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| Home : New Risk Management Solution Plays Key Role in Risk-Led Transformation of a Leading UK Financial Company |
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Jul 01
2011 |
New Risk Management Solution Plays Key Role in Risk-Led Transformation of a Leading UK Financial Company |
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An innovative, SharePoint based GRC technology solution, StratexPoint, has helped transform the UK financial outsourcing specialist, HML. |
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At the height of the global financial crisis in 2008, HML - which, on behalf of its clients, manages more than 45,000 financial products, has assets under management of £45 billion and is a subsidiary of Skipton Building Society - was experiencing unacceptable operational losses and compliance issues. Following the appointment of a new CEO, a new Head of Operational Risk and a routine visit from the Financial Standards Authority (FSA), adopting a more rigorous approach to HML's operational risk management process became a priority.
HML's Head of Operational Risk, Gillian Weatherill says: "Our mission was to make risk management central to strategic and operational decision making. In doing so, our goal was to enhance profitability, lower operational losses, and reduce the economic capital held against the business. This initiative was also about laying the foundation for state-of-the-art, next-generation risk management capabilities, which support the needs of all staff and clients."
Weatherill describes the risk process they had in place at that time as disparate and silo-based. "We needed information to be visible immediately, so our employees and managers could assess risks easily without tracking through numerous spreadsheets."
After considering a number of options, HML chose StratexPoint, a SharePoint based GRC solution which is unique in that it brings together strategy, performance and risk management processes into a single, integrated solution. Powered by Microsoft Office SharePoint technology and developed by the London-based (and Microsoft certified partner) technology company, Stratex Systems, the solution combines the qualitative elements of performance and risk management with the quantitative data.
Founder and Director of Stratex Systems, Andrew Smart says: "StratexPoint provides enterprise-level capabilities for HML to monitor and analyse all of its organisational governance, objectives, risks, and controls using assessments and key indicators. With Microsoft, we want to drive a new approach to managing strategy, risk, and compliance which brings together people, processes and data within a single collaborative environment"
Since implementing the solution two years ago, HML has successfully been able to respond to the rapidly shifting market as well as significant changes in the regulatory environment brought about by the financial crisis. "Our systems are more robust than ever before," says Weatherill.
Director for Risk and Compliance Solutions at Microsoft, Sai Sireesh adds: "The HML vision of integrating business strategy, capital allocation and risk management is truly innovative. StratexPoint is uniquely positioned to implement this vision."
StratexPoint has also been successful in enhancing HML's strategy execution as well as creating a risk-aware culture within the organisation. However, Weatherill says the software has not hampered new initiatives. "None of our requirements have been compromised and now everything related to strategy execution is easily accessed in one place, which is significantly improving efficiency and performance."
To read Microsoft's Case Study visit http://www.microsoft.com/casestudies/Case_Study_Detail.aspx?CaseStudyID=4000009984
To interview a spokesperson please contact andrew.smart@stratexsystems.com
For more information about Stratex Systems please visit www.stratexsystems.com.
To find out more about Microsoft SharePoint™ please see http://sharepoint.microsoft.com/en-us/product/Pages/default.aspx
Follow us on twitter at www.twitter.com/StratexSystems |
| Source:http://www.1888pressrelease.com/new-risk-management-solution-plays-key-role-in-risk-led-tran-pr-315254.html |
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