With the ever increasing release of regulations revolving around risk management, it’s no surprise that more and more financial service institutions are seeking secure and reliable means of managing risk across their organisation.
Furness Building Society recognised its need for a risk management system to replace an existing spreadsheet model. Use of spreadsheets can severely affect an organisation’s ability to manage risk effectively and efficiently. By adopting Xactium Risk, Furness Building Society will be able to capture and monitor risks using one central secure system and generate accurate reports at the click of a button, based on real-time information.
Furness Building Society are an independent building society offering a range of savings accounts and mortgage products as well as a range of other financial products enabled by a variety of business partnerships.
Nicola Coulson, Operational Risk Manager at Furness Building Society Says: “We are delighted to be working with Xactium Risk Management and are confident of the benefits the system will provide us with. With Xactium, we have found a fully configurable and user friendly solution which will vastly improve risk reporting for the Society. It will also provide real time reporting of risks and actions at any point in time. The system has already been well received by the team and the automation of this function will help them to focus on more value-adding activities.”
Andy Evans, Managing Director, Xactium says: “It’s great to be working with a modern, forwarding thinking Building Society like Furness and we are excited at the prospect of working with them to embed Xactium across the organisation and help them to build a consolidated approach to risk management without the use of spreadsheets. Furness will be joining a rapidly growing number of building societies now using Xactium risk management to transform the way risk is managed and perceived across their organisations.”
- About Furness Building Society -
Furness Building Society is a top 20 building society with over 150 years of providing mortgages and savings across England, Scotland and Wales.
Furness is committed to remaining an independent and mutual building society with a strong focus on customer service.
- About Xactium -
Xactium is a cloud based GRC software provider that helps risk, audit and compliance managers to transform the way that Financial Services organisations evaluate and manage their enterprise risk. The value of the risk process and its profile is raised through the use of risk intelligence that improves efficiency and creates insights that influence decisions across the business.
As the central risk platform used by the FCA to supervise the market, it has also been adopted by a wide range of Financial Services organisations from across the industry. Companies such as Direct Line Group, JLT, MS Amlin and Argo Group.
Xactium is the world's first enterprise risk-intelligent system, with the revolutionary use of embedded AI (Artificial Intelligence), 3D visualisation and automation that dramatically improves efficiency and creates innovative analytics. Reporting is made easy and timely, and predictive insights enable senior managers to prioritise resources.
Xactium is also built for managing change and is probably the most flexible and configurable enterprise risk management system available today. This adaptability ensures that our customers stay up to date and able to respond to both business and regulatory change, without the need for costly bespoke programming.
Overall, Xactium releases more time and resource for the risk team to help promote best practice and demonstrate the value of risk across the business through actionable insight.