Latest deals news from Davies;
Davies today announced that it has acquired Worksmart, the leading supplier of regulatory technology (“RegTech”) for people and process management. The Worksmart product range enables organisations to track and manage regulatory processes across: customer complaints & feedback, quality assurance, training & competence, the Senior Managers & Certification Regime (“SM&CR”) in the UK, and the Individual Accountability in Singapore.
Based in Milton Keynes, UK, Worksmart partners with financial services organisations across insurance, banking, investment and consumer credit, helping them to manage the growing complexity of operating within the highly regulated space. Worksmart is the number one provider of RegTech for complaints management and feedback in the Lloyd’s market, and the firm’s proprietary platform ‘Foundation’ remains the “go to” solution for training & competence needs within the Banking and Wealth Management sectors. The firms SaaS solution ‘Accord’ is the only purpose-built SM&CR tech available in the UK.
Through Worksmart’s platform, organisations can track & manage employees’ competence, capability and training needs, manage complaints using intelligent workflow and root cause analysis functionality, assess the quality assurance of advised sales processes using automated case allocation, as well as test the competence of employees to ensure regulatory requirements are met.
Worksmart will join Davies’ established Technology unit, led by CEO Mark Grocott. The firm’s Managing Director, Andy Nightingale will continue to lead the business, and all Worksmart employees will continue in their roles within Davies.
Dan Saulter, Group CEO of Davies commented:
“I’m thrilled to welcome Andy and the whole Worksmart team to Davies. The business has an excellent track record of helping financial services and insurance firms strengthen their security and compliance through innovative technology platforms.”
He added: “The growing complexity in the UK regulatory market creates a burden for businesses operating in highly regulated markets. The pace of change in the UK regulatory landscape is quickening and sophisticated RegTech platforms will be essential for regulated entities who want to make the most of the opportunities the changing regulatory landscape brings. The addition of Worksmart’s Accord and Foundation platforms to our growing technology suite enables us to bring a new and exciting market-leading RegTech offering to our 1,000+ clients globally.”