Clearwater COVID-19 Update

Clearwater COVID-19 Protocols and Update

Updated: April 8, 2020

A note from Clearwater's Chief Client Officer, Subi Sethi:

As we wrap up the end of the first quarter of this year, I want to reach out on behalf of the Clearwater team to reiterate our commitment to you, our clients, and important members of the Clearwater community. With COVID-19 continuing to disrupt life around the globe, we worked to ensure you have a seamless quarter-end and to give you and your team some peace of mind.

Some updates from the past two weeks:

  • Clearwater’s entire company is now working from home, after a successful implementation for all 1,000 employees over three continents.
  • We did see the impact of market volatility with a significant increase in average daily trade volume in addition to a jump in price volatility error checks depending on market swings which further helped us push the envelope on ensuring our system is stable and scalable.
  • Instances of data delays from our third-party, custodian, and investment manager source data, did result in manual work by both clients and the Clearwater team.
  • Ongoing regulatory changes, including the new Current Expected Credit Loss (CECL) model, resulted in some slowdowns for teams at quarter-end, as they assessed the impact and implementation of new guidance.

There were reconciliation and data availability delays last month largely due to the increase in data error detection caused by market volatility. These delays are unacceptable to our clients and to Clearwater. We have made it a top priority to resolve these issues and strive to meet the high standards we have set for timely data delivery each day.

We are on Day 6 of our Quarter End and so far the dashboard looks promising. We have published a dashboard with up-to-date information about our quarter-end close delivery. This data will be updated daily to reflect additional lock downs in a Clear Insights article.

Once again, our commitment to your success continues to be of the upmost importance to us and we appreciate your continued partnership through these unprecedented times. You will continue to hear from me in the coming days to keep you updated on how we’re addressing these issues.

Most importantly, I hope this email finds you and loved ones healthy. If you have any questions, please do not hesitate to reach out to me and/or your servicing team.

Thank you,

_____________________________

Subi Sethi
Chief Client Officer
Clearwater Analytics, Inc.




Updated: March 20, 2020

A note from Clearwater's Chief Client Officer, Subi Sethi:

On behalf of everyone at Clearwater, please know that we remain committed to you, our clients, and to continuing to provide excellent service and support during these unprecedented times.

I want to make you aware of the measures we have taken as a company to ensure uninterrupted delivery. As a follow-up to Sandeep's email last week, I will provide updates to you as we continue to react to COVID-19. Just as our knowledge of the pandemic evolves, so does our plan.

Here are some key status updates from this week, during which our Executive Leadership Team has instituted substantial operational transitions:

  • We have seen a tremendous spike in trading volumes (as much as 9X in certain markets). I am happy to report that our platform scaled and performed with no disruption.
  • We implemented a four-stage work-from-home transition for all employees. Our Head of InfoSec drove this program: security was our key concern. Our VPN hardware and software were upgraded to the very latest versions and quickly tested. In this regard, redundancy is already built in: our new VPN network is set up, and we have the earlier infrastructure in place if needed.
  • Operating as a global company allows Clearwater to leverage our multiple locations as needed. We have tested our global operations and have the ability to utilize other sites to continue operating.
  • We are placing a primary focus on endpoint protection, with trainings and new best-practices rolled out to protect against phishing and other security concerns.
  • To optimize our work-from-home approach, we are relying heavily on technologies built for remote collaboration. Teams are communicating via multiple platforms and meeting throughout the day to discuss issues and stay connected. We also have a phone forwarding system in place so you can reach your teams easily. In fact, email, phone, and video conferencing has not functionally changed, so your servicing teams are as accessible as ever.
  • We have confirmed that our critical vendors will continue to operate, and the servicing team you rely on is prepared to support you through month-end, quarter-end, and beyond.

I know that portfolio transparency is crucial for you while the financial markets react each day. You must know how your organizations are impacted. For this, we are committed to ensuring timely, accurate daily visibility into your investment information.

These are surely uncertain times, yet I remain confident in Clearwater's ability to deliver quality service to you; we have and always will be an extension of your team. Above all else, please take care of yourself and your loved ones.

Please reach out to me or your respective servicing team with questions or concerns. 

Warm regards, 

_____________________________

Subi Sethi
Chief Client Officer
Clearwater Analytics, Inc.




Updated: March 12, 2020

A note from Clearwater's Chief Executive Officer, Sandeep Sahai:

Given the recent events and news related to COVID-19, I want to provide an update on the steps Clearwater is taking to address the situation.

The safety and health of our clients and employees is of utmost importance to the company. We, as a company, continue to closely monitor the situation and seek guidance through the World Health Organization, Centers for Disease Control and Prevention, government health officials, and city government where our employees work, offices are located, and events are planned.

We are equally committed to maintaining business-as-usual to ensure the Clearwater software and services you depend on to do your jobs is available and as dependable as always. We are dedicated to continued service through our offices around the globe. Our distributed data center approach is designed to operate without interruption. In the event of a site shutdown, critical teams are able to do their job securely from any location. 

Our business continuity plan is fully tested and includes processes for a pandemic, natural disaster, or other unexpected events. We are happy to share that plan upon request. We have teams prepared to complete work so your service is not impacted. 

You will continue to hear from me and our Chief Client Officer Subi Sethi in the coming weeks to keep you updated on how we’re addressing this situation. Please don’t hesitate to reach out to Subi or your servicing team with any questions in the meantime.

Best,

_____________________________

Sandeep Sahai
Chief Executive Officer
Clearwater Analytics, Inc.