8th December 2017
Corlytics to join next round of FCA sandbox
Corlytics, the global leader in determining regulatory risk impact, is involved in the next round of Financial Conduct Authority’s (FCA) sandbox. It is supporting a top-tier global bank as part of the third cohort of participants.
The sandbox provides a safe space for firms to test innovative products, services or business models in a live user environment. Corlytics is working with one of the new cohorts to track updates to regulations within the FCA handbook. Aligning new regulation, Corlytics was the ideal partner as it walked with the FCA to make new handbook intelligent.
MAPPING THE FCA HANDBOOK TO FINANCIAL INSTITUTIONS
Corlytics developed the world’s first intelligent handbook with the FCA. 3,000 metadata tags have been added to the original handbook infrastructure to make all technology projects around the democratisation of this industry resource possible. Now that this has been completed, it is possible to the push the tags via APIs through to the respective financial institutions, that can embed them in their own infrastructure.
The top-tier global bank has asked Corlytics and a number of other unique vendors to make the task of compliance more efficient and less fraught with risk. Using automation to smartly align and reduce compliance modelling. The process will manage the impact, policies and procedures of the financial institutions respective regulatory change, while saving costs.
WHAT IS THE FCA SANDBOX?
The sandbox is expected to run for six months, with several sprints taking it to completion. This trial should reduce the risk associated with compliance modelling for regulated firms and prompt financial institutions to take a risk based approach to addressing their compliance mandates. It is part of Project Innovate, which the FCA launched in 2014 to promote innovation and competition in the interest of consumers.
John Byrne, CEO of Corlytics stated, “The value that the FCA has brought through democratisation of the handbook will now be realised through regulatory technology initiatives such as this. Tracking regulatory change and the risks associated with huge regulatory change projects has become a major issue for financial institutions. Not only are these programmes costly and take long periods to complete, the pose a significant risk to the bank if not tracked and risk assessed properly.”
16 November 2017
Delighted to have won the RegTech Award 2017 for best analytics solution to address capital requirements/liquidity risk.
A big thank you to the financial institutions and readers of Intelligent Trading Technology and Data Management Review for voting for us.
We strongly believe that regulation and good regulatory outcomes impact on all financial services providers and clients. By focusing on root causes using our regulatory risk analytics we can help deliver good outcomes for all stakeholders.
Well done to everyone shortlisted and to the winners. It is great to be recognised amongst other credible and passionate individuals and companies within the FinTech and RegTech industries.
The Corlytics team
Ivar Eilertsen picks up the award for the Corlytics team in New York, 16th November 2017
2 November 2017
TOM KENNY JOINS CORLYTICS AS CHIEF FINANCIAL OFFICER
Corlytics, the world leader in regulatory risk intelligence, has announced an addition to its executive team with the appointment of Tom Kenny as chief financial officer.
Kenny will work closely with the team globally, to deliver on the company’s ambitious growth agenda. An experienced chartered accountant by trade, he has over 25 years’ experience. Having held a number of senior appointments in the international financial services sector, as well as a successful career at one of the top four accounting firms.
Kenny joined Corlytics in October 2017, having previously held the role of managing director with Canada Life International Assurance. He was part of the senior management team that led the successful sale of the business on behalf of Legal & General Group PLC. Prior to working in the financial services sector, Kenny worked at Deloitte for 13 years. He also holds a Masters in Management Practice from Trinity College and is a Fellow of the Institute of Chartered Accountants in Ireland.
Tom comments, “I am delighted to have joined John Byrne and the Corlytics team. Having followed the international regtech market over recent years, I was impressed by Corlytics’ unique market position. It already has impressive reach helping to support regulated firms, regulators and professional services executives to mitigate risk through regulatory risk intelligence. I am looking forward to being part of helping shape Corlytics’ offering in the multi-billion regtech industry globally.”
