The global financial crisis has spawned a whole raft of regulatory reforms. While these were initially focused on Basel III and areas such as capital adequacy, organisations are now being required by regulators to improve and demonstrate their capability for managing operational risk.
Regulators, such as the FCA are now focusing their attention on more qualitative areas such as an organisation’s effort to foster the right culture to promote ethical behaviour and appropriate risk taking.
Used by the FCA and other FCA regulated organisations
As a result the world of Risk Management is changing dramatically. It is moving from the historical “must have” static list of risks to be presented to a regulator to a more dynamic, proactive world where understanding and managing risk is seen as an enabler to successful business growth and change.
Xactium is specifically designed to provide a way of assessing and managing the “three lines of defence” that have been adopted by most Financial Institutions. A comprehensive view of risk taken across the organisation, enables senior managers to understand the nature of the risks they face and how these compare to its risk appetite.
It improves analytical and reporting capabilities as well as providing intuitive access to enable all areas of the business to engage in the process: providing comprehensive sensing of all risk factors. This helps to uncover risks and incidents that have lain undetected in different departments or geographies.
Fundamentally, through using Xactium, Risk Managers have the information they need to influence the growth of the business, to foster ethical and cultural change as well as easily demonstrate compliance to regulators and that their findings are aligned to business decision-making.