Corlytics, a leading provider of regulatory risk intelligence, has acquired ING’s RegTech platform, SparQ. The SparQ tool, which was jointly developed by ING’s compliance and legal teams, establishes a single repository for all judgments and analyses pertaining to regulatory change. The platform has been used by ING and other major banks to comply with regulations such as Basel III and the General Data Protection Regulation (GDPR).
SparQ’s integration into the Corlytics technology stack gives financial services organizations the capacity to recognize new rules or threats, provide strong monitoring and oversight controls, and guarantee that the right policies are in place throughout the entire process.
The acquisition comes at a time when regulatory compliance is becoming increasingly important for financial institutions. With the growing number of regulations and the increased focus on compliance by regulators, financial institutions are under pressure to implement effective risk management systems. The SparQ platform will allow Corlytics to meet this demand by providing customers with the tools they need to comply with regulations and manage risk.
John Byrne, CEO, Corlytics, 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.”
The acquisition is a strategic move for Corlytics, which has been focused on expanding its presence in the regulatory risk management market. The company has a strong track record of providing solutions to financial institutions and is well-positioned to take advantage of the growing demand for regulatory compliance solutions.
The addition of SparQ to Corlytics’ product portfolio will also help the company to expand its customer base and reach new markets. With the acquisition, Corlytics will be able to offer a comprehensive solution for regulatory risk management, which will be particularly valuable for financial institutions that are subject to multiple regulations.