Wolters Kluwer Financial Services, a provider of comprehensive risk management, compliance and audit solutions for the financial services industry, announces the acquisition of FinArch, a provider of integrated finance, risk, and performance measurement solutions that enable financial institutions to manage, measure, and report all financial activities.
The acquisition strengthens Wolters Kluwer’s global risk and compliance position and extends its capabilities into integrated finance, risk, and performance management. In doing so, the company can provide financial institutions with better control, insight, and management of their financial data, and ultimately, a clearer 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 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. Financial organizations need to integrate and control their financial data to improve efficiency, and manage performance in the context of risk while meeting all regulatory obligations.
FinArch’s solution, Financial Studio, brings together the tools financial institutions need to manage, measure and report all financial activities, including: accounting, risk and capital management, management information, and compliance. With general ledger and sub-ledger capabilities, Financial Studio enables customers to meet International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) while also addressing the requirements of Basel II and Basel III, RAROC, and other risk-related performance measurement ratios.
By utilizing Financial Studio’s data architecture, this “single version of the truth” helps organizations manage the regulatory environment while reducing the cost of compliance, ultimately enabling them to be more competitive.
“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,” says 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.”
“With a shared vision for providing knowledge-rich solutions to manage the complexity around financial performance and risk management, we will continue to build out our solutions, combining global scale with local capabilities, expertise and service, ultimately helping more organizations make the right business decisions in today’s evolving global environment,” says Dirk De Beule, managing director for FinArch.
The FinArch management team will join Wolters Kluwer Financial Services.
Terms of the deal were not disclosed.