Mercer purchases web-based ecompliance solution as spotlight on governance intensifies
Mercer has strengthened its governance and compliance offering and shifted the competitive landscape in the superannuation governance market with the acquisition of the web-based ecompliance and risk management solution, ExtraTextual.
The acquisition will increase simplicity for clients by making Mercer their one-stop-governance-shop.
The governance of Australia’s $2 trillion superannuation industry continues to be increasingly in the spotlight. Trustees and fund executives are being forced to manage extra scrutiny from members, media, activists, governments and regulators.
This acquisition will combine Mercer’s governance and industry expertise with the technology that helps our clients stay abreast of legislative changes, manage key areas of risk, and ensure compliance with legislative requirements is monitored and reported on in an efficient manner. The acquisition follows a long business partnership between the two parties.
Graeme Mather, leader of Mercer’s Retirement and Investments business, said, “This is a logical move for both parties, but what’s exciting about this acquisition is how we can make our clients’ lives easier by removing some of the governance burden of monitoring legislative and regulatory changes and the impact these can have on our clients operations..”
“In an industry where change is constant, the time and cost associated with compliance is always increasing. The changing legislative environment can expose funds and their members to compliance, market and operational risks.
“Super funds and managed investment schemes want easier ways to do business, but more importantly, they want the peace of mind that comes from being able to access the breadth and depth of expertise a global organisation like Mercer can bring to the table,” Mr Mather said.
“Our compliance solution provides the necessary and comprehensive checklists with an overlay of legislative content that allows our clients to focus on value add areas, rather than interpreting complex legislative change, this is unique in the market place,” he said.
All of the legislative frameworks and ongoing changes associated with the governance of a fund or a managed investment scheme are analysed and maintained within the system by Mercer’s legal and governance team. These tasks are assigned to individuals and progress and compliance status of each task can be monitored and reported on. When changes are made to legislation, Mercer updates the system and alerts clients to new or expanded requirements.
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 20,000 employees are based in more than 40 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit ww.mercer.com.au Follow Mercer on Twitter @MercerAu