Corlytics, the innovative regulatory risk intelligence and analytics company, has won first place in the Deloitte Regtech Challenge. As part of the prize, the company will now be collaborating in client engagements with some of Deloitte’s EMEA Risk Advisory firms.
The aim of the competition was to find the most innovative start-ups using Artificial Intelligence (AI) to solve regulatory problems, particularly in relation to Conduct Risk. Corlytics competed against 40 other businesses at the RegTech Challenge Pitch & Award Day, which took place at Deloitte Greenhouse in Milan earlier this month. The business was awarded with the accolade after showcasing how it is incorporating advanced AI modelling to provide regulatory risk ratings for financial institutions.
The competition success follows a number of major milestones for the business, including:
- The announcement in November 2018 that Corlyticsis set to close a new €10m funding round
- Success in Allen & Overy's Fuseprogramme, a tech innovation space to explore, develop and test legal, regulatory and deal-related solutions
- Cutting-edge innovative work with two new banking clients, introduced to the business by A&O
- Six successful global deals across 2018, with more new wins than competing emerging regtech companies
Kevin O’Leary, VP product management at Corlytics, comments, “The practical nature of Deloitte’s prize – which includes the opportunity to solve real business problems for their clients – makes this a brilliant win for the team. We were thrilled to compete against those doing some great work in the regulatory landscape.
He continues, “The accolade comes at a time when we are seeing real momentum in the regtech market. We’re now looking forward to delivering pilots and proof of concepts to help Deloitte’s partners understand the size, scope and root causes of regulatory risk.”
The Deloitte RegTech Challenge team declared: "We had the privilege to get in touch with some highly impressive start-ups throughout our RegTech Challenge and we want to congratulate Corlytics for the excellent result achieved. As Deloitte we are proud to create for Corlytics the opportunity to be a part of our innovation ecosystem that aims to solve real business problems and meet our clients’ needs.”