FRSGlobalâs solutions enable international financial institutions to centralize multi-country risk and regulatory reporting, and address major financial regulatory, compliance and risk management requirements globally. This acquisition will enable Wolters Kluwer Financial Services to offer financial organizations comprehensive compliance and risk solutions that cover operational risk, compliance risk, and financial risk and reportingâmeeting the major risk requirements of financial organizations worldwide.
âThe financial crisis, globalization, and increasing regulatory scrutiny have created a complex and challenging environment for financial organizations,â said Brian Longe, chief executive officer of Wolters Kluwer Financial & Compliance Services. âFinancial organizations are requiring intelligent and comprehensive solutions and services to help them address the complexities of a rapidly evolving regulatory environment. Together, FRSGlobal and Wolters Kluwer Financial Services will be able to provide global financial organizations with the most comprehensive compliance and risk management solutions available.â
With the deep in-house domain expertise of hundreds of regulatory, risk and compliance experts from Wolters Kluwer Financial Services and FRSGlobal, the business provides unmatched insight into todayâs global regulatory environment. This actionable regulatory intelligence is embedded within both organizationsâ products, solutions and services, enabling financial organizations to manage global regulatory compliance, reduce risk and increase operational efficiency.
FRSGlobal is the only provider to offer customers a unified solution to address the financial risk management and regulatory reporting needs of financial organizations across the world. FRSGlobalâs integrated risk management and regulatory reporting solution utilizes a common data source platform with coverage in 40+ countries. More than 1,000 financial organizationsâincluding 41 of the top 50 banks in the worldâuse FRSGlobal regulatory reporting applications.
More than 14,000 financial services organizations around the world trust Wolters Kluwer Financial Services to help manage their regulatory compliance and risk management programs through the companyâs risk analytics and controls; regulatory intelligence; transaction and origination management solutions; and policy and procedure management tools and solutions.
The addition of FRSGlobal creates the worldâs largest compliance and risk management business focused on financial services, with more than 15,000 banking, insurance and securities customers across the globe.
âJoining Wolters Kluwer Financial Services means that our customers will have access to an even broader array of compliance and risk management solutions,â said Steve Husk, chief executive officer of FRSGlobal. âWith a shared commitment to meeting the evolving needs of the financial services market, FRSGlobal and Wolters Kluwer Financial Services will be able to comprehensively address the needs of financial organizations around the globe.â
Michael Wand, managing director and co-head of Carlyleâs European Technology Partners team (CETP), said: âThis achievement with FRSGlobal is a great endorsement of our original investment thesis of transforming a traditional software license business into a value-enhancing subscription-based recurring revenue model, based on strong domain expertise and content orientation. We believe Wolters Kluwer is an excellent partner for the business and wish them every success in taking the business forward.â
David Carratt of Kennet Partners added, âThis transaction is a prime example of the increasing convergence of content and software, a theme we have been following closely as investors. Under our stewardship, FRSGlobal built its specialized domain expertise in compliance deeper into its risk and reporting platform, creating an invaluable solution for bank CFOs facing a growing compliance challenge.â