For immediate release
Ascendore announces StratexStream, an External Loss and GRC Benchmarking data service, with the launch of an early adopter program.
Prompted by customer frustration at the lack of an high quality External Loss & GRC Benchmarking data service designed for non-Tier 1 Banks, Ascendore is pleased to announce the launch of StratexStream. This service will ‘go live’ in November 2017. To ensure market fit, we are launching an Early Adopter Program (EAP) immediately, to enable collaboration with our customers and other firms in the final design of this new service.
StratexStream is an external loss and GRC benchmarking data service based on anonymised customer data and external sources. It enables firms to access, in real-time, industry and peer external loss and GRC benchmarking data incorporating it into regular and one-off reporting, analysis and capital modelling.
The StratexStream data service was created after several customers expressed frustration at the lack of high quality external loss and risk benchmarking data available in the market. One challenger bank customer told us that, after reviewing 11 vendors, they concluded that existing vendors were targeting only Tier 1 Banks and did not provide the granular level data they require to support their ICAAP process and to drive continuous improvement efforts.
StratexStream could prove to be a game changer for us; finally, we will have access to external loss and other benchmarking data which is at the right level of detail and materiality for our size and scale of our business. Not only that, we will have an opportunity to meet regularly with our peers, understand what losses are being experienced across the industry, and what best practices are emerging. Challenger Bank CRO
Similarly, an Asset Management customer told Ascendore that the lack of real-time peer risk-related benchmarking data was a hindrance to having a constructive dialogue with their regulators and causes significant gold plating of regulatory changes. They see the StratexStream benchmark data as a way of leveling the playing field with the regulators.
Andrew Smart, Founder and CEO of Ascendore, says “We are excited to be launching the StratexStream Early Adopter Program. It appears that certain types of firms are not being well served by existing vendors, but, like the tier 1 firms, these firms need access to high quality, real-time loss and benchmarking data to support their ICAAP submissions and to drive continuous improvement efforts internally”.
The StratexStream External Loss & GRC Benchmarking data service will be launched at the end of November 2017. The Early Adopter Program will kick-off immediately with a requirement gathering phase leading up to the first of two half-day workshop sessions on 19 October and 16 November 2017.
Ascendore is a regulatory technology (Regtech) software business providing Integrated Governance, Risk & Compliance (GRC) solutions to leading financial services firms and their regulators. We enable firms to eliminate their cumbersome spreadsheet systems, improve risk & compliance monitoring and reporting while driving cultural change, embedding accountabilities and developing a risk-based decision-making culture.
We primarily work with visionary Chief Risk Officers within financial services firms as they seek to transform their approach to risk and regulatory compliance. We also work with industry regulators as they seek to implement a Risk-based supervisory approach.
Our solutions are built on familiar office platforms, Microsoft SharePoint, Office 365, the Cloud, thus reducing deployment time and costs, reducing the barriers to adoption, and enabling GRC processes and accountabilities to be successfully embedded within the business.