Weathering the storm of cloud apprehension with a private cloud

PUBLISHED:
15 August 2018
6:13 PM

BY:
triCalculate

Despite the buzz about the cloud, why is there still apprehension?

Touting benefits like flexibility, scalability cost- and resource-effectiveness, ‘the cloud’ is certainly a hot topic in financial markets today. Many market participants realize that in the evolving environment of regulations, infrastructure challenges and cost pressures, they need solutions that are easy to implement and maintain. According to our recent Risk.net survey of professionals in risk, compliance and the front office of tier 1-3 banks and buy-side firms, almost half of respondents (46%) would consider using a cloud-based solution for their XVA and valuation needs.

However, many market participants are hesitant to neglect legacy installed systems that have been in place for decades, regardless of their high maintenance costs and resource requirements. Indeed, 37% of survey respondents were still undecided on whether they would use a cloud-based solution for their XVA and valuation needs, and 17% said they would not consider a cloud-based solution.


Source: triCalculate Risk.net XVA Survey 2018

Despite the buzz about the cloud, why is there still apprehension?

According to our Risk.net survey, the factor causing the most apprehension is Security, with nearly half of all respondents (48.5%) citing this as the issue that gives them pause. Our survey showed that the second most factor causing apprehension about the cloud is Regulatory Compliance (24%). This is likely because some regulators, in regions such as Asia, have resisted providing approval for cloud-based solutions within their jurisdictions. Moving required data within the cloud poses concern for the regulators as well as the financial institutions themselves. Therefore, cloud solution providers need to do their part to protect customer and proprietary data at every point in its journey.


Source: triCalculate Risk.net XVA Survey 2018

Clients of triCalculate’s cloud-based XVA and valuation service rest assured that their data is protected and secure at every point in its journey. This is because triCalculate is a unique vendor solution in that it operates within a private cloud infrastructure, where client data is safe on proprietary hardware owned and managed by TriOptima. This provides both the data security of an installed solution and the flexibility, scalability and countless other benefits of the cloud.

Further, TriOptima holds the ISO 27001 Security Certification, the international standard for best practice in information security and provides specification for legal, physical and technical controls within an organisation’s information risk management processes. For more on how triCalculate protects our clients’ data, please see our webinar.

If you have questions about triCalculate’s private cloud solution for accelerated XVA risk analytics please contact us at [email protected] or request a free demo here.