DES MOINES, Iowa–PolicyWorks, a provider of regulatory compliance solutions, said it has acquired ViClarity, an international technology provider based in Ireland.
ViClarity distributes the governance, risk and compliance (GRC) platform of the same name developed and launched in 2008. The award-winning ViClarity platform was initially developed for the credit union industry in Ireland and is now used by more than 300 clients in financial services and other regulated industries across Europe and North America, the company said.
In a statement, PolicyWorks said ViClarity was named to the 2019 REGTECH 100 list, which is billed as a collection of the world’s most innovative regtech companies.
“Their full-service and fully customizable platform, with more than a decade of proven effectiveness, allows users to identify, monitor, score and report on GRC-related issues,” PolicyWorks said. “In contrast to similar platforms, ViClarity offers an expedited onboarding process that gets most users up and running within weeks, quickly adding automation and ease to existing processes and procedures.”
“Agile, iterative technology that can quickly adapt to the ever-changing regulatory environment is a crucial asset for credit unions of all sizes,” said Miriam De Dios Woodward, PolicyWorks CEO, in a statement. “Our ownership in such a platform gives credit unions greater influence over how the technology will evolve to meet today’s dynamic regulatory landscape. ViClarity’s architecture and skilled team are exactly what PolicyWorks needs to expand our services into the broader GRC space and support credit unions beyond compliance consulting.”
PolicyWorks said it has served as a resource for more than 1,200 credit unions across the country with compliance and audit services. As governance and risk functions continue to cross paths with compliance, PolicyWorks plans to add new services in 2020 to meet growing demand for products and consultation in these areas. With its three-pronged focus on governance, risk and compliance, the ViClarity platform aligns well with PolicyWorks’ product and services roadmap. The platform was chosen from among hundreds evaluated by the PolicyWorks team, the company said.