3 companies based in Europe that offer Risk Management solutions

By Joy Dumasia

Risk Management in banking continues to be a primary focus area, especially in the current burgeoning regulations landscape that has hit the financial services industry over the last couple of years. Banks have to comply with a plethora of regulations, be it standardised practices or check of fraudulent practices like money laundering, bribery, financial terrorism, etc.

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech’s role in society is becoming more vital than ever, mainly due to Covid-19. FinTech can be used anywhere, by anyone meaning it becomes accessible to people who may never have taken advantage of financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies are helping lift people out of poverty and create a more financially inclusive world.

FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings and disrupt traditional banking, payment, and lending services.

The following are 3 companies based in Europe that offer Risk Management solutions:

• Wolters Kluwer

Wolters Kluwer is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors.

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

• Finastra

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe.

Recently, IBS Intelligence reported that Finastra and HSBC announced that they are working together to distribute HSBC’s FX services via Finastra’s FusionFabric.cloud platform under a Banking as a Service (BaaS) experience. This collaboration will take advantage of the best elements of modern API-driven connectivity with licensed institutions’ secure, regulated infrastructure.

• Loxon

Loxon is a business solutions provider with more than 20 years of experience in the field of end-to-end credit management. Since 2000, it has offered comprehensive, integrated lending, collection and risk management solutions for the financial services industry.

The company was started by young banking experts with a desire to find a customer-centric way to help banks and financial institutions improve their lending and collection activities and risk assessment procedures, build efficient risk-aware processes, and reduce credit losses.

ALSO READ: Risk Management Systems and Suppliers Report 2022