Teachers’ Building Society strengthens its risk management processes with Ten Risk Manager from Hitec

30 June 2009

Hitec Laboratories Ltd, a leading supplier of Risk and Performance, Compliance and Electronic Document Management and Delivery Solutions to the Banking and Finance sector have announced today that Teachers’ Building Society is the latest organisation to adopt their award winning Ten Risk Manager solution.

Teachers’ Building Society has been providing Mortgages and Savings products for over 40 years directly to their members. They recognise the importance of having an efficient Risk Framework in place as part of their overall compliance strategy and have selected Ten Risk Manager to replace an existing solution as it offers a more comprehensive and flexible approach going forward.

Ten Risk Manager offers a structured end-to-end enterprise risk management framework and provides Teachers’ Building Society with the ability to configure the solution to their own requirements. As Ten Risk Manager is browser based, it provides visibility of all corporate risks and actions to all management. The Real-time reporting was also a key factor in their decision process.

Karen Flaherty, Solicitor and Secretary at Teachers’ Building Society comments, “Ten Risk Manager provides a more dynamic solution to managing the risks identified in the business. With the increasing regulatory focus on risk management in the wake of the banking crisis, Teachers’ Building Society wanted a solution which allowed the management team to access the risks from their desktop whenever they wanted. By incorporating the features that we wanted in one system, Ten Risk Manager will help to drive actions forward to improve risk controls and to respond to changes within the business.”

Ten Risk Manager provides organisations with the ability to make informed decisions based on accurate, meaningful and robust data which in turn provides assurance to Senior Management, Shareholders and Regulators that a substantial and up to date risk framework is in place. Enhanced visibility of the risks and issues that could impact an enterprise means that risk and mitigation strategies can be developed and prioritised, ensuring that attention is paid to the critical area.

Hitec have been providing services and solutions to the financial industry for 17 years, and have implemented successful installations in more than 40 countries.

Jeremy Crame, CEO of Hitec says “Teachers’ Building Society has been a valued Customer for over ten years, and I am delighted that we have now extended the relationship with the implementation of Ten Risk Manager. The recent global banking crisis has highlighted the need to have a comprehensive Risk Management framework in place, and we expect to be very busy over the coming months as more members of the financial community implement Ten Risk Manager”.

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