Taoiseach launches €5M Financial Services Technology Centre

Taoiseach launches €5M Technology Centre to develop new business opportunities in risk management and compliance for financial services


Investment in market-focused Financial Services Governance, Risk and Compliance Centre will support Ireland's ambitions to become a global hub, creating new technology-based products, services and jobs

Friday 21st November 2014

An Taoiseach Mr Enda Kenny TD today (Friday 21 November, 2014) officially launched the Financial Services Governance Risk and Compliance Technology Centre, hosted by UCC and funded by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland and IDA Ireland.

Taoiseach Enda Kenny launching the GRCTC with (l-r) Gearoid Mooney, Research & Innovation Manager, Enterprise Ireland, Peter Cowap, GRCTC Centre Director and Kieran Donoghue, Head of International Financial Services IDA Ireland.
Taoiseach Enda Kenny launching the GRCTC with (l-r) Gearoid Mooney, Research & Innovation Manager, Enterprise Ireland, Peter Cowap, GRCTC Centre Director and Kieran Donoghue, Head of International Financial Services IDA Ireland.

Making the formal announcement, the Taoiseach said: "The Financial Services Governance, Risk and Compliance Technology Centre is the latest addition to the network of 15 Technology Centres supported jointly by Enterprise Ireland and IDA Ireland.  The Government's plan is to secure economic recovery by focusing support on sectors that can create jobs.  This Technology Centre goes right to the heart of the very important financial services sector and will make Ireland more attractive for jobs and investment." 

Welcoming the announcement, Damien English T.D. Minister for Skills, Research and Innovation said "This new technology centre is seizing the opportunity to help Ireland become a world leader in providing innovative solutions for financial services. It is engaged in ground breaking market-focussed research, the outputs of which companies will then use to develop new and improved products, processes, tools, applications and services. This valuable work will both help to secure and enhance the future of financial services in Ireland and also lead directly to high level employment opportunities and exports”.

Explaining the need for this centre, Peter Cowap, Director of the GRCTC said “the move towards ‘smart regulation’ in financial services demands greater global harmonisation and a consistent approach to the production and interpretation of regulations. However, in this rapidly changing environment, Governance, Risk & Compliance (GRC) departments in regulated financial services companies are struggling to keep up using increasingly outmoded manual and semi-automated approaches”.

There are currently 9 industry partners including; Propylon, Nathean Technologies, AIB, TerraNua, Citibank, Wolters Kluwer, Linklaters, Bank of Ireland and BAE Detica.

Speaking on behalf of the industry partners at the launch, Richard Pike, Vice President EMEA at Wolters Kluwer said that the GRCTC “is creating building blocks in the form of software, databases and process models that will be consumable by the industry partners to accelerate our development of new products and applications”.

The centre is active seeking new industry members and is aiming to grow its membership significantly through outreach and promotion activities over the next 3-6 months.

Welcoming the launch Gearoid Mooney, Research & Innovation Manager, Enterprise Ireland, said: "Market-focused technology centres are an effective model for ensuring that the application of State-funded research in Ireland is closely coupled to industry needs.  Experience to date has established that it can deliver real results for the companies, the research community and ultimately accomplish the state's objective of investing in the commercialisation of research in sectors of strategic and economic importance to Ireland."

Kieran Donoghue, Head of International Financial Services at IDA Ireland said "the establishment of this Centre is a key milestone in positioning Ireland as a location in which to develop technologies that support more effective risk management and compliance within the financial services sector. The applied R&D undertaken here will help strengthen our value proposition for inward investment in areas that are now of critical importance to both the industry and regulators".

ENDS

For more information on this press release, please contact:

Kevin Mills
Mills Public Relations
Tel +353 86 3620808

Grace Labanyi
Communications Officer
Enterprise Ireland
Tel: +353 87 3286404


Editors Notes  

The Technology Centres programme is Ireland’s largest initiative to support market-focused, applied research, development and innovation. It is a joint initiative of Enterprise Ireland and IDA Ireland that focuses on identifying new sources of industrial growth and job creation in Ireland. The Financial Services Governance, Risk & Compliance Technology Centre is one of 15 Technology Centres funded by the Department of Jobs, Enterprise and Innovation.

The aim of the Technology Centre programme which is managed jointly by Enterprise Ireland and IDA Ireland is to achieve competitive advantage for industry in Ireland by accessing the innovative capacity of the Irish research community. More than 300 companies already benefit in such areas as ICT; energy; services and business processes; manufacturing and materials; sustainable food and health and medical technologies.

Technology Centres are organised to respond rapidly to industry defined needs and conduct market-relevant R&D in partnership with collaborating groups of companies.

Technology Centres’ research agendas are defined collectively. Participating companies describe areas and themes of greatest relevance to them over a 3-5 year period. In response, the researchers propose projects that respond to these needs, often exploring avenues that can lead to new licensable intellectual property. The activity, therefore, is essentially strategic, typically yielding results that are relevant to most of the companies involved.

In this way Technology Centres enable companies to engage in collaborative research programmes that might otherwise be too high risk or too far from being market ready to develop alone but which, if successful, can deliver a positive economic impact in Ireland. TCs are characterised by agile response times and constant review and revision of projects to validate their current market relevance.