In terms of assessing the effect of regulatory risk, John Byrne, founder and CEO of Corlytics, is the industry pioneer. Incorporated in 2013, Corlytics collaborates with banks, authorities, and prestigious financial organisations all around the world.
The Corlytics system classifies and organises regulatory notifications and, where necessary, internal business data into highly structured relevant information using a combination of artificial and human intelligence. Through better regulatory planning, this makes it possible for a financial system to be more open and stable.
Below are highlights of the interview conducted between CIO Affairs and John Byrne:
Describe who you are as a person, inside and outside of the workplace
At work, I’m passionate, focused, and driven. I really enjoy the process of thinking about, and then discussing with my team, the next project, the next innovation, the next solution, and then listening to the feedback from my team. Listening is a key skill for any leader.
When I’m not working, I make time to switch off and spend time with my family and our dog, Teddy. I’m lucky to live beside the sea in Dublin and like to walk the dog along the beach. I also swim in the sea as often as I can. In the colder weather, it’s more of a quick dip.
Describe your background and what did you do before you started/joined the company?
I am a serial entrepreneur in the financial technology sector, I have built and sold a number of global technology-based enterprises. I co-founded one of the first campus companies in Ireland in the energy technology sector and founded Information Mosaic in 1997, a global player in the securities software industry, which was sold to IHSMarkit in 2015.
Tell us about the inception of the company. How did it all start?
I founded Corlytics (Compliance and Regulatory Risk Analytics) to provide real regulatory risk intelligence. Following a tsunami of global regulation that arrived for the financial markets in 2009, I realised there was no joined-up intelligence and predictive analytics to help banks, regulators and their advisors make informed decisions. Corlytics was formed in 2013 and today is the global leader in regulatory risk intelligence.
What has made you successful? What do you value?
My team and my family are key to what has made me successful. At work, I actively recruit people who know more than me and are also great team players. I value people’s skills and their ability to both adjust and grow with the company as well as actively shape it, we are an innovative company. I’m lucky to be surrounded by super people, and I value their curiosity, their contributions, and their dedication.
I also value time to think about what’s next and how can I build on this – this can be difficult while dealing with the day to day and the what is needed now.
Which are the major services of the company and how do the company get ahead of the competition? What value-added services does the company provide?
Corlytics provides a range of solutions to help manage regulatory change management and implement regulatory risk reduction strategies. Our customers include financial institutions, regulators, and payment firms—many of whom have global operations.
Many technology companies build state-of-the-art products but give secondary importance to their talent – it is the people that are fundamental to the quality and scope of our solutions. Great products come from great people. Companies with the best people will have the best products in the long run. We are also super focused on customer care and will continue to nurture our customers and listen to their ideas.
What are the most important aspects of a company’s culture? What principles do you believe in and how do you build this culture?
I believe that a crucial part of building a successful business is creating a culture that is productive and engaging, one that listens and adapts, and one that fosters a sense of fun. A company with a positive culture has the power and ability to make change, be innovative and be successful.
I believe in providing leadership that has clarity and purpose. I also positively encourage people at Corlytics to explore ideas and bring their thoughts and insights to the table. Again, I think listening is key to fostering a culture that’s inclusive, collaborative, and beneficial to all.
What is the significance of innovative ideas in the company?
Innovation is a cornerstone of Corlytics. Tech companies are, by definition, driving significant change in how businesses globally operate, and so innovation is an intrinsic part of it. We will continue to innovate in terms of solutions but also in encouraging people to consider innovation in their particular role and in projects where they are involved. We innovate with our clients as they often have to not just onboard new technology but think about their work processes in a new way.
Give us your opinion on: do organizations rely heavily on individual heroics or team processes?
It depends on the company. In Corlytics, we value team processes. We grow as a company because of the strong teams we have in place. From experience, collective talent and shared effort provide a more enriching environment to work in, and the success they bring is long-term. All team members are diverse, smart, and have an important contribution to make to any project.
What are your responsibilities as the Founder/CEO of the company? What is the happiest part of your daily routine?
My responsibilities as CEO are varied. The collective vision of the team at Corlytics is to fundamentally change the way financial regulation is managed, and my responsibility is to ensure that we keep a keen focus on that goal. We have earned a reputation in the industry for reliability—this needs to be nurtured as we grow with our clients. We build relationships and partnerships that can help the company’s progress.
The happiest part of my daily routine is seeing a project come to life and getting that extra 5 minutes in the bracing Irish sea.
What advice would you give to someone going into a leadership position for the first time?
Bring your whole self to work, as authenticity in leadership is valuable in getting buy-in from your people. Lead by example, but do remember to lead and not manage people. Build your team with people who are collaborative, bright, and bring added value to the company. Building companies is about the growing and building capabilities of every single person in the organisation. A great culture comes from making every single person matter in your firm.
