August 2017

Corlytics, the world leader in regulatory risk intelligence, has announced Peter Oakes and David Bundi as new additions to the global advisory board. Joining Brian Harte and Bryan Howett, the new advisory board appointments are charged with further embedding Corlytics’ leadership position in the growing global regtech industry.

 

Both men bring years of invaluable international experience to Corlytics. Both too, are recognised as amongst the most influential leaders in the regtech industry.

 

DAVID BUNDI

“I am delighted to have been asked by John Byrne to join Corlytics’ global advisory board. I strongly believe that Corlytics is going to play a leading role in regulatory risk intelligence for the financial services industry”, says David Bundi.

“Initially I was attracted by the maturity of Corlytics’ technology and the firm’s close collaboration with major global regulatory authorities. Having got closer to the team they have an unprecedented combination of great legal minds and artificial intelligence skills used to reduce global risks and costs in banking”, Bundi explains.

 

David Bundi is currently working as chief compliance officer at the highly innovative Swiss Hypothekarbank Lenzburg and as advisory board member at the globally well-known regtech firm Qumram. He previously worked in the global policies area for UBS in Switzerland and the US, where he was a member of the global compliance innovation committee. David has an international legal education in Swiss, EU, UK and some US law. He speaks five languages and has broad in-depth technical knowledge of compliance and risk-related IT tools.

 

PETER OAKES
Peter is a well-respected regulator and fintech veteran. Peter, who holds dual Australian and Irish citizenship, works internationally as a board director of regulated firms and strategic adviser to financial and technology companies, central banks and professional service firms. His career has covered board director and chief risk officer at Bank of America Merchant Services (licensing & establishment of business in EU); director (enforcement & anti-money laundering) at the Central Bank of Ireland, advisor to governor and deputy governor of Saudi Arabian Monetary Agency and enforcement roles at the UK and Australian regulators. Peter’s area of expertise includes law, corporate strategy, central banking, risk-based supervision, enforcement and financial crime.  Most recently Peter founded FinTech Ireland and FinTech UK to give a unique identity to the promotion of fintech globally.

 

Peter added, “I am a passionate supporter of the regtech community, and am delighted to have been asked by John Byrne to join Corlytics.  Corlytics’ global reach ensures it is on the ground helping banks in all jurisdictions tackle regulatory issues in their individual markets. As global demand for regulatory risk intelligence continues to grow, I’m looking forward to supporting Corlytics’ innovative team in reaching new markets. As someone who grew up on the client side and has spent more than a decade with leading regulators, what I admire the most is that this disruptive technology easily integrates with existing legacy systems.”
John Byrne, CEO of Corlytics said, “Corlytics was created to fulfil an urgent need in the global financial services industry for insightful, accurate and consistent regulatory risk intelligence. Since our inception in 2013, this need has been magnified by ever increasing regulation in global markets.

 

“Peter and David are key additions to our global advisory board. Both will play pivotal roles bringing their international experience together in shaping Corlytics’ offering in the multi-billion regtech industry globally.”

 

-ENDS-

Previous releases

London-based Corlytics Solutions launched to provide greater regulatory risk intelligence for City firms, June 2017

Corlytics, the world leader in regulatory risk intelligence, has today announced the launch of Corlytics Solutions Limited. The London based RegTech company is focusing on solutions to help global banks, regulators and financial services players to manage and mitigate financial risk. Corlytics Solutions’ presence in London demonstrates Corlytics Group’s deep commitment to its London-based customers, as it continues to provide an evidentiary view on enforcement actions.

As general manager, Mike O’Keeffe will be responsible for leading Corlytics Solutions. Mike has spent 15 years in security, risk, fraud and compliance solutions across major blue-chip organisations. He joins from Telstra, where he headed up the security risk analytics business. He will be supported by Gary Whitehead as general counsel.

Adding to the strength of the senior team, Corlytics Solutions has appointed new board member, Bryan Howett, former CFO of Zurich and a former board member of Old Mutual plc. The Theadneedle Street based team has the vital experience needed to support their global customers.

John Byrne, CEO of Corlytics Group said: ” Demand for regulatory risk support is at an all time high. Corlytics was created in 2013 to fulfil an urgent need in the global financial services industry for insightful, accurate regulatory risk intelligence. The top 20 banks paid out over $9 billion dollars in fines in 2016 alone. Regulation is not slowing and is providing a constant challenge to financially regulated firms and for the regulators themselves.

“The addition of a senior team and strengthened board in London is part of our long-term strategy to support global firms from key financial hubs across the world.”

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Insurers held back by increase in asset and wealth management penalties, May 2017

New data from Corlytics, the world leader in regulatory risk intelligence, reveals that asset management and wealth management activity draws more enforcement notices and more significant fines for insurers than the insurance service line itself.

