DUBLIN & AMSTERDAM--(BUSINESS WIRE)--Corlytics announces the acquisition of ING SparQ to enable digitalisation across the regulatory change lifecycle. The deal comes at a critical moment for financial services - as organisations face fast moving and complex regulatory challenges.
Corlytics and SparQ close the compliance loop
The addition of SparQ to the Corlytics technology stack brings financial services organisations, 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.”
Combined platform development
SparQ has spun out from ING. Work began in 2017 to create a software solution to identify and implement external regulation more efficiently within financial services organisations which is in line with ING’s strategy of staying safe and secure. Development has been led jointly by ING Compliance and Legal, before moving to production and global roll-out. Corlytics has partnered with ING on SparQ since 2018. Today, Corlytics, via SparQ, 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. Corlytics in addition, directly supports ING quality assurance with around 20% efficiency gains.
ING’s Chief Compliance Officer, Rein Graat, said, “In 2017, recognising the increasingly complex regulatory landscape, ING assembled a team of subject matter experts to develop innovative technology and transform regulatory change and policy management. The focus has been on end-2-end process integration, audit trailing, and global standardisation. SparQ has materially contributed to our efforts of demonstrating being in control. 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.”