules, regression testing, upgrading software, and managing technical infrastructures. AxiomSL’s ControllerView® data management and regulatory reporting platform and services alleviated many of those issues. The antithesis of a black box, ControllerView delivers transparency across fully automated processes from data ingestion to report submission, regardless of jurisdiction.
While the cloud beckoned as a means of addressing the challenges and TCO of the regulatory solutions, institutions have had to be prudent about handing off the management and maintenance of their processes without sacrificing security. However, vendor-cloud offerings have matured to the point that firms can mitigate these risks and securely exploit its benefits by collaborating with the right partner.
This case study follows a multinational investment bank and financial services company, who made moving regulatory reporting to the cloud a strategic imperative, as it transitions to AxiomSL’s RegCloud® (ControllerView® via Amazon Web Services). This AWS-native service uniquely merges the power of ControllerView with the best the cloud has to offer including scalability, security, and automation, while leveraging AWS’ regulatory-approved cloud-infrastructure.
As with all moves there is going to be some heavy lifting. The three-phased approach for moving regulatory reporting to the cloud included a:
- Database conversion: Rare, but essential for this client.
- Software upgrade: From a client-environment ControllerView v9 (sunsetting) to the browser-based v10
- Transition to the cloud: A well-established public-private-key infrastructure to encrypt database exports to achieve end-to-end security for the data