Summarize the following in 5 bullet points.
Title: "(1) Dublin Tech Talks with Brian Fahey CEO at MyComplianceOffice - YouTube"
Transcript: "hi everybody and welcome back to Dublin Tech talks um on our podcast day we have Brian Fahey who is CEO of my compliance office welcome to the show Brian thank you very much for having me on so my compliance is a um compliance management software platform that helps financial services and unify their activities across conduit and Regulatory Compliance um a regular noun the delay fast 50 uh winning the scale up award in 22 and things are looking great for the business I know it's a well-established business to this stage and securing the debt financing last year um I say is going to help the business push on um really nice to meet you and thanks for coming onto the show do you want to give us a bit more detail about what the business is and and what it does yeah sure effectively it's B2B software for a couple of markets firms and capital markets firms means if you divide Financial Services into three groups what most people think of the banks insurance companies and capital markets sort of invest in Investment Banking it's a of the where the bigger money flows through and in the capital markets industry the there's a lot of money involved a lot of transactions and it's a place where there's a lot of regulatory focus of financial services entities around the world and we do a range of software modules on one single integrated multi-tan tenant SAS platform for uh firms around the world and we do it for a very very large Financial Services entities and down to much smaller ones around the mean mean highly regulated jurisdictions around the world regtech is just something I'm actually quite interested in but I don't know why but yeah no it's it's a and Ireland seems to be quite a hope for it as well um is there a reason for that or is it just the kind of where people kind of Finance has been quite heavy and it's just kind of brought along that entrepreneurial person to to really kind of look at what the business is or what the business does and just kind of go from there you know it is the last 10 years in Ireland particular I mean we're around a little longer than that we started in 2008 as a spin-off from actually Fidelity Investments offshore Development Group in Ireland and probably like a lot of things and how you things go we were my own background had been Professional Services income in technology for Capital markets firms in the US I spent about 15 years in the US and I came back and I joined Fidelity Investments offshore Development Group in Ireland and we were taking Fidelity Investment technology and sell them into the UK in Ireland but you know we actually then strived and asked to become a product company uh with infidelity and we really were just casting around what's hot what's interesting and it was compliance was the topic even back then in 2006 pre-crisis that is you know a big demand for Capital markets entities so that's how we kind of ended up picking it I I had supported compliance systems in my whole career for cat markets entities but um they were you know kind of like we ended up in a if you were um you know getting the wrong end of a stick on some sort of roles as well as was a poor cousin to everything else that went on but it started to change back then and I think what's happened for Ireland and regtech is you you know this big opportunity in us it's uh the whole focus and Regulatory enforcement around the world has changed very significantly in the last 15 years and then people when where the opportunity was and the I suppose the capital that was around has gone to where that's uh that that money is is and so you know compliance software or even the more broadly termed GRC governance risk and compliance software has been receiving a lot of invest capital investment uh around the world for about 15-20 years so um I think you know Aaron is getting it's probably on Jewish share but that's probably relates to support and other factors that certainly benefited us in our Tailwinds so you you kind of the business kind of took off post you know Bank crisis and and as it went from there it was it just a speak to a lot of people that kind of form businesses and go from there was it just right time right place right product or was there a bit of luck in it or how did it kind of get that first kind of iteration of what the product was well there was always luck in it but I wouldn't say we had our most successful time after the crisis actually the worst time after the crisis um funnily you know you know like everybody's journey is a little um different but uh in in our case I've always wanted to run a business and I've always wanted to build a software business and be involved in it and I was wait was just waiting for the right kind of opportunity and there was a situation where although we were with infidelity Investments and we had this concept and they helped us initiate all of all of us and actually Ida providers actually an r d Grant to Fidelity to help sort of investigate this opportunity back in the day um I really was just we were a bad fit for Fidelity and what we were doing for a combination of reasons and I took the opportunity to ask them to lift it out and so that was how we initiated getting as a separate Irish entity out of course an FDI uh institution like Fidelity and an r d grant that the idea at the time we're willing to provide so that was how we initiated us and it was look and I suppose uh happenstance and a bit of you know taking the opportunity when it's there in front