Non-Standard Finance plc (NSF) was established in 2014 to acquire and grow businesses offering credit to UK adults not served by mainstream financial services businesses. As the demand for their services continues to grow, NSF recognised the need to centralise their risk management processes. Xactium has been selected as the risk management information system to replace a more labour intensive process.
Xactium will fully support the management of key areas for the business including incident management, risk controls, quality management and risk appetite. Xactium Risk Management will significantly reduce the time that the NSF risk team spend managing incident data, compiling and formatting reports. Xactium will help them to work more efficiently by centralising the dataset and providing powerful and flexible reporting tools. Going forward, this will release more time for the NSF risk team to focus on key issues and objectives.
Peter Reynolds, Director of IR and Communications at NSF explains: “Xactium has provided us with a single risk management system that operates across the Group. Important features for us included the fact that it is a robust, scalable, user-friendly and modern risk management system, that will support the easy tracking and mitigation of risk across our business with aggregated reporting functionality.”
Andy Evans, Xactium Managing Director adds, “We’re delighted to be working with Non-Standard Finance on the implementation of a risk system that will transform the way that risk is managed across their business. As a growing company, the volume of activity within risk will inevitably increase and efficiency is essential for keeping costs down. We are confident that Xactium is the right platform to help NSF achieve this goal. ”
Non-Standard Finance is a leading provider of unsecured credit to UK adults that are either unable or unwilling to borrow from mainstream financial institutions. Listed on the Main Market of the London Stock Exchange, NSF have over 120 locations servicing over 168,000 customers across the UK. Focused on branch-based lending, home credit and guarantor loans, NSF is focused on providing an excellent service to customers and delivering attractive returns for shareholders.
When lending direct, NSF aims to meet all of its customers face-to-face before a loan is offered them. This is approach differentiates them from many of their competitors and enables them to lend to consumers that many other institutions will not.
Xactium is a cloud based GRC software provider that helps Risk 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.