Accuity and FircoSoft watch list filtering brands move Reed Business Information into top position
Reed Business Information (RBI), part of RELX Group, announced that it has been named “Category Leader” in the Chartis Financial Crime Risk Management Systems 2014 report, highlighting its watch list monitoring solutions provided jointly by Accuity and FircoSoft for “completeness of offering” and “market-share potential.” RBI purchased Accuity in November 2011, and FircoSoft in September 2014. Chartis is a leading provider of research and analysis covering the global market for risk management technology.
The Chartis report discusses the integral role that technology plays in detecting and preventing financial crime, an area that has become a growing threat for financial institutions. Additionally, scrutiny among regulators in every country and region in which these financial institutions operate and dramatic increases in fines for regulator violations have placed increase demand for improved processes, organization and technology.
In the report Reed Business Information was recognized as part of The RiskTech Quadrant® for watch list monitoring solutions which uses a comprehensive methodology of in-depth independent research and a clear scoring system to explain which technology solutions meet an organization’s needs. The report states that financial institutions should continuously update watch lists such as prohibited entities, countries under UN or other sanctions and individuals on terrorist lists, Politically Exposed Persons (PEPs) or individuals sanctioned by a country, to protect against financial crime. For example, within the last year, banks have been fined over $8 billion for sanctions violations.
“Positioned by Chartis as Category Leader, we recognize RBI’s deep domain knowledge in watch list filtering with strong technology assets and capabilities. Combining the FircoSoft and Accuity brands, Reed Business Information addresses the needs of very large clients with complex risk management and technology requirements, as well as the needs of smaller clients with standardized requirements looking for integrated solutions from a single vendor,” said Peyman Mestchian, Managing Partner at Chartis. “Our view and analysis in this recent report puts RBI at the very top for market potential for which the company demonstrates a clear strategy for sustainable, profitable growth, matched with best-in-class solutions.”
“We are very proud to be named a Category Leader for watch list filtering solutions by Chartis, a leading risk technology research and advisory firm,” said Hugh Jones, President & CEO of Accuity. “The combination of FircoSoft and Accuity brands significantly expands the depth and breadth of RBI’s risk portfolio, providing the market with greater risk protection and coverage with proven solutions that firms of all sizes around the globe can trust. We will continue to expand and innovate our solutions in sanctions screening, Anti-Money Laundering and Know Your Customer to deliver greater value to our customers and the market with improved efficiencies and stronger regulatory controls.”