Third and Fourth Party Risk

A risk and intelligence company at the forefront of cutting edge technology to help businesses manage regulation and compliance is moving into a new market with the help of a Warwickshire firm.

Albany Group, which is headquartered in London and has an office in Rugby, specialises in creating bespoke software and systems within the financial industry.

Its award-winning online portal, Conect, manages and organises all regulatory, compliance, contractual and professional needs of a supply chain, allowing companies to identify risk and stay compliant.

Albany Group has identified a gap in the property and construction market, highlighted by the fallout from the collapse of construction giant Carillion, and is now working with The Wigley Group to develop a system specifically for the sector.

The Wigley Group, based in Stockton, Southam, is a leading property, development and construction company in the Midlands.

Stewart Griffiths, CEO and co-founder of Albany Group, said: “Conect brings 21st century capability to the regulation, performance and auditing of suppliers, and has been a real game-changer for businesses we work with in the insurance and banking sectors.

“We are now looking to develop it for other industries, including property and construction.  There is huge risk in the construction industry and the financial impact can be massive, as has been seen with Carillion.

“The Wigley Group is an ideal partner for us to be working with to test the market and fully understand the requirements and needs, and with us will be pioneering a new way forward in regulation management for the sector.”

James Davies, managing director of The Wigley Group, said: “Risk control runs right through every area of our operations at Wigley and working with Albany Group enables us to monitor and manage our assets and supply chain in a far more efficient and effective manner.

“Its technology brings all of the information we need into one place, from financials to performance and change, which means we can easily and quickly identify any risks from a financial and best practice perspective.

“It will help us set up for the future both in terms of our business plans and industry standards, and future proofing ourselves from any uncertainty in the market or downward cycle in the economy.”