Hoist Finance – Developing the outsourcing arrangements system for the future
With FCG Oasys we can actively manage all our arrangements and service providers efficiently throughout our whole organization in all twelve markets."
- Acting Head of Compliance at Hoist Finance
Efficient and Secure Sharing
Proactive handling of information
Global Solution
Developed together at the source of need
As companies, and entire industries, have grown more international and data-driven, their need of a centralized overview of their outsourcing relationships has increased in importance. Outsourcing has rapidly become a vital and critical business activity in the financial sector. With relationships greatly varying in regards of complexity, length and need for supervision an active management of the arrangements and service providers is a success factor for staying competitive and relevant.
The Challenge
In their opening statements of the guidelines, the European Banking Authority means that “Trust in the reliability of the financial system is crucial for its proper functioning and is a prerequisite if it is to contribute to the economy as a whole. Effective internal governance arrangements are fundamental if institutions individually and the financial system they form as a whole are to operate well.” As a consequence of industries optimizing their business through an increasing amount of outsourcing arrangements, it is paramount that authorities, and in extension the public, feel that there is sufficient control of these arrangements.
FCG, now Advisense, saw the possibility of joining the need for trust in outsourcing partners with the power of modern technology, and knew that there was a more efficient solution to the challenge at hand than trying to track outsourcing arrangements in Excel sheets or general systems for handling agreements. Enter – Oasys.
The Solution
A close and successful relationship between FCG and Hoist Finance proved essential in both understanding the challenge, but also in working out the details of the solution.
FCG Oasys is a system for active management of outsourcing arrangements and service providers in accordance with the European Banking Authority (EBA) guidelines on outsourcing arrangements. Hoist has now implemented the system across their organization to support their daily operations. FCG Oasys fully supports intragroup and multi entity outsourcing, making it easy to source and manage groupwide services and providers. The system, which is provided as a Software as a Service (SaaS), offers full au dit trail, advanced search, filtering and reporting functionalities. Altogether, Advisense Oasys facilitates proper and active management of outsourcing arrangements.
In their opening statements of the guidelines, the European Banking Authority means that “Trust in the reliability of the financial system is crucial for its proper functioning and is a prerequisite if it is to contribute to the economy as a whole. Effective internal governance arrangements are fundamental if institutions individually and the financial system they form as a whole are to operate well.” As a consequence of industries optimizing their business through an increasing amount of outsourcing arrangements, it is paramount that authorities, and in extension the public, feel that there is sufficient control of these arrangements.
FCG Reg&Tech saw the possibility of joining the need for trust in outsourcing partners with the power of modern technology, and knew that there was a more efficient solution to the challenge at hand than trying to track outsourcing arrangements in Excel sheets or general systems for handling agreements. Enter – FCG Oasys.
Joint forces to face the challenge
Coming from a long and constructive relationship, Hoist Finance turned to FCG to design and develop a system and service to be implement across their organization and international branches. With over 20 years of international experience, Hoist Finance is one of the leading debt-restructuring actors in Europe, with operations in 11 European countries. Operating in a complex financial ecosystem, Hoist Finance is making best use of outsourcing arrangements. Active and efficient management of outsourcing arrangements is a key business activity for Hoist involving stakeholders from different departments as well as cross border.
“We evaluated several systems to handle our outsourcing activities. One of the most important factors was efficient and secure sharing, and handling of information between our branches and departments. With FCG Oasys we can actively manage all our arrangements and service providers efficiently throughout our whole organization in all twelve markets.”
Sofia Isaksson, acting Head of Compliance at Hoist Finance
The Results
Since developing the system together with Hoist Finance, we have now added the possibility to handle all types of contracts and arrangements (read more about Oasys+ below). For Hoist Finance, this now means that they only need one single system to handle all their supplier agreements and contracts.
“Hoist Finance is a trusted international leader that makes the best use of outsourcing. The fact that Hoist Finance has signed up to an initial term of three years is great recognition for FCG Oasys.”
Per Andersson, CEO of FCG Reg&Tech Solutions.