of you but we had a very tough time actually with the first five years where a very different kind of a place to set up a business than it is now financial crisis meant and the way Ireland was at that time there was very little Capital available to anybody and um so the capital challenges there I mean we were getting offered maybe you know 200 000 Euro for 20 25 of the firm that's the kind of money that was available if we went to the US then at that time they were saying there's no money available here for a company of your size you need to get it locally so we were bootstrapped for the first four to five years and um the product we originally built same old classic story it actually wasn't really fit for the market if I had to give one piece of advice for somebody we had you know because because it was Fidelity who do things in a big way they did market research or we did market research and we got a lot of people saying we would love to have what you built that would be fantastic we'd love to get that and uh in the end of course we forgot to ask one very very important question will you get budget for this you know in a B2B environment you know there's often a 12-month budgetary cycle and you gotta say will you be able to get money for it because the difference was when we built a great product there wasn't a demand for it really that would actually the the clients would have wanted us but they wouldn't have got budget first so we changed in 2009 what we were offering to something more in a particular area of what we would call now employee compliance so we barely survived we had the classic story of you know um our fingernails are on the walls of survival for the first five years the classic story around all of that so um we had a tough time the first five years and as well that classic story of we have a really nice product but nobody to buy it and you've I've heard that a few times but that's what particularly the one question and there was just the difference between we would want to have it versus the willingness to be able to pay for it so so post kind of 09 10 11 that time was was there a pivot in in the sales function or was it a pivot in just just what you did and how you got the product to Market yeah we changed the products in 2009 we actually built a new product effectively on our platform and that was something that was we had learned in the previous year year and a half that was in demand um it naturally was something that fitted well for a multi-tenant SAS product we did the classic business model of you know building sort of a capable core products and selling at a much cheaper price and we're replacing manual systems that means uh manual spreadsheets and different ways of doing something that was already a registry rule so it was leveraging off you know cloud computing multi-tenant SAS you know much lower implementation cost much lower annual fee cost to to do that we sold it in but we were selling into the US that was the primary Market always from the start I mean today we're about 1500 customers and maybe five of them are Irish to be honest that's really all it is so but the US has always been our primary market and um but those five years we would have been sixth in the market there were a number of other firms and quite a few doing multi-tenants that's the same thing so we were a distance distant sixth behind I think all the major players very different today yeah and why was America first was that just what you were comfortable with for me where you were infidelity or because a lot of Irish companies would focus say Ireland first and then elsewhere or was it just not the market here well there's certainly is in the market here and then I think for an awful lot of B2B software I would be always advocating you gotta start it's it's hard enough to build a business start where the market is Big yeah and you'll have as much pain in trying to do it in a smaller marketers in a big market so go for the big Market Capital markets um the investment industry or whichever way you want to call us it's very very um established in the U.S when you have these pension plans that people Define where their money goes they get used to investing earlier it's happened in the US for a long time UK Australia has had these pension plans and they they bring forth a broader set of investors and of course there's more money in there so it actually is different there's like 15 000 what we would call registered investment advisory and broker-dealer firms in the US and um you know you'd be talking about 20 in Ireland and in the UK you might still only be talking about 500. so you really have to you know it's really a simple case of go where the biggest Market is yeah definitely who's got to give you money um so the business has kind of scaled quite quite gradually and then it could over the last few years it's it's kind of multiplied and people anyway and kind of guessing customers and clients as a CEO how have you found that scale journey and and kind of is is it something that you've enjoyed or is it something that keeps you up at night well it's the biggest thing I think for anybody who's built something from the scratch from scratch a you know what you do with it when it gets to a reasonable size I mean do you want to do something else do you want to be in a different business um or do you want to go into and build a scaled a scaled business uh certainly I fall into the latter uh but you know it's a very different type of skill sets to to do that and all of us across the whole firm and all the group that were with us from the start we've all