Swiss banking giant UBS has selected Microsoft Azure cloud technology to run its risk-management platform.

The bank’s risk-management platform runs millions of calculations daily. The vendor said that Azure would accelerate calculation times by 100% and reduce infrastructure costs by 40%.

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According to Microsoft, a major factor in the selection of the Azure technology was the bank’s focus on regulatory compliance.

The vendor stated that its Financial Services Compliance program offers transparency into Microsoft cloud operations, ensuring both the bank and regulators about the authenticity measures taken to secure data.

Microsoft executive vice president of worldwide commercial business Judson Althoff said: “Tremendous transformation is taking place in the financial services industry, and technology is increasingly providing a competitive advantage to firms.

“UBS is a model of digital transformation in the financial services industry. With Microsoft Azure, the firm receives all the advanced technological and economic benefits of cloud technology. This is underscored by Microsoft’s investments in security, transparency and regulatory compliance, which enable UBS to innovate while doing business all over the globe.”

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UBS is currently collaborating with Microsoft to move more business applications to the Azure cloud.

UBS Group head of technology services Paul McEwen said: “Increasing the agility and scalability of our technology infrastructure is crucial to the bank’s strategy. With Microsoft Azure, we are building on the industry’s leading cloud platform in terms of innovation, technology, security and regulatory compliance, which is very important as a Swiss financial institution.”