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October 2, 2019

Continuity acquires Ohio-based TraceRisk

PHOTO | Contributed Continuity CEO Michael Nicastro
By Michael C. Bingham

Continuity, a New Haven-headquartered developer of regulatory technology and compliance-management systems for financial services organizations, has acquired Ohio-based TraceRisk, a developer of cloud-based enterprise risk management (ERM) solutions.

Terms of the deal were not disclosed.

When technical integration efforts between the two companies are completed, according to the company, Continuity will become the first developer to connect the strategic aspects of enterprise risk management to  tactical oversight of compliance management on a single unified platform.

“As the complexity of managing risk and compliance continues to escalate, Continuity’s product suite continues to expand to meet the challenges faced by financial institutions,” said Continuity CEO Michael Nicastro in a statement.

TraceRisk Enterprise Risk Management was launched in 2012 as a set of solutions, including more than 150 tailored risk assessments plus many more risk indicators, designed specifically for financial institutions.

"Continuity and TraceRisk were each founded upon shared values of helping banks and credit unions across the country thrive, and helping improve outcomes for those institutions by reducing regulatory burden,” said Nicastro.

Headquartered in Lebanon, Ohio, TraceRisk will now operate as Continuity Risk Management Solutions. Company co-founder Derek Yankoff will now serve as the company’s chief strategy officer.

"By joining forces, we can offer deeper, more integrated risk- and compliance-management capabilities,” said Yankoff in a statement. “Our combination drives a competitive advantage for us and our clients, enhancing performance while establishing a new standard for how the financial-services industry manages risk and compliance.”

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