had to change and evolve with time but it's been in spurts uh in terms of the scaling the real big scaling for the most part it's been very steady growth year after year um you know we charge on an annual basis we end up with our what they call the annual recurring revenue is the same number as our revenue from the year before us we usually we've already got the revenue from the year before uh back then so you can now invest into your you decide where you're doing your investment and we used to in the second phase the second five years if you like we were all right we don't have enough in support we don't have enough in sales and marketing we'd sort of put chunks at a time more into the functions to try and grow them and scale them and uh that was that's how it grew for the second five years the last five years we changed our focus a lot to grow to focus on the much more on the much larger entities and um that has been a big source of our growth the last five years the product has become I mean we've also like been able to each year we can invest more in we've been able to add a lot more products so the bigger scale has come in the last three years I mean we actually went to uh we more than doubled our team in one year and a lot of it is in product development but we would actually actually expect that to then bring forward new products over the next three to five years that will also be more scaling of the rest of the firm so the scaling that we've done the the heavy scaling we've done the last 18 months to a year is actually an investment for the future really in product development and right now we're going to be at our highest percent ever of or or r d or product investment of 33 of our Revenue so it's we keep we have a long-term View and a long-term goals in around what we're building for the industry and so uh I think our scaling journey is only starting to be honest but it'll be a journey that's for sure and it'll be uh a journey for myself the management team and the whole organization and uh you know you've got to continually challenge yourself about it and you're going to continue to try to learn because it's a different capability a different level of way of working and and the evolution of the product I'm always interested in this so uh but you could tell me you can tell me to stop asking questions but um you know is that customer-led has that been just identifying new markets what what's the kind of you know either kind of you have to evolve or die or or what type of kind of mentality is the product development been pushed on we've had very ambitious vision mission whatever term you want to give to us uh from early on about what we want to do and build out and the big difference for us is about a single integrated platform for doing a full range of com GRC activities for cat marke"
Title: "(1) Dublin Tech Talks with Brian Fahey CEO at MyComplianceOffice - YouTube"
Transcript: "hi everybody and welcome back to Dublin Tech talks um on our podcast day we have Brian Fahey who is CEO of my compliance office welcome to the show Brian thank you very much for having me on so my compliance is a um compliance management software platform that helps financial services and unify their activities across conduit and Regulatory Compliance um a regular noun the delay fast 50 uh winning the scale up award in 22 and things are looking great for the business I know it's a well-established business to this stage and securing the debt financing last year um I say is going to help the business push on um really nice to meet you and thanks for coming onto the show do you want to give us a bit more detail about what the business is and and what it does yeah sure effectively it's B2B software for a couple of markets firms and capital markets firms means if you divide Financial Services into three groups what most people think of the banks insurance companies and capital markets sort of invest in Investment Banking it's a of the where the bigger money flows through and in the capital markets industry the there's a lot of money involved a lot of transactions and it's a place where there's a lot of regulatory focus of financial services entities around the world and we do a range of software modules on one single integrated multi-tan tenant SAS platform for uh firms around the world and we do it for a very very large Financial Services entities and down to much smaller ones around the mean mean highly regulated jurisdictions around the world regtech is just something I'm actually quite interested in but I don't know why but yeah no it's it's a and Ireland seems to be quite a hope for it as well um is there a reason for that or is it just the kind of where people kind of Finance has been quite heavy and it's just kind of brought along that entrepreneurial person to to really kind of look at what the business is or what the business does and just kind of go from there you know it is the last 10 years in Ireland particular I mean we're around a little longer than that we started in 2008 as a spin-off from actually Fidelity Investments offshore Development Group in Ireland and probably like a lot of things and how you things go we were my own background had been Professional Services income in technology for Capital markets firms in the US I spent about 15 years in the US and I came back and I joined Fidelity Investments offshore Development Group in Ireland and we were taking Fidelity Investment technology and sell them into the UK in Ireland but you know we actually then strived and asked to become a product company uh with infidelity and we really were just