Digital ledger platform and enterprise software solutions company Boardwalktech Software has expanded its collaboration with technology company HCLTech to mitigate risk and enhance control for financial institutions.
The partnership is focused on reducing risks associated with end-user computing applications (EUCs) in the financial sector.
Currently, HCLTech is also supporting one of the top five US banks with the implementation of Boardwalktech’s Velocity product.
According to Boardwalktech Software, banks and insurers are facing increased regulatory pressure to address risks associated with EUCs, which often depend on manual tools such as Microsoft Excel.
The changing regulatory landscape, along with the risk management implications and potential fines, has prompted financial institutions to prioritise the transformation of these EUCs into secure, compliant environments with enhanced controls.
The Boardwalk Velocity solution for financial services aims to address these challenges by providing an efficient path for mitigating EUC risks and improving EUC controls across financial institutions.
By leveraging Velocity, IT partners and financial services customers have reported significantly improved performance. It is claimed that performance is up to 10 times better in terms of deployment time and cost of remediating complex EUCs compared to other available software solutions.
Additionally, Velocity’s data architecture allows financial institutions to easily transform these EUCs onto a compliant data management platform. This enables them to manage capital risk while meeting regulatory requirements, such as those set by the Office of the Comptroller of the Currency (OCC) and the Dodd-Frank Act.
Boardwalktech Software CEO Andrew Duncan said: “Our collaborative partnership with HCLTech at a prominent US bank has empowered us to optimise our strategy for the transformation of these End User Computing systems, resulting in swift compliance, better risk management supporting revenue endeavours, and robust data governance with a highly appealing return on investment.
“The Boardwalk Velocity solution focuses on four core areas – improving process results, time to transformation, reduced cost to implement, and minimal disruption to users. This enables HCLTech and Boardwalktech to provide an unparalleled solution that is poised to remain highly sought-after and indispensable throughout the financial services industry.”
