Roger Bennett, Service Management Practice Director at CloudStratex

Award winning global operational integration solutions and services provider, CloudStratex (CSX), is building upon enterprise cloud platform ServiceNow, to assist financial services firms meet new requirements to strengthen their operational resilience.

The Bank of England (the Bank), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), recently published a policy statement making it clear that firms must implement prevention and response strategies for potential disruptions to their business. The unavailability of important services has the capability to cause wide reaching harm to consumers, threaten the viability of firms, and cause instability in the financial system.

In response, CSX has utilised its own unique, out of the box incubator model to integrate support for these new regulatory frameworks into the ServiceNow platform for the benefit of service users. The incubator applies a methodology that clearly identifies potential problems areas and ensures road-mapped solutions can be delivered at pace.

As a ServiceNow “Premier Partner”, CSX makes full use of features across modules in ServiceNow (e.g. ITSM, ITOM, ITBM and IRM) This provides clients with a comprehensive view of all notable problems, incidents, and changes within their digital infrastructure, and ensures effective mitigation and correction measures across all business functions. The resulting standardisation of data, ticketing and automated workflow not only streamlines process, it makes accountability clear and manageable, and enables AI capabilities for proactive incident and problem management.

By applying the incubator model to the ServiceNow platform, CSX’s skilled IT practitioners allow firms to track and demonstrate their progress to the regulator, on plan, on time and on demand.

Roger Bennett, Enterprise Practice Director of CloudStratex, said: “The disruption caused by the coronavirus (Covid-19) pandemic has shown why it is critically important for firms to understand the services they provide and invest in their resilience. At CSX, we have cracked the ‘never-ending CMDB’ problem so we are now able to effectively and efficiently relate data from services to infrastructure.  Our enterprise and IT expertise, operational integration approach, and exemplary partnership status with ServiceNow, means we are well placed to support our clients to stay compliant to the requirements of all three financial regulators.”

Adrian Overall, CEO of CloudStratex added:

“Regulators now consider a company’s capability to deliver services during periods of volatility to be as critically important as its financial reserve capabilities. Therefore firms must undertake mapping and scenario testing to ensure operational services can continue to be delivered when under stress. Working in partnership with ServiceNow, we can clearly demonstrate to our clients, what they need to know, the gap they need to close, and the roadmap to get them where they need to be.”

Officially launched in November 2019, CloudStratex offers a new, innovative and practical approach that focuses on helping businesses understand ‘how’ to adopt and leverage next generation technologies.

Headquartered in London, the firm has already secured contracts with large organisations within Europe.