casting around what's hot what's interesting and it was compliance was the topic even back then in 2006 pre-crisis that is you know a big demand for Capital markets entities so that's how we kind of ended up picking it I I had supported compliance systems in my whole career for cat markets entities but um they were you know kind of like we ended up in a if you were um you know getting the wrong end of a stick on some sort of roles as well as was a poor cousin to everything else that went on but it started to change back then and I think what's happened for Ireland and regtech is you you know this big opportunity in us it's uh the whole focus and Regulatory enforcement around the world has changed very significantly in the last 15 years and then people when where the opportunity was and the I suppose the capital that was around has gone to where that's uh that that money is is and so you know compliance software or even the more broadly termed GRC governance risk and compliance software has been receiving a lot of invest capital investment uh around the world for about 15-20 years so um I think you know Aaron is getting it's probably on Jewish share but that's probably relates to support and other factors that certainly benefited us in our Tailwinds so you you kind of the business kind of took off post you know Bank crisis and and as it went from there it was it just a speak to a lot of people that kind of form businesses and go from there was it just right time right place right product or was there a bit of luck in it or how did it kind of get that first kind of iteration of what the product was well there was always luck in it but I wouldn't say we had our most successful time after the crisis actually the worst time after the crisis um funnily you know you know like everybody's journey is a little um different but uh in in our case I've always wanted to run a business and I've always wanted to build a software business and be involved in it and I was wait was just waiting for the right kind of opportunity and there was a situation where although we were with infidelity Investments and we had this concept and they helped us initiate all of all of us and actually Ida providers actually an r d Grant to Fidelity to help sort of investigate this opportunity back in the day um I really was just we were a bad fit for Fidelity and what we were doing for a combination of reasons and I took the opportunity to ask them to lift it out and so that was how we initiated getting as a separate Irish entity out of course an FDI uh institution like Fidelity and an r d grant that the idea at the time we're willing to provide so that was how we initiated us and it was look and I suppose uh happenstance and a bit of you know taking the opportunity when it's there in front of you but we had a very tough time actually with the first five years where a very different kind of a place to set up a business than it is now financial crisis meant and the way Ireland was at that time there was very little Capital available to anybody and um so the capital challenges there I mean we were getting offered maybe you know 200 000 Euro for 20 25 of the firm that's the kind of money that was available if we went to the US then at that time they were saying there's no money available here for a company of your size you need to get it locally so we were bootstrapped for the first four to five years and um the product we originally built same old classic story it actually wasn't really fit for the market if I had to give one piece of advice for somebody we had you know because because it was Fidelity who do things in a big way they did market research or we did market research and we got a lot of people saying we would love to have what you built that would be fantastic we'd love to get that and uh in the end of course we forgot to ask one very very important question will you get budget for this you know in a B2B environment you know there's often a 12-month budgetary cycle and you gotta say will you be able to get money for it because the difference was when we built a great product there wasn't a demand for it really that would actually the the clients would have wanted us but they wouldn't have got budget first so we changed in 2009 what we were offering to something more in a particular area of what we would call now employee compliance so we barely survived we had the classic story of you know um our fingernails are on the walls of survival for the first five years the classic story around all of that so um we had a tough time the first five years and as well that classic story of we have a really nice product but nobody to buy it and you've I've heard that a few times but that's what particularly the one question and there was just the difference between we would want to have it versus the willingness to be able to pay for it so so post kind of 09 10 11 that time was was there a pivot in in the sales function or was it a pivot in just just what you did and how you got the product to Market yeah we changed the products in 2009 we actually built a new product effectively on our platform and that was something that was we had learned in the previous year year and a half that was in demand um it naturally was something that fitted well for a multi-tenant SAS product we did the classic business model of you know building sort of a capable core products and selling at a much cheaper price and we're replacing manual systems that means uh manual spreadsheets and different ways of doing something that was already a registry rule so it was leveraging off you know cloud computing