Looking to expand its risk, fraud and compliance management offerings, FIS recently acquired ICS Risk Advisors and Memento. Terms of the deal were not announced.
The acquisition of these two firms underscores FIS’ business strategy to deliver a full complement of governance, risk and compliance services as well as integrated fraud solutions that drive value throughout the enterprise for financial institutions, credit unions and asset management companies.
New York-based ICS Risk Advisors is a risk management firm that develops, implements, maintains and reviews enterprise risk management and regulatory compliance programs for large financial institutions and community banks. The company’s staff has expertise in internal audits, credit risk management, corporate governance solution guidance, organizational assessments and systems reviews.
Since many employees are comprised primarily of former federal regulators, the firm has strong relationships with government agencies and large accounting businesses. The firm’s overall services helps ensure that an institution stays ahead of red flags by identifying problems early and immediately bringing any concerns to the attention of management right away.
Memento, Burlington, Mass., is an enterprise fraud management company that provides next generation technology and fraud solutions that helps protect financial institutions from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss prevention investments.
Trusted by some of the world’s largest and most influential financial institutions, regional banks and credit unions, Memento offers exceptional accuracy, rapid return on investment and business value.
“We are extremely pleased with the added value ICS Risk Advisors and Memento will bring FIS and our clients,” said Kay Nichols, executive vice president of FIS Channel Solutions. “We are constantly expanding our offerings in this space to help our customers keep ahead of increasingly regulatory demands and threat of fraud.
“By integrating both companies’ offerings into our existing suite of solutions we are meeting the growing needs of our clients to manage these issues at both a point solution and an enterprise level,” Nichols continued. “The acquisitions further enable us to position FIS as a single, trusted partner for all of a financial institution’s risk, fraud and compliance needs.”
