The ’growing complexity in the UK regulatory market’ is a burden for businesses, says Davies chief exec
Specialist professional services and technology business Davies yesterday (4 April 2022) bought Worksmart, a supplier of regulatory technology for people and process management.
Milton Keynes-based Worksmart will join Davies’ established technology unit, led by chief executive 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.
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.
The firm’s Software as a Solution proposition, Accord, is a purpose-built Senior Management and Certification Regime (SMCR) technology available in the UK.
Through Worksmart’s platform, organisations can track and 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.
Dan Saulter, Davies’ group chief executive said: “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 regulatory technology (regtech) platforms will be essential for regulated entities who want to make the most of the opportunities the changing regulatory landscape brings.”
He said that the addition of Worksmart’s Accord and Foundation platforms to Davies growing technology suite enables it to bring a new and exciting market leading regtech offering to its 1,000 plus clients globally.
Increasing complexities
The Worksmart product range enables organisations to track and manage regulatory processes across customer complaints and feedback, quality assurance, training and competence, SMCR in the UK and individual accountability in Singapore.
Nightingale added: “I’m very pleased Worksmart is becoming part of Davies, which has a shared focus on innovation and digital transformation to help financial services firms make the most of increasing complexities in regulated markets. I look forward to working with Saulter, Mark [Grocott] and the wider Davies team to develop and strengthen our regtech solutions for our clients.”
In recent years Davies has diversified and deepened its consulting and technology capability to provide customer experience, resourcing and learning solutions, as well as data and speech analytics.
For example, in December 2021, the firm expanded its international technology transformation and digitalisation, international regulatory compliance and risk management capability for its insurance, banking and wider highly regulated clients through its acquisition of Sionic.
This brought together its technology and innovation expertise to help clients tackle challenges in customer and employee experience, claims management, data and compliance, business processes, digital innovation and intelligent automation.
Davies also added a fully automated low-value property claims offering to its platform through the acquisition of Building Validation Solutions Group of companies in December 2021.
Saulter added: “I’m thrilled to welcome Nightingale 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.”
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