Continuity [1], a provider of regulatory technology and compliance management systems (CMS) for financial services organizations, has acquired Ohio-based TraceRisk, a provider of cloud-based enterprise risk management (ERM) solutions. With technical integration efforts now underway, Continuity becomes the first provider to connect the strategic aspects of enterprise risk management to the tactical oversight of compliance management on a singular, unified platform.
“As the complexity of managing risk and compliance continues to escalate, Continuity’s product suite continues to expand to meet the challenges faced by financial institutions,” stated Michael Nicastro, Continuity’s CEO. Nicastro continued, “Continuity paved the way as a first-mover in the world of automating compliance management, and we intend to build upon that innovation in ways that further enhance the capabilities of risk and compliance officers to confidently execute their roles. As we grow and refine our product set, both organically and through acquisition, we will continue to incorporate technology solutions like TraceRisk to make integrated risk and compliance management achievable and cost-effective for institutions of all sizes.”
TraceRisk Enterprise Risk Management was launched in 2012 as an affordable, easy-to-use set of solutions, including 150-plus tailored risk assessments plus thousands of key risk indicators, designed specifically for financial institutions.
"Continuity and TraceRisk were each founded upon shared values of helping banks and credit unions across the country thrive, and helping improve outcomes for those institutions by reducing regulatory burden,” said Nicastro. TraceRisk will now operate as Continuity Risk Management Solutions.
“Both TraceRisk and Continuity share a motivation to simplify compliance and risk management, which allows our clients to focus more attention on achieving their broader strategic goals,” observed Derek Yankoff, co-founder of TraceRisk who will now serve as Continuity’s Chief Strategy Officer. "By joining forces, we can offer deeper, more integrated risk and compliance management capabilities. Our combination drives a distinct competitive advantage for us and our clients, enhancing performance while establishing a new standard for how the financial services industry manages risk and compliance.”