A new era in banking: Boardwalktech and HCLTech’s secret weapon against regulatory fines

The world of financial services is undergoing a seismic transformation as Boardwalktech Software Corp. and HCLTech extend their partnership to tackle one of the industry’s most pressing challenges: the risk posed by End-User Computing (EUC) applications. As banks and insurance companies face mounting regulatory scrutiny, Boardwalktech and HCLTech have stepped in with a game-changing solution that could help institutions manage and control risks associated with manual processes and outdated systems.

At the core of this partnership lies Boardwalktech’s flagship product, the Boardwalk Velocity solution, which promises to significantly enhance the way financial institutions handle EUCs. These applications, often based on Microsoft Excel, have long been critical to financial modeling, reporting, and performance tracking, but they also come with high risks due to their manual and non-compliant nature. With financial institutions relying on thousands of these tools, the regulatory risks have become an urgent issue, especially with evolving requirements from bodies like the Office of the Comptroller of the Currency (OCC) and the Dodd-Frank Act.

In a bold move to mitigate these risks, HCLTech is currently implementing the Velocity solution at one of the top five banks in the U.S., marking a major step forward in ensuring compliance and enhancing control in the financial sector. By leveraging Boardwalktech’s unique data architecture, Velocity enables rapid transformation of EUCs into a secure and auditable environment. Financial institutions can now maintain their reliance on Excel while achieving swift compliance, robust governance, and improved data auditability.

According to experts at Boardwalktech, the Velocity solution offers a 10x performance improvement in terms of deployment speed and cost efficiency compared to alternative solutions on the market. This leap forward is crucial, as institutions scramble to meet regulatory demands without disrupting their core operations. The solution helps banks manage capital risk, meet compliance standards, and streamline their governance processes, all while allowing users to continue utilizing familiar tools.

Andrew Duncan, CEO of Boardwalktech, expressed that the collaboration with HCLTech has empowered both companies to deliver a cutting-edge solution that addresses the pervasive challenges of managing EUCs. He emphasized that the Velocity solution provides an unparalleled combination of faster time to transformation, lower costs, and minimal user disruption—all factors that are critical for the financial services industry as it navigates this complex regulatory landscape.

Financial experts have praised this partnership as a significant step towards modernizing financial institutions’ risk management systems. Given the scale of the EUC problem, this solution is poised to make waves across the industry, providing financial institutions with a practical path to compliance and control.

Key Insights into the Financial Services Industry’s Regulatory Challenge

The broader context behind the partnership highlights an industry struggling with growing regulatory demands. As regulators tighten their grip on financial institutions, the reliance on manual, Excel-based EUCs has become a focal point for risk. The push for better data governance and compliance has made transforming these tools a top priority. Boardwalktech and HCLTech’s combined efforts underscore a proactive approach to future-proofing financial institutions against compliance pitfalls and regulatory fines.

Expert Opinions on Boardwalk Velocity’s Impact

Industry analysts view Boardwalktech’s Velocity product as a critical innovation, particularly given the complexity of financial models and the regulatory frameworks governing them. The potential for faster deployment and seamless integration has caught the attention of compliance officers, data architects, and IT professionals within top-tier financial institutions. This partnership is seen as a key driver in reducing operational risks while maintaining business continuity.