John Byrne, CEO of Corlytics added, “Tom has enormous experience garnered from many years working in the financial services sector. He is a highly effective manager, a great motivator and will play a pivotal role in continuing to grow Corlytics and our offering worldwide. We are enjoying a strong phase of growth and will benefit greatly from having someone with Tom’s international financial management and regulation expertise in the team.”
CORLYTICS DEVELOPS FCA’S INTELLIGENT HANDBOOK
Corlytics, the global leader in regulatory risk intelligence, has helped develop the world’s first intelligent regulatory handbook for the UK’s Financial Conduct Authority.
The FCA handbook is used by thousands of regulated financial institutions and their advisers daily. It contains binding regulatory obligations and guidance for firms on handbook editorial. Corlytics has worked with the team at the FCA to apply a central, common taxonomy to all regulations. Having put this in place, the existing material in the handbook can be tagged and machine read. This allows for a much more user friendly search and navigation experience.
DEMOCRATISING THE HANDBOOK, ACCESSIBLE TO ALL
The FCA wanted to democratise the handbook, to ensure it is accessible to all. By transforming this heavily used resource from a legal document into a fully searchable database, it is now fully accessible. John Byrne CEO of Corlytics explains, “We have put a metadata structure, much like that used by Google, in place. Transforming the handbook from a comprehensive legal index to a highly accessible tool for all users.”
METADATA DELIVERS ACCURATE AND CONSISTENT SEARCH
By using a metadata structure, it has made adding an intelligent regulatory advisor as a front end to the regulatory handbook possible. The addition of front-end artificial intelligence needs consistent and accurate data. It is just not possible to develop this from indexing technology, which is neither consistent or accurate. Automation needs metadata so that the text is fully machine readable.
WHAT WE HAVE LEARNED FROM MEDICAL SCIENCE
Like law, medical research has lots of opinionated papers and lots of non-aligned studies. By analysing the text using machine learning analytics, oncology research has made great strides. Saving and extending lives.
Consistent and accurate artificial intelligence is at the heart of the challenge of building searchable, non-aligned materials. Great breakthroughs in cancer research and oncology have come on the back of applying data science logic. Looking at the problem differently. That is what Corlytics and the FCA have done.
Byrne continues, “At Corlytics we have moved into the same building as a lot of specialist medical data scientists to better understand what they do. Using ‘trained models’ we are able to teach the models how to understand and interpret the data.
“To best do this you need subject experts who can programme and understand analytics, working alongside data scientists. Lawyers in our case who can code. We have swapped the oncologists with regulatory lawyers. Their training makes for consistent and accurate analytics.”
WE HAVE HAD TO TAG THE ENTIRE FCA HANDBOOK
3,000 metadata tags have been added to the original core infrastructure to make all technology projects around the democratisation of the handbook possible.
The teams have gone to different sections of the handbook and machine learnt them. Then using a combination of regulatory lawyers and data scientists, they plan to auto tagged the handbook. This is exactly the same method that has led to breakthroughs in cancer treatment.
Corlytics appoints Thompson Reuters Stacey English to the UK board, 18th September 2017
Corlytics, a global innovator in regulatory risk analytics, has announced the appointment of Thomson Reuters’ head of regulatory intelligence, Stacey English, who will further strengthen the board of Corlytics Solutions.
As head of the regulatory intelligence team at Thomson Reuters, Stacey is an established global authority with deep market influence. Her expert team at Thomson Reuters delivers analysis of regulatory change from global regulators through world-leading regtech solutions and provides regulatory insight and industry thought leadership to compliance and risk professionals worldwide. Stacey was part of the innovative regtech start up Complinet, which was acquired by Thomson Reuters.
Stacey is a chartered certified accountant with over 20 years’ risk, compliance, audit and regtech experience. Her experience spans leading global financial services institutions as a regulator, practitioner and adviser.
She will be joining the Corlytics board immediately, adding to a growing advisory and leadership community at the company. Last month saw the appointment of two international heavyweights David Bundi and Peter Oakes.
