As we come to the end of January 2016, it's great to look back at Xactium's achievements, and also to look at some of the emerging risk management trends we've identified as haveing a big impact on 2016.
2015 has been another great year for Xactium. We've successfully delivered our risk management software to many new customers including the Financial Conduct Authority, Directline Group and one of the world's largest infrastructure projects.
The success of our customers is a number one priority to Xactium, and as a result we've been growing our support team, consultancy team, and also our customer community events. Last year, we had our largest user group meeting yet, and in 2016 we'll be undertaking a number of key customer activities, including: breakfast briefings and whitepapers (see below) on key risk management topics, going live with our customer community portal and engaging our customers in the future of our product roadmaps.
We've also continued to invest in our staff, growing the business further to meet the needs of future customers, and moving to great new offices. Our staff are the foundation of Xactium and the key to our success in the future, so it's fantastic to see the dynamic, friendly and knowledgable team that has developed in the company.
Some Emerging Trends in Enterprise Risk Management
Over the last year we've seen some interesting trends in Risk Management that look set to impact our customers, particularly in the financial services sector. I've listed these below:
- Flexibility is king when it comes to implementing and maintaining Risk Management Software within a regulated environment. The ability to easily self-configure, amend and adapt to changes in regulation and/or the business without incurring significant development cost is now a major driver for FCA regualted organisations.
- Cloud is now becoming an accepted means of delivering IT solutions to financial services organisations. A real milestone was achieved last year with the FCA giving the green light to the adoption of cloud based IT services.
- Whistleblowing is a big focus for 2016: the FCA's rules are due to come into force in September 2016 for large firms, and these will require a real focus on implementing proper internal policies and procedures. This is something we're addressing with our new FCA whistleblowing solution!
- The FCA continues to focus on the following areas of significant interest: poor culture, conduct and controls, the speed of technology to outstrip consumer capabilities, and pension and retirement products.
- In addition, the importance of firms’ systems and controls in preventing financial crime is a key area for 2016, especially around the rapid rising risk of internet based fraud.
- From an ERM solution perspective, here are some areas where we have seen strong demand for our products during 2015:
- Risk aggregation: the ability to aggregate risks at different levels in an organisation is an key requirement, and this is something Xactium delivers through its powerful reporting capabilities.
- Incident Management: being able to capture, manage and report on incidents and risk events is essential to evidence good governance. Having a highly flexible platform like Xactium means that incident fields, workflows and reports can all be easily customised to each customers' requirements!
- Key Risk Indicators: while KRIs and KCIs have been around for a while, we're seeing a growing demand for an easy to use approach to capturing and reporting on KRIs - this is something we're delivering with our Metric Manager solution, see here.
- The Digital Board: a number of our clients are seeing the benefits of moving away from traditional hard copy executive reports, to being able to view and explore their risk position. That's where being able to interact with data on any device is a real benefit of the Xactium platform.
- Social Collaboration: finally, with social collaboration built into our platform from the ground up, we're also seeing a lot of benefits of users being able to collaborate around risks and incidents, rather than having to converse by email. The power of the @mention is growing!
Making a difference to our community is very important to Xactium. During 2015 we supported a number of community projects, and undertook many different fund raising activities. One of our key activities was to provide funds to a school in Sri Lanka, which helped them buy much needed equipment, books and materials.
We're also pleased to announce that during 2016-17 we'll be supporting the GB Special Olympics, which is coming to Sheffield - our home town. We look forward to further announcements during this year!
Andy Evans, CEO, Xactium