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.
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 GR3C 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 GR3C “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”.