At the turn of 2014, Customer Service & Operations, within Nationwide Building Society embarked upon an exercise to review their current system that supported its risk management and control processes.

With significant knowledge of existing expensive systems available, Nationwide saw an opportunity to do something different, and engaged with the Arctick team to develop a new solution with the appropriate level or risk, controls and incident activity.

The team worked with stakeholders from across Nationwide to understand their requirement and ensure solution would meet the organisations needs now and in the future. Having developed the solution it was trailed with a small team before being rolled out to the wider operational base of 4,500 users.
Project Highlights

  • The solution won RegTech Solution of the Year at the 2017 Credit & Collections Technology Awards.
  • Since going live Nationwide have seen an increase in incidents being reported of over 200%.
  • By centralising Nationwide’s risk, governance and compliance systems with intelligent in-built automation, Nationwide is seeing real time and cost savings.
  • Senior management across the business now have access to real time intelligence and insight at all times.

By creating an initiative, easy to use incident reporting module Nationwide saw an increase in incident volumes being reported of over 200% as more departments and individuals captured the true picture of incidents.

The centralised risk management functionality has removed all manual risk processes and ensured that reporting is consistent across the business. Designed to be at the forefront of best practice and aligned with industry regulations the solution enables compliance with SM&CR as well as SYSC 6 & 7.

As well as empowering the workforce, accountability has been moved back to the operation, removing the assumed accountability of the risk function. The system has re-established personal responsibility for risk, control, and incident and loss management, in a consistent business area-wide approach.

“Our existing relationship and the proven capability of the team to develop a risk management platform, were key factors in our decision to work with them on this project.”

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