Go Car Credit

Meeting SM&CR Requirements

Embedding a risk aware culture

Understanding that most finance providers have strict lending parameters, Warrington based Go Car Credit was formed in 2017 to enable those with impaired credit profiles to gain options for car finance.

In order to meet the requirements of new financial regulations, specifically by the Financial Conduct Authority, Go Car required a solution which would allow them to record, monitor and evidence risk and generate reports against their risk management framework in a timely manner.

Go Car implemented Arctick’s GRC solution at the beginning of 2018 to ensure that their primary focus of ‘ethical and responsible lending and putting the customer’s interest at the core of every decision made’ is delivered.

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.

Challenge

Go Car had a fixed format for risk entry and register, with limited flexibility. The complexities of managing the filing system meant it took a long time to find individual cases and tracking the history of a risk across multiple, complicated spreadsheets was a drain on time resource.

To ensure the business had a comprehensive, single view of their risk profile in real time, and to meet regulative mandate of accountability Go Car required a system that was easy to use by non-compliance personnel but with stringent checks and controls to ensure accuracy.

Greater clarity was also needed for the financial impact risks, its actions and outcomes. The business wanted to improve its regulatory auditing through transparency of risk compliance.

Finally, Go Car were looking to optimise work efficiencies using standardised formats and assigning ownership of risk control.

Solution

Go Car approached Arctick, part of Extentia Group, with their proven capabilities in the finance sector.

To deliver an integrated and flexible system, Arctick worked closely with key company stakeholders to understand the processes and current ways of working.

The standard Arctick system ensured deployment was efficient, allowing Go Car to focus on day to day business. The system was customised based on proven industry best practice and configured to Go Car’s exact requirements.

The user friendly interface of Arctick allowed the Go Car compliance team to engage key stakeholders and ensure that the system would be adopted.

Arctick’s powerful dashboards provide real time reporting and business intelligence to the heads of departments. This single view of risk ensured the company’s risk owners achieved their key parameter of greater visibility.

The multi-level admin and security controls enables user access to only the areas they need to perform their role. This ensures company-wide compliance in line with the regulatory bodies.

Automation and workflows are built in to Arctick and configured for Go Car to ensure processes are followed in line with all compliance frameworks.

Results

Go Car now have an accurate single version of the position of identified risks, controls and activities. Arctick delivers real time savings in administration, making it easy to enter, track actions and review risks. Go Car can now find evidence and reporting in a timely manner.

Arctick enables future planning for Go Car’s business growth. During the recruitment process, all employees are trained and monitored to regulated standards by the FCA. New starters escalate control costs, and Arctick enables compliant risk management of the process.

Arctick supports Go Car’s ongoing regulatory compliance through identifying, monitoring and reporting on risk.

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.

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Project Highlights

  • Go Car now have an accurate single version of the position of identified risk, controls and activities.

  • Arctick delivers real time savings in administration, making it easy to enter, track actions and review risks.

  • Arctick’s powerful dashboards provide real time reporting and business intelligence to the heads of departments. This single view of risk ensured the company’s risk owners achieved their key parameter of greater visibility.

  • Automation and workflows are built in to Arctick and configured for Go Car to ensure processes are followed in line with all compliance frameworks.

About Us

Our solution automates and streamlines risk management, delivering a 360° view of risk in real time.

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Arctick is part of Extentia Group, a group of specialist companies from all aspects of the built environment; market leaders in our respective fields, together we deliver joined-up thinking to develop long-term strategies that help drive productivity and enhance business performance.

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