Irish Headquartered Regulatory Risk Intelligence Firm, Corlytics, Acquires ING’s Home-Grown Regulatory Monitoring Platform, SparQ, for €5 Million

Irish Headquartered Regulatory Risk Intelligence Firm, Corlytics, Acquires ING’s Home-Grown Regulatory Monitoring Platform, SparQ, for €5 Million

(IN BRIEF) ING’s home-grown regulatory monitoring platform, SparQ, has been bought by Corlytics, an Irish-based regulatory risk intelligence firm, for €5 million. SparQ, which was developed by ING’s compliance and legal teams in 2017, allows financial services organizations to identify new regulations and threats, construct controls for monitoring and oversight, and ensure appropriate policies are in place. Corlytics has been a partner with ING on SparQ since 2018, providing regulatory information and risk data to 550 users across ING. Corlytics CEO, John Byrne, said the acquisition will help close the regulatory compliance and obligations management loop in a unified platform to automate, deliver and prove compliance.

(PRESS RELEASE) AMSTERDAM, 25-Jan-2023 — /EuropaWire/ — ING (AMS: INGA), a global financial institution of Dutch origin, announces that Corlytics, a regulatory risk intelligence firm, has acquired SparQ, ING’s home-grown regulatory monitoring platform, for an aggregate deal of €5 million. The acquisition will bring SparQ’s development to the next maturity level of being an industry-wide leading platform.

SparQ, which was started in 2017 and developed by ING’s compliance and legal teams, allows financial services organizations to identify new regulations or threats, construct robust controls around monitoring and oversight, and ensure appropriate policies are in place, end-to-end. Corlytics has been a partner of ING on SparQ since 2018, providing regulatory information and risk data to 550 users across ING.

Rein Graat, ING’s Chief Compliance Officer, said, “It is fitting that Corlytics became a partner. The next stage of SparQ’s journey will be with the company that can bring its development to the next maturity level of being an industry-wide leading platform.”

John Byrne, Corlytics CEO, said, “This acquisition is important for the financial services industry and for Corlytics. We can now close the regulatory compliance and obligations management loop in a unified platform to automate, deliver, and prove compliance.”

SparQ is the latest innovative solution from ING to spin out into the market, following the success of Stemly and Pyctor.

About Corlytics

Corlytics is a regulatory risk intelligence firm that helps financial institutions, regulators, and professional services firms to understand and manage the financial, reputational and operational risks arising from regulatory change. We provide a unique and powerful combination of regulatory data, analytics, and expertise to support our clients in making informed strategic and operational decisions.

About ING

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING is empowering people to stay a step ahead in life and in business. ING serves over 38.4 million individual and institutional clients in over 40 countries, with a worldwide workforce exceeding 53,000.

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SOURCE: ING Group