Wolters Kluwer Financial Services, a provider of compliance, risk and audit solutions for financial institutions (FIs) is to acquire Svenson, an Austrian transaction management unit from SmartSteam, for an undisclosed sum. The deal is expected to complete by the end if this summer, subject to the usual regulatory approvals, when 15 staff will transfer over.
The acquisition will increase Wolters Kluwer’s presence in Austria and central European markets and the vendor says its range of compliance software solutions completes its regulatory reporting, risk and finance management offerings for financiers.
FIs in Austria are expected to meet the growing requirements of the country’s three regulators - Austrian National Bank (OeNB), Financial Market Supervisory Authority (FMA) and Insurance Supervisory Authority (VAB). In addition to local regulatory obligations, firms in Austria are also required to submit European Central Bank (ECB) reports such as monetary statistics (MONSTAT), interest rate pricing list statistics (ZINSSTAT), minimum reserves and loan origination statistics, as others are and the acquisition of a local vendor offering these solutions is expected to help Wolters grow in the country.
The main Svenson product lines include:
• Sveson Limon: to monitor regulatory and individual limits.
• Svenson xCheck for trend and deviation analysis.
• Reporting modules for the Austrian OeNB, FMA and VÖBB regulatory requirements.
• Svenson ICAAP for regulatory analysis of risk monitoring.
“The financial crisis, globalisation, and increasing regulatory scrutiny have created challenges for FIs and that is no exception for firms operating in Austria and the surrounding area,” said Raffi Festekjian, chief executive of the finance risk and compliance unit at Wolters Kluwer, when discussing the rationale behind the takeover. “These pressures require intelligent and comprehensive solutions and services to address the complexities of a rapidly evolving regulatory environment. Together, we will continue to provide customers with comprehensive support, and global regulatory, finance and risk management solutions.”