Following completion of the transaction that is likely to conclude this summer, all staff of Svenson, which is a unit of SmartStream, will join Wolters Kluwer.
After acquisition, the united entity leveraging combined resources will assist banks and insurance companies in Austria to comply with increasingly challenging national and international regulatory needs.
The acquired technology modules include LiMON, to monitor the regulatory and individual limits; xCHECK, for trend and deviation analysis; reporting coverage across the OeNB, FMA and VÖBB regulatory requirements; and ICAAP, for regulatory analysis of risk monitoring.
Wolters Kluwer Financial Services finance risk & compliance unit CEO Raffi Festekjian said that the global financial crisis, globalization, and increasing regulatory scrutiny have created challenges for financial organizations operating in Austria and the surrounding areas.
Financial institutions operating in Austria require to adhere the country’s three regulations, including Austrian National Bank (OeNB), Financial Market Supervisory Authority (FMA) and Insurance Supervisory Authority (VAB), among others.
Serving over 15,000 customers across the globe, Wolters Kluwer offers risk management, compliance, finance and audit technologies that assist financial organizations improve efficiency and effectiveness across their enterprise.
