With the ever-increasing amount of regulation around risk management, Furness Building Society recognised the need for a new system to replace its existing spreadsheet model.
Use of spreadsheets can severely affect an organisation’s ability to manage risk effectively and efficiently. So Furness is now using Xactium Risk Management, which enables the society to capture and monitor risks using one central secure system and generate accurate reports based on real-time information.
Nicola Coulson, operational risk manager at Furness Building Society, said: “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 at Xactium added: “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.”
Xactium is a cloud based GRC (governance, risk and compliance) software provider. Its risk-intelligent system uses embedded AI (artificial intelligence), 3D visualisation and automation that improves efficiency and creates innovative analytics.