Press Release: UK Financial Services Regulator chooses StratexPoint as its regulatory risk management solution

StratexSystems’ software tool is set to take UK financial services industry to an improved level of maturity in risk management and strategy execution.
 

10th November 2014, London, UK. A UK Financial Services Regulator has deployed the StratexPoint solution from StratexSystems as an enterprise-wide Governance, Risk & Compliance (GRC) solution that underpins its regulatory risk framework. The software enables our client to deliver its statutory objectives, which are focused on maintaining the stability of the financial services sector by supporting the regulation of around 1,700 of the UK’s largest and most important financial services firms.

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Effective Internal Audit in the Financial Services Sector- What Does It Mean?

Recently the Chartered Institute of Internal Auditors released their recommendations from the Committee on Internal Audit Guidance for Financial Services titled Effective Internal Audit in the Financial Services Sector.

We have extracted the key points from this guidance HERE. In this blog post, we consider how these updated requirements are enabled via StratexPoint’s Audit Management functionality.

A. Role and Mandate of Internal Audit

With the remit of “protecting the assets, reputation and sustainability of the organization”, we believe that Internal Audit need to move away from stand-alone spreadsheets or point solutions to support the Audit process, instead they need to use an integrated solution which incorporates both the Audit Management capabilities to enable the Internal Audit team to be effective but also the strategy and risk management capabilities which support the rest of the organisation while creating a single, integrated management framework and approach......

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Effective Internal Audit in the Financial Services Sector - Key Points

Recently the Chartered Institute of Internal Auditors release their recommendations from the Committee on Internal Audit Guidance for Financial Services titled Effective Internal Audit in the Financial Services Sector.

This guidance document represents the final recommendation of the Committee on Internal Audit Guidance for Financial Services chaired by the highly experienced Roger Marshall, the Audit Committee Chair of a FTSE 100 insurance group and a director of the accountancy standards setter, the Financial Reporting Council (FRC).

The Committee on Internal Audit Guidance for Financial Services was set up as an independent, industry-led body by the Institute of Internal Auditors specifically for the purpose of developing this guidance in the wake of the credit crunch and the perceived weaknesses in the Internal Audit practice which have become to be seen as a contributory factor to the near melt down of the global financial services industry.

This is an important guidance document for both audit professionals, risk and compliance professionals and senior executives and board members as it sets out what good Internal Audit looks like in a post credit crunch world. Here are some key points.......

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StratexSystems Partners with Cyber Security Experts to Develop Strategic Cyber Security Solution

StratexSystems, a provider of integrated strategy execution and risk management solutions is pleased to announce the launch of CYSPEX (Cyber Strategic Programme Execution), a unique, comprehensive cyber security solution designed to provide boards and senior executives with a holistic view of their organisational cyber security status. 

Developed with the combined Cyber Security and Risk-Based Performance Management expertise of Templar Executives (www.templarexecs.com) and Manigent (www.manigent.com), CYSPEX enables organisations to monitor and implement the delivery of their cyber strategy while managing and mitigating the organisation’s cyber risks in line with their risk appetite. Not only does this ensure your organisational information is secure and managed through its lifecycle, it also means information is delivered in a timely, relevant and valued manner.

An organisation’s value is increasingly made up of its information assets, such as patents, designs and custom databases, and how well they exploit them. As a result, these are increasingly coming under attack from a range of individuals, including commercial and governmental parties. In this environment, cyber security has to be a board level responsibility and solutions must deliver tangible business benefits.

Recent figures show that 92% of large organisations are currently experiencing losses from cyber incidents[1] which involve their information being lost or stolen and infrastructures being taken offline, or more worryingly, taken over. Poor cyber security can cost your business directly, through fines and litigation fees, and indirectly, by damaging your brand value, competitive advantage, productivity and revenue streams. 

As experienced Risk Management Software Providers, StratexSystems are aware of the impact cyber risk can have on businesses: CYSPEX (Cyber Strategic Programme Execution) is a unique and comprehensive cyber security application designed to provide boards and senior executives with an holistic view of their organisational cyber security posture. Developed with the combined Cyber Security and Risk-Based Performance expertise of Templar Executives and Manigent, CYSPEX enables organisations to monitor and manage the delivery of their cyber strategy while managing and mitigating the organisation’s cyber risks in line with their risk appetite. Not only does this ensure your organisational information is secure and managed through its lifecycle, it also means information is delivered in a timely, relevant and valued manner.

StratexSystems CEO and Founder, Andrew Smart said: “We are excited to be partnering with Templar Executives to develop this innovative cyber security solution. Cyber Security is moving up the agenda of our clients but we believe there is a need for a strategic approach which is aligned to business strategy”.

Templar Executives CEO and Founder, Andrew Fitzmaurice said “The UK Government and UK PLC are increasingly recognising the holistic nature of the range of threats posed by cyber-attacks, and every day we seem to wake up to reports of another cyber security breach. Indeed, recent events such as the Stuxnet incident, and incidents at leading organisations such as HMRC, HSBC and Zurich Insurance plc, demonstrate the need for a comprehensive solution which enables a mindset change regarding Cyber Security. With our partners, StratexSystems we believe that CYSPEX will provide, for the first time, organisations with an opportunity to develop that much needed solution”.

www.cyspex.com

[1] State of Security Survey, 2011, Symantec

Risk technology spending to hit $23 billion by 2013

London – 7 November 2011: Compliance and integration to drive risk technology expenditure according to the sixth edition of Chartis Research’s RiskTech100® report.

"There is a quiet revolution taking place in the financial services industry, where the disciplines of risk and finance are converging," comments Peyman Mestchian, Managing Partner of Chartis Research. He says that it is characterized by better alignment of the CFO and CRO and is leading to a re-think of organizational structures, business processes and underlying technology architectures.

While Mestchian says that regulation continues to play a major role in driving demand for risk technology, he also points to a trend towards "value-based compliance" moving away from the traditional "tick box" mentality. 

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