 

In the seven years between 2009 – 2016, the UK regulator, the Financial Conduct Authority handed out 59 enforcement notices for insurance. Compared to the 120 for asset and wealth management. Insurers were forced to fork out over £270m (£270,832,743) to cover insurance related fines. Compared to almost £100m more in penalty costs for asset and wealth management activities which stood at £366,547,196 combined.

 

John Byrne, CEO of Corlytics explained, “These significant fines for insurers stem mainly from failures regarding regulatory obligations. The root cause of which is control inadequacy or failure.”

Controls within asset management include: adequate compliance structure, client fees & charge, client reporting, management information, pricing and outsourcing. Those within wealth management include: Anti-Money Laundering, government arrangements, staff training and risk management.

Insurance controls are similar and include: adequate compliance structure, regulatory reporting, IT governance, quality control and illegal action by employees.

“New and incoming regulations are only going to exacerbate the challenges facing insurers who are struggling to keep a hold on their asset and wealth management activity. The cost of investing in regulation and justifying the regulatory risk systems and controls means that some business lines may no longer be feasible. Firms need to take stock of where their weaknesses currently lie and take urgent action to fix them. Whilst keeping a firm eye on what regulatory risks may be on the horizon.”

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Corlytics expands the leadership team in aggressive growth drive, March 2017

John Byrne, CEO of Corlytics, the world leader in regulatory risk intelligence, has expanded the leadership team to support a global growth strategy for the business. This follows the recent closing of a significant funding round, with the business poised to cement its leadership position in the growing regtech marketplace.

The financial crisis has led to a proliferation of new regulatory measures, with stricter global regulation leading to the creation of a $10 billion market in identifying risk areas for financial companies. Founded in 2013, Corlytics has built a team comprised of leading data scientists, proven banking risk practitioners and regulatory lawyers. Expertise of the strengthened leadership team span these specialisms, with individuals having previously built global businesses in this space and held senior level roles in commercial and regulatory law within IBM, Information Mosaic, Cap Gemini and BAE Systems.

Byrne said: “I’m delighted to extend our leadership team, bringing on some real industry heavy weights with proven execution power internationally. We are poised to grow the team to 100 globally by end of next year, so needed to reshape the management. At the same time as bringing together a unique combination of skills and experience to tackle the market challenges presented by ever increasing global regulation. I’m confident that we are structured for continued success for our next stage of significant growth.”

The expanded leadership team is made up of:

John Byrne, CEO
John Byrne is founder and CEO of Corlytics, responsible for setting the company’s vision and strategy. Something of a serial entrepreneur in the software sector, John has built and sold a number of technology based enterprises globally.

Rory Flynn, Head of Legal
As head of legal, Rory is responsible for the global team of legal regulatory analysts, together with acting as the company’s Legal Counsel. Prior to Corlytics, Rory was a practicing barrister with a specialist interest in intellectual property, regulatory and company law.

Liam Griffin, Head of Sales Strategy / Chief Commercial Officer
Liam Griffin is head of sales strategy and chief commercial officer at Corlytics. He oversees Corlytics’ sales organisation and is responsible for driving the company’s growth as the global leader in regulatory risk intelligence. Liam brings more than 30 years of global market leadership experience to Corlytics, where he has brought two previous Companies from early stage to global leadership positions.

Ken Hartlage, Head of US
Ken is head of the US for Corlytics, driving maximum value for Corlytics’ US customers and shareholders. He previously worked with CEO, John Byrne, at Information Mosaic.

John Keane, Chief Operating Officer
John Keane is responsible for the day to day running of the business. An engineer by profession, John manages the Corlytics global infrastructure that enables Corlytics to deliver market leading regulatory risk intelligence and associated services.

Ray O’Donnell, Head of Technology
As head of technology for Corlytics, Ray has responsibility for product engineering, technical architecture, and technical strategy. Ray brings to Corlytics decades of experience in architecting and delivering high-performance analytical software products to global Tier 1 and Tier 2 financial institutions.

Kevin O’Leary, VP Product Management
Kevin leads product management at Corlytics where he is responsible for product strategy and roadmap. Kevin brings more than 20 years’ experience in product management, financial crime risk monitoring, analytics and technology.

Kirsty Leighton, Head of Communications
Kirsty is responsible for internal and external global communications at Corlytics, leading the marketing communications and corporate PR activity. Kirsty’s expertise lies in brand building and corporate reputation enhancement.

David Varian, Chief Financial Officer
Corlytics’ Chief Financial Officer, David is an experienced chartered accountant with over 20 years’ technology company experience and in-depth knowledge of financial management.

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