Styles&Wood plc has secured a new three-year contract to deploy its Arctick software solution to VLS, a portfolio management business that works with some of the UK’s largest financial services firms.
The contract will see Styles&Wood migrate VLS to its Arctick Governance, Risk and Compliance (GRC) solution, which helps firms to effectively manage, monitor, identify and report incidents and risks.
Styles&Wood has worked with VLS to implement a tailored version of the system. It will be used to automate manual and labour-intensive processes to significantly improve operational efficiency and reduce costs, while evidencing regulatory compliance.
The software was originally developed in conjunction with Nationwide Building Society – which uses it across its customer services and operations division, and was launched to the wider financial services market in February. Its functionality is aligned with the stringent risk governance and controls expectations of the Financial Conduct Authority under SYSC 7 and SMCR.
Ian Wilson, Managing executive of Arctick at Styles&Wood, said: “Financial services firms are among the most heavily regulated in the UK, so being able to clearly evidence and demonstrate compliance is critical.
“VLS services financial firms with significant portfolios under management and came to us because they needed to streamline their audit, compliance and risk processes. Arctick will help them improve operational efficiency, reduce costs and demonstrate exceptional levels of compliance with existing and upcoming regulation.”
Sarah-Jane Green, Head of Risk and Compliance at VLS, said: “Since regulation is constantly evolving, we needed a provider with an adaptable solution that can reflect these changes and provide excellent levels of customer service. Arctick will also enable us to achieve new efficiencies across the business while giving us security in knowing we can demonstrate robust risk management.”
Styles&Wood Plc provides a full range of professional and contracting services to some of the UK’s premier brands and leading blue chip organisations. Its technology business unit offers a suite of software and data analytics for estates professionals and governance, risk and compliance teams.