Regtech is an important industry, inspiring global financial services and investors to continue innovations meeting digital transformation objectives. Accenture is leading the race in fintech-focused Regulation and Compliance capabilities. In a major regtech acquisition update, Accenture is buying out Italian consulting firm NIKE Group for an undisclosed amount. Accenture had first expressed its intent to acquire NIKE Group on April 14, 2020.
This acquisition is part of an overall growth strategy to expand critical skills and capabilities in strategic, high-growth areas of the market, which has recently included the acquisitions of financial services data consultancy Mudano and financial services consulting firm Parker Fitzgerald.
The team at NIKE Group will join Accenture’s Italian Financial Services practice. The acquisition enhances Accenture’s RegTech and compliance capabilities for clients in Italy and across Europe.
Massimiliano Colangelo, who leads Accenture’s Financial Services Client Group in Italy said,
“Financial services firms need a data-driven approach to compliance that manages escalating costs, detects regulatory changes faster and creates new efficiencies. NIKE Group’s extensive regulatory industry experience combined with Accenture’s scale and approach to innovation will enable us to create an enhanced data-driven market offering in advanced RegTech that will help clients accelerate their compliance transformations.”
In 2020, the Regtech industry can be considered to be passing through its adolescence, even as the Regtech start-up universe continues to grow at an exponential rate. NIKE Group is one of the many regtech and compliance management firms. By acquiring the company, Accenture will benefit its global clientele to meet compliance standards.
NIKE Group’s data-driven approach and compliance platform help clients monitor new regulatory requirements and assist with compliance. This is particularly important as financial services’ compliance departments continue to navigate an ever-expanding and complex set of regulations.
Carlo Giaj Levra, CEO of NIKE Group, said, “We are excited to join Accenture; its size and geographic reach will offer our employees new opportunities to expand their skills and will provide our customers with end-to-end solutions. As regulations continue to proliferate across markets, the need for a centralized approach to help organizations manage regulatory compliance strategically is heightened. Together with Accenture, we will continue to develop solutions and technologies to improve governance and compliance processes for financial services, with the aim to expand our services to other industries.”
According to Deloitte, there are 365 Regtech companies. Regtech sub-divisions include-
- Regulatory Reporting
- Risk Management
- Identity Management and Control
- Transaction Monitoring
Regtech companies are developing new tools and applications related to investment compliance monitoring, risk analysis and regulatory reporting technology, Big Data-analytics financial auditing, and SaaS-based End to end reporting solutions for banks, brokerage houses, hedge funds, and asset managers.
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