StratexPoint enables organisations to clarify their strategic objectives, align their risk appetite and manage their key risks to enable the sustainable execution of their strategy.
1 AUGUST, 2016 – FOR IMMEDIATE RELEASE
Ascendore: the new name for StratexSystems
It's an exciting time for the provider of Integrated GRC software as the company embarks on a new chapter in its history
StratexSystems is rebranding. As of today the Governance, Risk and Compliance (GRC) software provider will be known as Ascendore.
1 June 2016 – FOR IMMEDIATE RELEASE
StratexSystems unveils new R&D centre in Seville
Nearshore operation will complement the work of London team and bring benefits in cost and time to market for provider of Governance, Risk and Compliance (GRC) software
StratexSystems today announces the opening of a branch office in Seville, Spain. A major new initiative, it will operate primarily as a research and development facility, and support a wide range of activity across the company's global customer base.
The move will allow StratexSystems to take advantage of a fresh pool of design and engineering talent at a time when such talent is in heavy demand in London and the wider UK. Anticipated benefits include rapid on-going development of the company's acclaimed StratexPoint Enterprise GRC (Governance, Risk and Compliance) software and StratexStudio app, while providing bandwidth to bring to market innovative new products and Big Data services.
In the last 12-18 months, in the lead up to the introduction of the Senior Managers and Certification Regime one of the most talked about topics has been individual accountability. Creating clarity of accountabilities is critical for the success of any organisation.
In light of the SMR and an industry-wide focus on individual accountability, I wonder if now is the right time to propose that as an industry (Financial Services) and as a profession (Risk Management) we agree to kill off the artificial construct that is the Three Lines of Defence model.
It is my view that the Three Lines of Defence model gets in the way of developing the right organisational culture, the one I described in my book as a ‘strategy-focused, risk-aware’. And it gets in the way of the risk management team, particularly operational risk, preventing them from engaging with the business correctly in terms they understand.
The new Senior Managers & Certification Regime will come into force for Banks on 7 March 2016. This new regulatory regime will then be applied across Financial Services over the next few years.
Many Banks have started their preparations for this major regulatory change (those banks that have not started, should get started!). As part of their overall approach to the SMR, banks are starting to consider software solutions to enable them to effectively meet their current and on-going regulatory obligations under the SMR.
Not surprisingly, there is a lack of clarity about what are the requirements for a software solution to support the SMR so here is my ‘Starter for 10’ requirements.
There is little doubt that the new Senior Managers Regime and Certification Regime will prompt the Firms to connect the dots between day to day operations and accountability, but it’s questionable whether it will change the culture in Financial Services.
In July 2014 the regulators announced their intention to ‘Strengthen accountability in banks’ in their joint consultation paper FCA CP14/13/PRA CP14/14 that introduced a new regulatory framework for individuals:
Proposals for regulatory references were outlined in the consultation paper published by the regulators yesterday. Firms are already required to provide references upon request, the new regulation requires Firms to request references for people that fall within the Senior Managers and Certification regimes.
StratexSystems has been named Risk Management Firm of the Year UK by Finance Monthly in the M&A Awards 2015. The Finance Monthly M&A Awards recognise the achievements of advisory and legal firms that play a crucial role within the financial services industry.
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Risk-Based Performance Management
The methodology that underpins our software solution
Accepting and managing risk is necessary for success, but how much risk can an organisation take before it becomes unstable? Our book, written by StratexSystems CEO- Andrew Smart shows how risk can be managed as part of business strategy. Pulling together into a single framework the two separate disciplines of strategy management and risk management, this book provides a practical guide for organisations to shape and execute sustainable strategies with full understanding of how much risk they are willing to accept in pursuit of strategic goals.