With over 3,000 blocks across the Hyde portfolio requiring Fire Risk Assessments (FRAs), Liz was tasked with undertaking a comprehensive feasibility study to compare the major providers of compliance action tracking systems.
“Our main issue was the variety of systems required to generate a board-level information report. We were heavily reliant on third-party data, which meant that managing the data on a day-to-day basis was labour-intensive,”
“When we carried out a feasibility study, we found that Riskhub was a clear leader because of its intuitive nature, flexibility, clear reporting / insight and competitive price structure to meet bespoke client needs.”
Using multiple systems made maintaining accuracy of data more challenging for the FRA Compliance team.
“We wanted one independent system that would manage all FRA actions, not only from one provider, but from multiple FRA providers – that would provide one version of the truth. Managing data using multiple systems through manual methods proved to be complex with a higher risk of duplication and error.”
Having used Riskhub for four months, Hyde have already started to see the benefits.
“The compliance FRA team use Riskhub on a daily basis and say they’ve effectively halved the time they would spend on spreadsheets, simply pulling data and moving it around. Reduced manual input time means that people can focus on other aspects of their role, so it’s a cost saver too”
“The fact that the management can go in and have a look, and the dashboards are simple and easy to use is an added bonus. From the senior management perspective, it’s not only quicker and easier to write reports or carry out spot checks on the data, we now have complete compliance assurance and data integrity in one secure cloud-based system, which is vital when it comes to managing a compliance team and FRA related actions.”
As for the implementation process, Liz said:
“The Riskhub team were really responsive and helpful – nothing was too much trouble and the training delivered was very comprehensive with back-up support from the technical and functional support team whenever required and with an extremely fast turn-around time.”
As a final thought, it was outlined how excited Hyde are when it comes to Riskhub’s plans to build all Compliance disciplines into the system.
When we carried out a feasibility study, we found that Riskhub was a clear leader because of its intuitive nature, flexibility, clear reporting / insight and competitive price structure to meet bespoke client needs.
Liz Oliver, Hyde