multi-tenant SAS you know much lower implementation cost much lower annual fee cost to to do that we sold it in but we were selling into the US that was the primary Market always from the start I mean today we're about 1500 customers and maybe five of them are Irish to be honest that's really all it is so but the US has always been our primary market and um but those five years we would have been sixth in the market there were a number of other firms and quite a few doing multi-tenants that's the same thing so we were a distance distant sixth behind I think all the major players very different today yeah and why was America first was that just what you were comfortable with for me where you were infidelity or because a lot of Irish companies would focus say Ireland first and then elsewhere or was it just not the market here well there's certainly is in the market here and then I think for an awful lot of B2B software I would be always advocating you gotta start it's it's hard enough to build a business start where the market is Big yeah and you'll have as much pain in trying to do it in a smaller marketers in a big market so go for the big Market Capital markets um the investment industry or whichever way you want to call us it's very very um established in the U.S when you have these pension plans that people Define where their money goes they get used to investing earlier it's happened in the US for a long time UK Australia has had these pension plans and they they bring forth a broader set of investors and of course there's more money in there so it actually is different there's like 15 000 what we would call registered investment advisory and broker-dealer firms in the US and um you know you'd be talking about 20 in Ireland and in the UK you might still only be talking about 500. so you really have to you know it's really a simple case of go where the biggest Market is yeah definitely who's got to give you money um so the business has kind of scaled quite quite gradually and then it could over the last few years it's it's kind of multiplied and people anyway and kind of guessing customers and clients as a CEO how have you found that scale journey and and kind of is is it something that you've enjoyed or is it something that keeps you up at night well it's the biggest thing I think for anybody who's built something from the scratch from scratch a you know what you do with it when it gets to a reasonable size I mean do you want to do something else do you want to be in a different business um or do you want to go into and build a scaled a scaled business uh certainly I fall into the latter uh but you know it's a very different type of skill sets to to do that and all of us across the whole firm and all the group that were with us from the start we've all had to change and evolve with time but it's been in spurts uh in terms of the scaling the real big scaling for the most part it's been very steady growth year after year um you know we charge on an annual basis we end up with our what they call the annual recurring revenue is the same number as our revenue from the year before us we usually we've already got the revenue from the year before uh back then so you can now invest into your you decide where you're doing your investment and we used to in the second phase the second five years if you like we were all right we don't have enough in support we don't have enough in sales and marketing we'd sort of put chunks at a time more into the functions to try and grow them and scale them and uh that was that's how it grew for the second five years the last five years we changed our focus a lot to grow to focus on the much more on the much larger entities and um that has been a big source of our growth the last five years the product has become I mean we've also like been able to each year we can invest more in we've been able to add a lot more products so the bigger scale has come in the last three years I mean we actually went to uh we more than doubled our team in one year and a lot of it is in product development but we would actually actually expect that to then bring forward new products over the next three to five years that will also be more scaling of the rest of the firm so the scaling that we've done the the heavy scaling we've done the last 18 months to a year is actually an investment for the future really in product development and right now we're going to be at our highest percent ever of or or r d or product investment of 33 of our Revenue so it's we keep we have a long-term View and a long-term goals in around what we're building for the industry and so uh I think our scaling journey is only starting to be honest but it'll be a journey that's for sure and it'll be uh a journey for myself the management team and the whole organization and uh you know you've got to continually challenge yourself about it and you're going to continue to try to learn because it's a different capability a different level of way of working and and the evolution of the product I'm always interested in this so uh but you could tell me you can tell me to stop asking questions but um you know is that customer-led has that been just identifying new markets what what's the kind of you know either kind of you have to evolve or die or or what type of kind of mentality is the product development been pushed on we've had very ambitious vision mission whatever term you want to give to us uh from early on about what we want to do and build out and the big difference for us is about a single integrated platform for doing a full range of com GRC activities for cat marke"
