Written by Ignotas (Iggy) Turskis
How a Multinational Investment Bank Delivered a Risk-Reporting Platform on Google Cloud
This customer is a British multinational investment bank and financial services holding company. It is the 6th largest bank in the world by 2020, and the largest in Europe.
They have around 3,900 offices in 65 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, and around 38 million customers.
They are organised into four business groups: Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management, and Global Private Banking
Increasing runtimes and a lack of scalability of the on premise Risk Reporting Platform batch ETL process has led to challenges meeting the ever increasing volume of regulatory reporting requirements and submission deadlines. The lack of dedicated development and UAT environments led to resource contention and hampered the agility of development and deployment of fixes and new requirements.
Deployed a hybrid solution leveraging the performance and scalability of Cloud Storage, Compute Engine Managed Instance Groups and BigQuery to move the bulk of the data processing to GCP. All data is protected at rest with Customer Managed Encryption Keys (CMEK) and sensitive or PII data is encrypted prior to transfer to GCP and decrypted on premise once data processing is complete.
Data processing times on the hybrid GCP solution are at least eighteen-times quicker than the on-premise infrastructure. Complex SQL transformations for generating regulatory reporting output now run in tens of seconds as compared to hours on premise. Solution deployment via CICD enables parallel development and testing, increasing the velocity of delivery of new functionality for the business.
“Data processing times for GCP are 18x quicker than our on premise current infrastructure, and the platform offers leading and innovative levers of control, provides advanced security features to protect our data, including customer managed encryption keys, encryption of data in motion and at rest, and robust break glass processes. It also delivers significant change and run the bank cost savings.”