Corlytics, a regulatory risk intelligence platform, has acquired ING SparQ to enable digitalisation across the regulatory change lifecycle.
By adding SparQ to the Corlytics technology stacks, it hopes to enable financial services organisations to identify new regulations or threats. Additionally, it will give them the ability to identify new regulations or threats, construct robust controls around monitoring and oversight, and ensure appropriate policies are in place, end-to-end.
Corlytics CEO John Byrne said, “This acquisition is important – both for the financial services industry and Corlytics. SparQ technologies mean that we can close the regulatory compliance and obligations management loop – in a unified platform to automate, deliver and prove compliance. This deal sets the runway for further strategic acquisitions and is a clear signal of our ambitious program of managed growth.”
SparQ was established in 2017 by ING to develop technology to transform regulatory change and policy management. Its focus has been on end-to-end process integration, audit trailing and global standardisation.
Corlytics has been partnered with ING on SparQ since 2018. Following the close of the deal, Corlytics will support ING businesses globally through SparQ. It supports ING businesses globally with regulatory information and risk data to 550 ING users across the bank, including Risk, Compliance, Finance, Regulatory Affairs and Legal Departments.
Commenting on the deal, ING chief compliance officer Rein Graat said, “Corlytics became a key partner in 2018 and it is fitting that, after the global roll-out internally, the next stage of SparQ’s journey will be with the company that can bring its development to the next maturity level of being an industry-wide leading platform. We look forward to collaborate more intensively with Corlytics in this ongoing development.”
Last year, digital consultancy Fimatix partnered with regulatory risk intelligence firm Corlytics to integrate each other’s services into their own offerings.
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