NatWest and NCC Group working together to support digital innovation in fintech
NatWest’s Ventures team incubates ideas and scales up new digital solutions to support business customers.
Andy Ellis, Head of NatWest Ventures said “We aim to ensure we have a rapid pace of development, and at the same time as encouraging and supporting our new digital businesses to innovate and grow, we have a duty of care to ensure that we manage any risk responsibly.”
The technology supply chain that supports NatWest’s suite of new ventures can often be complex and varied – as much reliance can be placed on global software suppliers as niche, smaller operators, so understanding how to future proof any dependence is key to building long term success.
NatWest Ventures required a risk mitigation solution to complement and not constrain its innovation mission.
Working closely together, NatWest and NCC Group have created a responsible and sustainable approach to continuity and risk management for several of NatWest’s Ventures, including Tyl by NatWest, Esme Loans and Mettle.
Software Escrow agreements have been implemented to cover all business critical applications, with regular software verification exercises added to the programme to ensure that should the need arise, the knowledge and guidance to manage and maintain or indeed recreate the application from the original source code is available.
With the implementation of well thought out and relevant, robust risk management and resilience programmes, the bank can ensure compliance with sector regulations without compromising on the innovation of their new offerings.
Andy Ellis, Head of NatWest Ventures said: “Being proactive and placing security and resilience at the start of any development means that we can confidently explore ideas and push boundaries, safe in the knowledge that we are managing any risk associated with our software supply chain responsibly.”
Simon Fieldhouse, Global Managing Director, NCC Group, Software Resilience: “Financial services is a key sector for us, and we are proud to be working with NatWest Ventures, adding a layer of resilience as it brings exciting and groundbreaking ideas to market.”