Business Control Solutions (AIM: BCT.L), provider of management consultancy services and operational control software to the financial services sector, today announced that Altium Capital, a leading European investment banking group, has selected the BCS Operational Control Architecture (OCA) to provide a corporate-wide operational risk and control framework.
BCS OCA will be deployed immediately to drive transparency and accountability across its London headquarters, while also reducing the cost of achieving effective control.
Altium's control culture was previously based on Microsoft Office products and a number of manual processes. It chose the BCS OCA software due to its ability to support senior management by delivering a comprehensive overview of the firm's operational health and compliance. The solution's ability to scale in size was also a crucial factor for Altium, which will use it to measure, monitor and manage operational risk and control. BCS OCA will initially be deployed in the finance department at Altium.
Cameron Small, CFO at Altium, said: "We chose BCS OCA because it was the best available solution to enable us to further improve our operational control reporting. Using this system, we'll be able to monitor control hotspots, manage communications up and down the management chain, and ensure immediate response to any issues that arise."
BCS OCA captures control certifications, key performance and risk metrics, as well as loss events and near misses. By consolidating this information across departments, it then delivers an instant measure of operational control and regulatory compliance. It also provides a number of other benefits to Altium, including:
- Monitoring control hotspots and highlighting issues as they develop for immediate response;
- Demonstrating process management and active day-to-day control;
- Cutting the paper/manual effort out of process management;
- Aiding with regulatory compliance, such as the FSA's Advanced Risk Response Operating Framework;
- Providing instant access to management information;
- A non-invasive approach that integrates seamlessly with Altium Capital's line functions.
"We are pleased to be working with Altium and contributing to the improvement of its operations during the course of the implementation," said Mike Bush, head of product development at BCS. "As the changing regulatory landscape becomes more stringent, operational control should be at the forefront of every organisation's agenda. Through this investment in technology, Altium has demonstrated its commitment to achieving this."