Dublin-based Corlytics has acquired ING SparQ, which helps financial institutions identify and implement external regulation more efficiently, in a transaction valued at €5 million. Corlytics will SparQ with its own capabilities to create a unified ‘monitoring to policy’ platform that automates the regulatory change lifecycle and allows firms to update and enforce internal policies and controls in real time.
The combination of SparQ with the Corlytics technology stack offers firms 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.
For ING, the divestment is the third tech spin-off following the earlier sales of the Stemly supply-chain forecasting and optimization solution and the Pyctor digital assets custody solution.
According to Corlytics CEO John Byrne, the addition of SparQ technologies “means 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 programme of managed growth.”
SparQ had its genesis in ING’s efforts – begun in 2017 – to create a software solution to help identify applicable external regulation and streamline compliance using automation techniques. Development was led jointly by ING Compliance and Legal, before moving to production and global roll-out.
Corlytics has partnered with ING on SparQ since 2018, and now supports 550 users across ING businesses globally with regulatory information and risk data, supporting the Risk, Compliance, Finance, Regulatory Affairs and Legal Departments. Corlytics also supports ING quality assurance with around 20% efficiency gains.
“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, “says Rein Graat, Chief Compliance Officer at ING. “The focus has been on end-to-end process integration, audit trailing, and global standardisation.”
Graat continues: “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.”
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