SMCR and Training & Competency solutions will complement Star’s current employee conflicts of interest monitoring capabilities
ROCKVILLE, Md., Oct. 14, 2021 /PRNewswire/ — StarCompliance («Star»), a leading provider of compliance technology solutions to the global financial services industry, announced its acquisition of Pentana Compliance (formerly known as Redland Solutions) from Ideagen.
The acquired solutions, notably Senior Managers and Certification Regime (SMCR) and Training and Competency (T&C) capabilities, will strategically extend Star’s suite to help clients address incremental global compliance challenges on a single integrated platform. «This acquisition highlights Star’s ongoing commitment to innovation, bolstering our product portfolio to help clients more effectively navigate evolving regulation demands with best-in-class, purpose-built solutions and robust global support,» said Jennifer Sun, CEO of Star.
SMCR was first introduced in the United Kingdom in 2016 and expanded in 2019, now covering all Financial Conduct Authority-regulated financial services firms. Following the U.K.’s introduction, many countries have implemented similar regulations, including Australia, Hong Kong, Ireland, and Singapore. These regimes aim to strengthen market integrity by ensuring senior managers are held accountable for their conduct and competencies. «Leveraging manual or homegrown tools to manage SMCR compliance is both overwhelming and error-prone, with heightened risk of financial penalties and reputational damage. With this transaction, Star will acquire, and continue to invest behind, best-in-class solutions that help simplify and reduce risk associated with the SMCR compliance process,» said Sun.
Star, a current leader in global employee compliance, supports over 500,000 users across 83 countries in monitoring employee conflicts of interest, from personal trading and political donations to outside business activities and private investments. «We look forward to integrating these SMCR and T&C solutions into our current suite to give clients a comprehensive employee compliance hub with aggregated reporting, dashboards, and audit trails,» said Andy Cheong, Head of Product at StarCompliance. «Our global clients seek consolidated workflows and centralized reporting to streamline program administration, and we are excited to deliver on this vision.»
The SMCR and T&C offerings will be immediately available to all Star customers and prospects, with no service interruption to existing clients.
StarCompliance is a leading provider of compliance technology solutions. Trusted globally by enterprise financial firms—including asset managers, investment banks, broker-dealers, PE firms, insurance companies, and stock exchanges—the STAR Platform empowers organizations to achieve regulatory compliance while safeguarding their integrity and business reputations. Through a configurable, 360-degree view of employee activity, STAR software enables firms to automate the detection and resolution of potential areas of conflict while streamlining daily workflows and increasing efficiencies.
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