2nd February 2015, London, UK. A leading European Financial Services Regulator has deployed the StratexPoint solution from StratexSystems to underpin its regulatory risk framework, as it seeks to enforce an intensive and intrusive supervisory approach in the wake of the 2008 credit crunch. The solution enables the regulator to deliver its statutory objectives, which are focused on maintaining the stability of the financial services sector, by supporting the supervisory activity across 30,000 regulated firms.
StratexPoint has been deployed to replace an existing, in-house built system which lacked the flexibility and functionality required to meet the increased complexity and volume of European Financial Services regulations. Additionally, StratexPoint underpinned a transformation in the way that the organisation works, enabling the emergence of a new culture within the supervisory team.
The deployment followed an initial pilot during which the regulatory risk framework was loaded into StratexPoint and ‘road tested’ over a six week period by almost 300 supervisors. With the successful conclusion of this pilot the full deployment quickly followed, reaching over 2000 supervisory staff and regulating up to 30,000 firms.
StratexPoint was selected for this project for three main reasons:
Firstly, StratexPoint is the only Enterprise GRC solution that is built on a Microsoft SharePoint platform – a strategic technology platform for the customer.
Secondly, the customer felt that the strength of the underlying concept behind StratexPoint and its inherent flexibility would be required to successfully support their regulatory risk framework and the complexities within their local market.
Thirdly, as reporting from their old systems had been problematic, time consuming and rigid, our customer was delighted with the strength of StratexPoint’s end-user and production reporting. The solution includes a suite of over 50 standard reports and dashboards which can be easily customised. Equally, the StratexPoint reporting database makes it easy for customers to create and publish their own reports and dashboards.
The customer expressed how easy StratexSystems were to work with during the pilot and subsequent deployment, saying: “StratexSystems were responsive and very open. They shared their thinking about risk management and advised us how to best structure our risk framework and deliver our solution. StratexSystems are clear about their product roadmap and direction, and share this with us on a quarterly basis.” Head of Supervision, Leading European Financial Services Regulator.
CEO of StratexSystems, Andrew Smart said: “With governments across Europe demanding a higher standard of conduct from regulated firms and greater protection for taxpayers post credit crunch, regulators are adopting a more intensive and intrusive approach and are turning to a ‘best of breed’ technology solution, such as StratexPoint, to support their regulatory agenda.
Whether it is working with leading regulators or regulated firms, StratexPoint continues to prove to be the right Enterprise GRC solution for organisations seeking to be at the forefront of the regulatory agenda.”
www.stratexsystems.com
ENDS
For more information on 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.
