13th April 2015, London, UK. Another challenger bank has selected the StratexPoint Enterprise GRC solution from StratexSystems to monitor and manage its third party and conduct risk.
As well as meeting its first line of defence responsibilities, the client will use StratexPoint to proactively monitor risk across hundreds of processes that are outsourced to various third-party providers, ensuring that their performance is completely aligned with its own. This will enable StratexPoint to provide assurance to the Board and the regulator that it is delivering the right customer outcomes, and fully meeting its conduct risk management obligations.
Powered by Microsoft’s SharePoint technology, StratexPoint integrates strategy execution, risk management and compliance, providing one of the most comprehensive Enterprise GRC (Governance, Risk and Compliance) solutions in the market. It simplifies the risk management process by automating risk activities, providing actionable information to support strategic and operational decision-making and risk reporting.
The bank selected StratexPoint based on the solution’s flexibility, familiar interface (thus making it easier to engage the front-line) and ability to monitor third party SLAs and risk profiles. Monitoring third party SLAs and risk profiles is critical in enabling the customer to successfully deliver its conduct risk agenda.
The client’s decision was also influenced by StratexSystems’ proven track record within the ‘challenger bank’ space, where they have emerged as the leading Enterprise GRC provider. The solution’s ability to support the growth of their client’s businesses while enabling them to manage their risk profile and regulatory compliance has permitted the clients to focus on growing their business, while operating within clear risk appetite boundaries.
Andrew Smart, CEO of StratexSystems, said: “Outsourcing critical business processes to third party suppliers is a common business practice. With the FCA’s Conduct Risk agenda, the need to understand your risk position across your supply chain and how the actions of a third party may impact your customers is vital. Firms need to monitor their third party risk, understand how it may impact on customer outcomes and demonstrate they are doing so to the regulator. StratexPoint provides the ‘single source of truth’ from across your supply chain, which enables you to meet your third party and conduct risk management obligations effectively and efficiently.”
www.stratexsystems.com
ENDS
For more information about StratexSystems please contact:
Eliza Hawthorn Marketing and PR Executive, StratexSystems eliza.hawthorn@stratexsystems.com
About StratexSystems
StratexSystems is an innovative provider of an Enterprise GRC (Governance, Risk and Compliance) software solution to the global financial services, regulatory bodies and related markets. Since 2010, StratexSystems has been challenging the traditional GRC and risk management providers with its integrated approach and proven track record of delivering real, tangible and measureable return on investment and business value.
Through the deployment of our StratexPoint solution, our clients have been able to significantly reduce the volume and value of their operational losses, leading to reductions in their regulatory capital, improvements in their credit ratings and improvements in their cost of capital. As our solution is built on the Microsoft SharePoint platform, our clients have been able to leverage their existing technology investment and deploy the solution across the enterprise to embed risk management and, specifically, risk appetite at the heart of strategic and operational decision-making.
About StratexPoint
StratexPoint is an Enterprise GRC (Governance, Risk and Compliance) solution built on the ubiquitous Microsoft SharePoint platform. With support for each of the three lines of defence, the solution is comprehensive in nature but modular in deployment, delivering a high ROI, high user adoption and high levels of assurance to your Board and Regulator(s) that you are operating within appetite.
StratexPoint has been deployed to a range of clients across the financial services sector, including Challenger Banks, Mortgage providers and administrators, Investment banks and Financial Services regulators.
