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QUMAS appoints former senior regulator from the FSA and expands its European Financial Services Division


Kevin Ludwick appointed Head of Regulatory Services at QUMAS to lead its strategic direction in Financial Services market

London – March 15, 2006 – QUMAS, the provider of enterprise-class compliance solutions for global corporations, has announced the appointment of Kevin Ludwick, former senior regulator at the FSA, as its Head of Regulatory Services. Kevin will lead QUMAS’s strategic direction and planning in financial markets, and its work with financial services clients to support their enterprise-wide compliance needs. Kevin’s appointment coincides with the opening of QUMAS’s new European Financial Services HQ in The City of London. The division is headed by Richard Petti, who joined QUMAS after a 10-year career at Sungard.

QUMAS is the provider of the industry’s most complete software-based compliance framework for global enterprises – the QCompliance Suite™, a robust and fully scalable platform already deployed to 250 customers, including Fidelity Investments, and used across Europe and the U.S.

QUMAS enables financial enterprises to comply with regulations such as Basel II, SOX and MiFID as part of a holistic risk management strategy, rather than as disconnected, standalone projects. Developed around its unique ‘Closed Loop Compliance Model,’ which enables companies to continually assess and improve their compliance processes and procedures on a rolling basis.

Kevin brings a wealth of experience to QUMAS, both as a regulator and as a Head of Compliance responsible for designing and implementing compliance strategy. Kevin joined the FSA in 1999 supervising all major European and Japanese financial institutions in London. He subsequently ran the Listing Review and was responsible for negotiating relevant EU Directives and revising the UK Listing Rules in parallel with Sarbanes-Oxley in the U.S. Further, he created a single supervisory function for the new Markets Division and built the FSA’s centralised regulatory decisions function.

Prior to joining the FSA, Kevin was the Head of Compliance for Bank of America EMEA, running a compliance function that operated across 11 jurisdictions, and was the former Finance and Compliance Director for Indosuez Capital.

“Right now the financial services industry is at a tipping point in terms of how best to achieve its regulatory and compliance goals,” said Kevin Ludwick, Head of Regulatory Services at QUMAS. “Having spent twenty years on both sides of the fence as a compliance professional and a regulator at the FSA, I saw the opportunity to join QUMAS as an excellent chance to use my experience to help firms build compliance programmes that provide real-time certainty to senior managers as to the state of compliance across their organisation.

“Given the pace of regulatory change, companies can get trapped in a regulatory cycle of dealing with standalone initiatives ranging from MiFID to Basel II,” continued Ludwick. “What attracted me to QUMAS is the company’s ability to work with clients on existing siloed initiatives, whilst doing so in a way that helps them to build complete and holistic enterprise-wide compliance programmes. This is what sets QUMAS apart from the other offerings in the market – its solutions not only help senior managers deal with future regulatory change more efficiently, but also enable a rigorous and consistent compliance model to be implemented across the entire organisation.”

QUMAS will be exhibiting at the Technology for Compliance Expo on 15th – 16th March 2006 at stand no #418 at the ExCel exhibition centre in London.

With over a decade of experience, QUMAS is the only global compliance software company offering a complete solution to regulated industries. Recognised as the world leader in Enterprise Compliance, Governance and Risk Management, the company has over 250 customer deployments including global leaders such as Fidelity Investments.

QUMAS is the only vendor that offers a suite of products that enables companies in the financial services, life sciences and other regulated industries to achieve complete, enterprise-wide compliance with a broad range of regulations and initiatives including Anti-Money Laundering (AML), Basel II/CRD, MiFID, Operational Risk, TCF Framework, Corporate Governance, Conflicts of Interest and Financial Reporting.

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