Delta Capita has acquired Pall Mall Risk Reduction, a consultancy specialising in non-financial and conduct risk management for banks and investment firms.
According to Delta Capita, the timing of the acquisition will be welcomed by the industry as it braces itself for major transformational change and regulation such as Brexit readiness and an increased focus on non-financial risk management, which will have a very significant impact on industry participants.
Pall Mall Risk Reduction was founded by David Long who held various senior positions at Credit Suisse during his 30 years at the bank.
Most recently, he served as head of strategic initiatives at Credit Suisse, a role that included planning for its business model after the Brexit referendum.
The other co-founders of Pall Mall Risk Reduction include Nick Wilcock and Charanpal Matharu.
Wilcock served as deputy Europe, the Middle East and Africa COO for Credit Suisse and formerly president of its Moscow bank during his 25 years at the bank.
Matharu spent 13 years at Credit Suisse and pioneered its front office supervisory practices.
Commenting on the acquisition, Long said: “We are very excited to be joining Delta Capita, our clients will benefit from the significantly increased capability and as skilled practitioners, we are very much aligned to the DNA of Delta Capita.”
He added: “Combining Pall Mall Risk Reduction’s advisory business with Delta Capita’s proven technology and managed service capabilities will allow us to bring to market new innovative products and services that will greatly reduce the cost of control and compliance for our clients.”
Joe Channer, founder and CEO of Delta Capita, commented: "This is a strategically important acquisition for Delta Capita, as we look to complement our financial risk practice with a non-financial risk capability to establish a complete advisory and managed services offering in the risk domain.”
He added: “The breaking up of the banking value chain is establishing new eco-systems that are being occupied by fintechs, service providers and industry collaboration initiatives, all powered by the adoption of modern technology and infrastructure. We believe non-financial and conduct risk management will dramatically benefit from this market evolution.”
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