Styles & Wood has announced that it has secured new contracts to deploy its Award-winning Arctick Governance Risk and Compliance RegTech solution to support two financial services firms. Artick won Best Regulatory Technology solution at the 2017 Credit & Collection Technology Awards.
Go Car Credit Limited, 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).
As part of the 3-year contract, 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).
Arctick has also been selected by Chetwood Bank – a recently launched new FinTech Bank. Chetwood will utilise Arctick to meet the governance and control requirements expected by the Prudential Regulation Authority as it rolls-out its new lending and savings products. It 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: “These new contracts demonstrate the broad functional depth and flexible capability of how Arctick can support the diverse needs of FCA / PRA-regulated firms, either within established businesses or newly authorised firms.
“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.”
Fiona Bonser, Head of Risk at Go Car Credit, said: “Managing risk in a robust and sustainable way that provides assurance whilst shaping the direction of our business is key to the success of Go Car Credit. Arctick are able to provide a flexible and relevant risk management system, capable of growing with our business and reflective of evolving industry regulations and guidelines.”