Styles&Wood has landed contracts to deploy its Arctick governance risk and compliance (GRC) solution to support two financial services firms.
Go Car Credit, a consumer motor finance lender, has chosen an off-the-shelf version of the solution to ensure it meets the stringent audit, compliance and risk management expectations of the Financial Conduct Authority under SYSC 7 and the future requirements of the Senior Managers and Certification Regime (SMCR).
The Arctick team will also work with Go Car Credit to implement the appropriate controls and actions required to help them comply with the upcoming regulatory requirements under the General Data Protection Regulation (GDPR).
The solution has also been selected by Chetwood Bank, a recently launched UK Challenger Bank. Chetwood will use the software to meet the governance and control requirements expected by the Prudential Regulation Authority as it rolls-out its new lending and savings products. Arctick will also enable the Bank to implement and evidence that it has robust policy and risk management frameworks and procedures in place to meet SYSC 6 and SYSC 7.
Ian Wilson, managing executive of Arctick at Styles&Wood, said: “ In the case of both these new clients, Arctick was selected within a highly competitive market because it can provide this assurance and is designed to be adapted to future regulatory changes. As new challenges like GDPR and SMCR emerge and business risk becomes even more critical, adaptability is crucial to the success of RegTech tools.”
Arctick was developed by the specialist technology arm of integrated property service and project delivery specialists, Styles&Wood. The solution has been designed specifically to provide regulated firms with the framework needed to implement and evidence effective governance and compliance controls.
It enables firms to identify, manage, monitor and report risks and incidents, providing a configurable and flexible capability to automate labour intensive audit, compliance and risk management processes to improve operational efficiency and reduce costs.
Arctick says it is aligned with the regulatory compliance expectations of the Financial Conduct Authority under SYSC 6, SYSC 7 and SMCR. It claims to be enhancing its solution to meet the ‘ever-changing regulatory landscape’ e.g. CONC, GDPR, SMCR, SYSC, ISO27001, ISO31000.
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