Corlytics Named by Allen & Overy in its Regtech Programme
- 28.08.2017 08:45 am
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.