Steele Buys Osprey to Build One-Stop Compliance Shop

Compliance software provider Steele Compliance Solutions has acquired Osprey Compliance Software to create a one-stop-shop for both external and internal compliance and risk management needs to better meet the increasing compliance demands of clients.

Steele will now offer Osprey’s array of technology that tracks conflicts of interest, policy management, whistleblowing and incident management. The company already provides anti-money laundering monitoring and third-party risk management platforms, including monitoring negative news that may impact a client’s risk profile.

Erich Lochner, president and chief executive officer of Steele, says Osprey brings new product capabilities to clients that can be deployed immediately.

“We can offer a depth and breadth to the chief compliance officer that their CEOs are looking for now with this broader suite. Clients want efficiency in their compliance but also want to know how they can create a culture of compliance within their firms so our products are able to do that for them,” Lochner says. “Our platforms are unique; Steele faces out, while Osprey faces internally, so there’s no need for tight integration right now and you can also do a lot with APIs these days. But what is important is that we will be able to display all the data they need through our dashboard with a download button for our clients.”

He adds compliance officers are under pressure from their CEOs to show their programs are efficient and answer questions on how the company is meeting compliance metrics.

Osprey’s software development team will join Steele to ensure continuity for clients.

The acquisition provides an opportunity for both Steele and Osprey to bring more cohesive information to companies and make investigations more efficient as data is no longer siloed.

Chris Cazer, CEO of Osprey, says a more seamless platform can provide better quality data around clients’ compliance programs.

“Compliance is gaining a lot of importance now, so having many different vendors means you have to figure out how all of this different data can cross-pollinate, how you can pull this all together when you’re investigating a conflict,” Cazer says.

Lochner points out that compliance departments continue to be resource-constrained, with offices often having to manage at least 15 different information sources to create a comprehensive view of their risk and compliance.

Last year, Steele bought TransparINT to build out its monitoring of negative news using machine learning techniques. Lochner says Steele continues to look for opportunities of growth including possibly acquiring other companies to further expand its compliance suite.