Recognise, a subsidiary of AIM Listed City of London Group plc, will offer financial services to the UK SME sector and the retail and business deposits market.
Subject to the granting of a banking licence, Recognise will serve the hugely underserved SME sector. Its mission is to transform the banking experience for businesses with emphasis on building personal relationships whilst demonstrating technological expertise.
Recognise identified the need for an innovative and user-friendly risk system, that would help to put the business in the strongest possible position to achieve UK banking status. Following a selection process, Xactium was chosen as the preferred provider for risk management that would help propel the business forward.
Xactium will provide Recognise with a secure cloud-based platform from which every aspect of the risk process can be managed with ease and confidence. It will enable the risk team at Recognise to closely monitor business risk as it continues to grow and run real-time reports for the executive team at the click of a button.
An initial discovery meeting with Recognise established that Xactium’s QuickStart implementation approach would work best. It will enable the Recognise risk team to take advantage of a preconfigured off the shelf version, to get them up and running quickly, whilst safe in the knowledge that the system could be adapted over time as the business develops.
Patrick Ferguson, Chief Risk Officer, Recognise said:
“Xactium met our requirements for the enterprise risk management system perfectly. We're looking forward to working with Xactium to implement the system and manage risk effectively from the very beginning.”
Andy Evans, Founder & MD of Xactium added:
“We are extremely excited to be working alongside a growing innovative financial services provider like Recognise. With Xactium in place, I am confident that Recognise will be in a really strong position to grow their business in the coming years. With access to accurate and useful information from their risk team via Xactium, senior managers at Recognise will be in the best position to make well-informed business decisions.”
Find out exactly what the Xactium Risk management solution has to offer by downloading our product brochure.