Stacey comments, “I’m delighted to have been asked by John Byrne to join the Board of Corlytics. I’m impressed by Corlytics’ innovation in partnership with regulators and the depth of its risk analytics. I look forward to supporting the team with practical regulatory and industry expertise at this pivotal time in the transformation of regulatory risk management.”
John Byrne, CEO of Corlytics said, “In the last two months, Corlytics has expanded its sales team and board members to meet growing demand from the industry for risk analytics. Stacey will be a key addition to our board. She will play a vital role in bringing her invaluable industry insight and risk and compliance experience together in shaping Corlytics’ offering in the multi-billion regtech industry globally.”
Corlytics data unveils European banks at mercy of US regulations, 11th September 2017
Economic crime makes up 18 percent of all enforcement fines, we take an in-depth global look at what is happening in this category.
- Global regulators have levied over USD $38.4bn in economic crime fines since Jan 2012
- 97% of all fines from US regulators
- UK, French, German and Swiss banks with branches in the US have paid almost 40% of the fines related to economic crime in the US
- Top 10 European banks have paid USD $13.25 billion to US regulators since 2012
- Average fine for European firms to US regulators is 10x the average of US firms
- Economic crime makes up 18% of all regulatory enforcement fines in the period: 927 cases
New data from Corlytics, the global leaders in regulatory risk intelligence, shows that European banks are under disproportional enforcement pressure from US regulators. Since 2012, of the $38.4bn levied in economic crime fines worldwide, 97 percent of all fines have come from US regulators. With the average fine for European banks being ten times the amount US banks have been served.
The Corlytics Barometer, which this issue focuses on economic crime globally, reveals that enforcement action for sanctions and tax evasion are exclusively handed out by US regulators, whereas bribery and anti-money laundering AML are higher up the watch list for European and Asian regulators.
Although the number of fines have increased over the last 12 months, the average value of each fine has decreased. This is due in some part to a few very large fines issued by the US regulators (predominantly the Office of Foreign Assets Control) in 2014. These were mainly for sanctions and Anti-Money Laundering and Banking Secrecy Act (AML/BSA) breaches.
US REGULATORS GETTING TOUGH WITH NON-US BANKS
Corlytics uncovered a significant finding for banks operating outside of their originating jurisdiction. UK, French, German and Swiss banks with branches in the US have paid almost 40 percent of the fines related to economic crime in the US.
IT’S GETTING PERSONAL
Economic crime involves serious criminal acts committed both by senior individuals at institutions and the institutions themselves. Many regulators have focused on infringements by regulated individuals at firms, rather than just the firms themselves. This is especially true of European and Asian regulators. Enforcement involving criminal convictions, and imprisonment for individuals is very much on the increase in the UK, Hong Kong and Australia.
There is an emerging hierarchy of financial penalties for firms by regulatory category. Globally, crimes involving sanctions accounted for more than USD $1.77 in every USD $5 fined. This equated to over USD $13.5 billion for the period. It’s notable that this has decreased from USD $2 in every USD $5 from examined data since 2009, indicating that sanctions violations may be beginning to come under control.
Sanctions was followed by AML/BSA at USD $8 billion, bribery at USD $7.7 billion, fraud at USD $4.4 billion, tax evasion at USD $2.8 billion, and misappropriation at USD $1.8 billion.
While cyber fraud has been an important part of economic crime, and there are several pending cases with regulators, there have been few associated fines in this period. However, this trend is expected to change for two reasons: firstly, the introduction of the cybersecurity regulations by the New York Department of Financial Services (NYDFS) which came into effect in March of this year, and secondly, the introduction of the GDPR which comes into effect in May 2018.
PENALTIES FOR INDIVIDUALS
Sticking with US regulators, the Commodity Futures Trading Commission (CFTC) has the highest fines levied against individuals globally. Accounting for over USD $422 million over the period. Interestingly, for fines against individuals, the average size of a fine for an individual is over USD $6 million.
