Banks and financial services firms are grappling with an overwhelming volume of complex regulatory change. With the cost of compliance to the banking industry estimated to be $270 billion each year, firms need help getting to the root causes of regulatory risk as efficiently as possible.
Many companies are looking to regulatory technology to overcome this challenge. However, in a rapidly expanding industry, the plethora of new tools and technologies has become difficult to navigate. The danger is that they become more disruptive than productive.
Fortunately, there are many innovative regtech solutions which efficiently integrate into existing business workflows and deliver results. This avoids the need for companies to take any risky or drastic actions.
Dublin-based Corlytics Ltd. is one regtech leader which recognises the importance of being focused on successful adoption. The company, which works with banks and regulators across the globe to examine regulation as a risk, believes this is when customers will be able to experience the full power of advanced new technologies.
To deliver this, Corlytics focuses on bringing together individuals with diverse backgrounds and building a collaborative company culture.
CEO leading expansion across the globe
The Founder and CEO, John Byrne, is the man behind Corlytics’ success. John is a serial entrepreneur in the financial technology sector and has built numerous global technology-based enterprises. In 1985, he co-founded one of the first energy technology campus companies in Ireland. In 1997, he built Information Mosaic, a global player in the securities software industry which was sold to Markit in 2015.
At that time of the financial crisis, John realized that there was no combined intelligence and predictive analytics system or platform to aid the banks, regulators, and their advisors to make informed decisions. This encouraged him to establish Corlytics, a fast-moving business which is expanding internationally. It now has seven offices around the world.
As the CEO of the business, John is responsible for setting the company’s vision and strategy. He also empowers his team to deliver their best work. At all levels, from interns to the board, professional development and continuous learning are encouraged. Furthermore, John focuses on team management to ensure individuals with diverse backgrounds and capabilities work seamlessly together.
John is a frequent speaker at industry events and has spoken at various events such as SIBOS, NEMA and many other conferences and advisory events on operational and systemic risk in financial services.
Gathering and implementing new ideas to solve clients’ business issues
Since its foundation in 2013, Corlytics has been restoring trust and building transparency in the global financial system. The company helps organizations overwhelmed with regulatory notices to understand what information is actually relevant to their business.
Whenever a client turns to Corlytics for support in better planning their compliance program, the team listens to their unique challenges. It then builds a bespoke team consisting of legal and regulatory analysts, data scientists and risk practitioners to help regulated firms protect themselves from unexpected exposures and fines.
The multidisciplinary team behind Corlytics’ success
In John’s firm, everyone from the newest intern to the most seasoned industry veteran has a say in the direction of the company. John firmly believes that diversity is the key to power and deliver new ideas. At Corlytics’ Dublin headquarters, there is a 50/50 gender split and eleven native languages spoken.
John and his talented team approach regulatory issues with diverse and fresh perspectives. He believes that creativity does not come from ‘great thinkers’ alone, but from cohesive teams. It is when these skills are cross-pollinated that the real innovation happens.
Enhancing growth for young individuals
This is a dynamic time for the reg tech market, and there is still huge potential for new and innovative solutions to tackle complex compliance challenges. It is an industry where people are always learning and solving real-world problems, which makes it an attractive prospect for young individuals.
The business brings many talented people through its internship program. The program allows young individuals to learn and develop skills to solve the real-time issue. This is not just aimed at those on a specific career trajectory, but at determined individuals from a variety of backgrounds. The only requirement is for people to be up for the challenge and to have an enthusiasm to learn.
Corlytics is firmly focused on the needs of the customer, and not just building technology for the sake of it. John knows that getting this right always comes back to attracting and nurturing a high-performance team.