Following a competitive evaluation process, the British Business Bank has selected Xactium Risk Management to replace its current spreadsheet model.
The British Business Bank is a government-owned business development bank dedicated to making finance markets work better for smaller businesses in the UK at all stages of their development: starting up, scaling up and staying ahead.
Xactium will enable the Bank to see a real-time view of its risks and the flexibility of the system will allow it to implement modifications directly, as the business develops.
Mark Gray, Chief Risk Officer at British Business Bank, explains: “We will be using the features and capabilities of the Risk Manager platform to transform the way we manage risk across our organisation. We expect its user-friendly platform will enable us to focus more time on managing risk and less time on collecting and manipulating data.”
Andy Evans, Managing Director, Xactium says: “I am delighted that the British Business Bank has chosen to work with us and I am looking forward to working with them to configure a risk management system that they can roll out to the business with confidence”
About British Business Bank
The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting more than 54,000 businesses, working with over 90 finance partners. Its programmes support over £3.4 billion of finance to UK smaller businesses and participate in a further £5.1 billion of finance to UK small mid-cap businesses.
British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Foundry House, 3 Millsands, Sheffield, S3 8NH. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
British Business Financial Services Limited is a wholly owned subsidiary of British Business Bank plc, registered in England and Wales, registration number 09174621, registered office at Foundry House, 3 Millsands, Sheffield, S3 8NH. It is not authorised or regulated by the PRA or FCA.
More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.
Xactium is a cloud based Risk Management software vendor that is changing the way that Financial Services organisations evaluate and manage their risk.
Our flexible and collaborative platform ensures that organisations such the FCA, Direct Line Group, JLT and Homeserve can stay up to date and respond rapidly to both business and regulatory change.
Our advanced reporting capability provides a centralised, real-time view of all your risks, controls, actions and incidents. Flexible analytics and workflow tools enable timely and accurate information for decision making and rapid response to escalating issues and risks.