Wolters Kluwer Financial Services, a provider of risk management, compliance and audit solutions for the financial services industry, has acquired FinArch, a provider of integrated finance, risk and performance measurement solutions.
The acquisition complements Wolters Kluwer Financial Services’ global risk and compliance position and, says the organisation, extends its capabilities into integrated finance, risk and performance management. In doing so, it is expected that the combined company can provide financial institutions with better control, insight and management of their financial data, and ultimately, a clearer enterprise view and enhanced management of their risk and performance.
Post financial crisis, institutions across the globe have recognized the need and value in the convergence of risk and finance, requiring high-quality data and integrated data management. Organizations now also face added pressure to have a better enterprise view of risk and financial management at a time when the regulatory and business environment is incredibly dynamic. To succeed, financial organizations need to integrate and more effectively control their financial data to improve efficiency, and better manage performance in the context of risk while meeting all regulatory obligations.
FinArch’s fully integrated finance, risk and performance management solution, Financial Studio, is designed to bring together the tools financial institutions need to manage, measure and report all financial activities, including: accounting, risk and capital management, management information, and compliance. “By better harnessing the power of their data across all asset classes, financial organizations can more effectively manage risk and financial performance, and help ensure regulatory compliance while reducing costs and increasing operational effectiveness,” said Brian Longe, CEO of the Wolters Kluwer Financial & Compliance Services division. “Together with our risk and regulatory reporting solutions, we’ll be able to offer our customers more options and greater flexibility to meet the needs specific to their organization and the changing marketplace. We will continue to build out our global capabilities, providing regulatory reporting for 50 countries and a full suite of solutions to help better manage performance and meet the most critical risk needs financial organizations face today and into the future.”
The FinArch management team will join Wolters Kluwer Financial Services.