In the UK, regulators prefer a different tack. Frequently demanding lengthy prison sentences for fraud that have associated confiscation orders. In the US, for senior individuals, settlements for economic crime frequently involve disgorgements (confiscation of assets gained) together with life-time bans from the industry.
The Australian Securities and Investments Commission (ASIC) levies more individual fines than any other regulator globally, but the amount of these fines at an average of just over USD $15,000 pales into insignificance when compared to the CFTC fines. The Securities and Futures Commission of Hong Kong (HK SFC) is also beginning to sharpen its claws with two huge fines against individuals in the past 10 months, one with a value of over USD $10 million and another with a value of over USD $11 million.
PENALTIES BY JURISDICTION
Corlytics has picked up different geographic behaviours from the regulators. In Australia, the UK and Hong Kong the enforcement activity is more focused on individuals. There have been 228 individual cases in total in these territories, versus 29 cases against firms.
Although the US has brought the most cases against individuals to date – in the period, there were 110 individual cases – the focus remains on fining firms, with 444 actions brought during the same period.
The average fine level for firms were higher than individuals, with every regulator, except in Australia.
The United States is at the fore of punishing economic crime with fines. Responsible for almost 97 percent of total fines by value over the period.
The most frequent violations were in Anti-Money Laundering or Bank Secrecy Act rules, with cases in all jurisdictions, except Australia. Australian regulators covered mostly fraud. The UK mainly covered fraud and bribery.
The United States covered all six financial crime types, with sanctions violations accounting for 40 percent, followed by fraud at 36 percent, and both Anti-Money Laundering or Bank Secrecy Act and tax evasion at roughly 10 percent each by value.
PENALTIES BY BANK ORIGIN
The top 10 European banks have paid USD $13.25 billion in fines to US regulators since 2012. This means that since 2012, 10 European banks have paid 35 percent of all fines to US regulators.
The average value of each fine is approaching USD $0.5 billion per fine; over 10 times the average that US firms pay to US regulators.
LARGE FINES HAVE BEEN DECREASING, BUT THAT COULD ALL CHANGE
John Byrne, CEO at Corlytics said, “What’s most noticeable across all regulatory categories is the extent to which large fines have decreased. Regulators are beginning to indicate that they are satisfied that financial institutions seem to be addressing economic crime and may have moved their focus to other regulatory categories for the time being.”
However, this does not mean that regulatory scrutiny won’t return to this area in the future. Large European financial institutions with a presence in North America need to be extremely careful to ensure that they comply in the area of economic crime. There is clear evidence to suggest that they will be treated harshly if they do not.
It looks like regulators are beginning to take a closer look at the senior managers who preside over compliance issues. Byrne continues, “Our data suggests the increased penalties, both financial and non-financial, ensure that senior managers of large financial institutions need to be in full control of the institution’s compliance posture. In relation to financial crime, the future area that organisations need to be most aware of is cybersecurity.
“The NYDFS regulations have come into effect and this regulator, even though it’s a state regulator rather than a federal one, has been known to penalise heavily when its regulations are breached. Financial institutions need to ensure that they fully understand their risk exposures in this area.”
Corlytics welcomes Severine Cooper-Melis to the European leadership team, 5th September 2017
Corlytics, the world leader in regulatory risk intelligence, has announced the appointment of Severine Melis-Cooper as the new director of EMEA sales.
Severine will oversee Corlytics’ sales organisation and is responsible for driving the company’s growth as the global leader in regulatory risk intelligence in the EMEA market. She has over 15 years’ experience in the fintech sector in Europe, with a very strong track record of overachieving sales target and opening new markets.
Severine joins from Fidelity National Information Services (FIS) where she held the role of EMEA head of utility sales. She was formerly at SmartSteam Technologies as global head of sales in fees and billing solutions, and previously at RiskMetrics (now MSCI Risk solutions) where she set up and headed the French office for several years.
