Redland – acquired by Ideagen in June – is recognised in the ‘RegTech 100’ list which highlights the world’s most innovative firms transforming compliance, risk management and cybersecurity in financial services
Redland Business Solutions, an Ideagen company, has been recognised as one of the most innovative software firms addressing regulatory challenges within the global financial services industry.
Redland – acquired by UK-based global software firm Ideagen in June – was named among the elite players in the global regulatory technology industry by RegTech Analyst, the specialist research firm.
The third annual ‘RegTech 100’ list recognises the world’s leading software firms in this space which are currently transforming compliance, risk management and cybersecurity.
Redland’s ‘Insight’ product provides banks, investment managers, asset managers and insurance companies with solutions that underpin the Senior Managers & Certification Regime (SM&CR) and individual employee competency.
The business – which Ideagen announced had secured £1.2 million in new contract wins in September since acquisition – counts FTSE 100 and Fortune 500 companies amongst its client base including , Standard Life Aberdeen, Santander, Investec, Hargreaves Lansdown and Rathbones.
Carl Redfern, Ideagen’s Compliance Director for the Redland business (pictured above), said: “This is a fantastic achievement and once again proves the strength of Redland and our fantastic ‘Insight’ technology.
“The regulatory technology industry is establishing itself as one of the most important emerging sectors within financial services and we are pleased to be recognised and named among the most innovative organisations globally which are operating in this space.”
The RegTech industry has witnessed tremendous growth in the past three years. Over $14bn has been invested in RegTech companies since 2016, as banks and other financial institutions grapple with the costs and complexities of regulatory requirements.
In line with this growth, this year’s process to identify the leading 100 companies in the sector was more competitive than ever. A panel of analysts and industry experts voted from a longlist of over 1,000 companies produced by RegTech Analyst.
Fifty-three new companies entered the RegTech100 list for 2020 and the finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the compliance function.
“Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally,” said Mariyan Dimitrov, head of research at RegTech Analyst. “And even though 51% of RegTech 100 companies are based within the UK or US, the spread of RegTech innovation has seen companies from another 23 countries make the list.”
A full list of the RegTech 100 is available at www.RegTech100.com.
In June this year, Ideagen announced it had acquired Redland Business Solutions for a fee of £15.8m. Speaking at the time, Ideagen’s CEO, Ben Dorks, said: “This acquisition enhances Ideagen’s financial services domain knowledge and provides us with ‘first mover’ advantage in relation to SM&CR compliance and in the general regulatory evolution of the financial services industry.”
As of Q1 2019, Ideagen’s Redland business had more than 40,000 licensed users for its “Insight” technology platform covering SMR, Certification, Conduct Rules and T&C.