Severine comments, “Corlytics was an obvious choice for my next career move. I have been following the European and North American RegTech sectors for the past couple of years and have noticed Corlytics standing out clearly amongst many players. I was drawn to Corlytics because of its unique positioning within the regtech market, a very impressive team and an ability to draw key industry names into their community.
“This is an exciting opportunity to be part of. Helping support regulated firms, regulators and professional services executives in identifying, assessing and mitigating risk through regulatory risk intelligence”.
John Byrne, CEO of Corlytics said, “Over the past six months, Corlytics has been expanding rapidly internationally on that back of some exciting customer engagement. Now is a great time for Severine to join the sales team, heading up our activities across EMEA. Severine’s background in fintech, banking and sales means I am confident she will flourish at Corlytics”.
Severine Melis-Cooper, Director of Sales, EMEA
Corlytics named by Allen & Overy as Fuse partners, August 2017
Magic Circle law firm, Allen & Overy, has named Corlytics as one of the eight companies selected to move into its Fuse programme. Fuse is a newly launched innovation space where its lawyers and technology firms team up to develop legal, regulatory and deal-related improvements.
Corlytics, global leaders in regulatory risk intelligence, was selected for its advanced Artificial Intelligence (AI) modelling that it has used to develop the world’s deepest regulatory enforcement database. The internal team at Corlytics is already made up of leading data scientists, seasoned technologists, proven banking risk practitioners and expert lawyers. Making integration into the broader Fuse eco-system a natural fit.
The Corlytics team is already working with regulators and tier one banks, providing regulatory risk intelligence and compliance heat maps. Having been selected to join Fuse, Corlytics is looking to make the most of the expertise within Allen & Overy. This will allow Corlytics to further access the market, get expert mentoring for its legal teams and insight on optimising its risk intelligence.
Over 80 RegTech and LegalTech firms applied to join the programme with multiple companies giving pitches, before the successful eight were selected. The companies were asked to present to a series of regtech and legaltech experts from Allen & Overy, Balderton Capital, The Funding Circle, JP Morgan and Amazon.
Come September, the selected firms will work in a specially-designed area, housed within Allen & Overy’s London offices.
Once in residence, firms will have access to the expertise of Allen & Overy lawyers, technologists and clients to co-operate on developing practical solutions to some of the troubles faced by financial institutions and law firms today.
Mike O’Keeffe, general manager of Corlytics Solutions said, “We are very excited about the opportunity to work in Fuse. Allen & Overy has proven itself to be to the forefront of the legal and regtech revolution. We believe that this is a great opportunity for Corlytics to benefit from the guidance and experience of A&O technologists and lawyers to further our global regulatory taxonomies, and interpretation of regulations. We believe that A&O and Corlytics have a unique opportunity to bring combined offerings to market to the benefit of both A&O’s and Corlytics’ customers.”
Three areas of innovation have been fast developing for the legal sector: technology supporting legal advice, law firms and in-house legal functions; technology supporting regulatory compliance; technology changing how companies and financial institutions transact and negotiate deals with each other.
Corlytics appoints international heavyweights to advisory board, 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.
“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 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.”
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.”
– Ends –
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.”
– Ends –
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 Rory Flynn, Head of Legal Liam Griffin, Head of Sales Strategy / Chief Commercial Officer Ken Hartlage, Head of US John Keane, Chief Operating Officer Ray O’Donnell, Head of Technology Kevin O’Leary, VP Product Management Kirsty Leighton, Head of Communications David Varian, Chief Financial Officer – Ends –
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.
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 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 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 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.
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 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 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.
Corlytics’ Chief Financial Officer, David is an experienced chartered accountant with over 20 years’ technology company experience and in-depth knowledge of financial management.
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
Rory Flynn, Head of Legal
Liam Griffin, Head of Sales Strategy / Chief Commercial Officer
Ken Hartlage, Head of US
John Keane, Chief Operating Officer
Ray O’Donnell, Head of Technology
Kevin O’Leary, VP Product Management
Kirsty Leighton, Head of Communications
David Varian, Chief Financial Officer
– Ends –