Warm sunshine is a welcome event in Dublin. But as participants from across the funds industry gathered on a beautiful day for Adminovate 2023, there was ample evidence of the changeable conditions firms will have to weather in the coming months and years.
The full-day forum, held at the Trinity Business School at Trinity College Dublin, brought together leading fund administrators, fintech startups, outsourcing firms, middle- and back-office experts, industry influencers and technology professionals from the investment operations world to learn and share perspectives on the next wave of industry evolution.
As Ireland’s foremost university – with its reputation for ground-breaking research, innovation and creativity, and emphasis on independence of thought – Trinity College is the perfect venue for Adminovate. With fund managers and their service providers facing increased costs and continued fee compression, Adminovate showcases how the latest technology advances and work best practices can help companies grow their business and the bottom line.
AI impact on fund operations
Given its speed of development and mounting cross-sectoral prominence, artificial intelligence was bound to be a notable theme at this year’s event. One of the most popular panel sessions, the discussion explored how AI and machine learning are transforming fund servicing operations, and the opportunities and challenges associated with these fast-moving technologies.
AI can have a particular impact on the transfer agency space. Many TA processes are data entry-heavy, prompting fears that AI will replace humans and make them redundant. But by taking on the grunt work, AI can free up time for employees to focus on more creative tasks such as performance calculations and enhancing interactions with clients to improve the customer experience. AI could also offer a way to bridge Ireland’s talent shortage gap and the impact that is having on firms’ business growth.
Professional cybercriminals raise the security stakes
Cybersecurity is another theme that continues to challenge all industry participants. Gone are the days of disaffected kids hacking into systems for the thrill of it. Today, cybercriminals are professional, well-resourced organisations able to cause unprecedented damage – especially as the funds sector becomes progressively more data dependent.
In its session, the panel discussed the latest cybersecurity threats facing fund servicing firms and offered some practical strategies for protecting against cyberattacks. Its message: quick detection makes all the difference, so understand the threat to your organisation and act swiftly. This is the cybercriminals’ job and they are good at it. Don’t underestimate what you’re up against.
CP138 spotlights operational resiliency
The pace and scope of regulatory change means regulation is a perennial topic at industry events like these. At Adminovate 2023, the focus was on the Central Bank of Ireland’s Consultation Paper 138 on outsourcing, part of a trifecta of regulatory frameworks (along with CP140 and the EU’s proposed Digital Operational Resilience Act) around resiliency, outsourcing and vendor relationships.
CP138 seeks to enhance operational strength by requiring boards and senior management to “take appropriate action to ensure that their operational resilience frameworks are well designed, are operating effectively, and are sufficiently robust.” The aim is to ensure that outsourcing risks to a financial service provider’s operational continuity aren’t transmitted into the financial system as a result of participants’ interconnections and interdependencies.
Firms will need resources to cope with the increased regulatory scrutiny. But as the panel discussed, it is also an opportunity for vendors to gain a competitive edge by showing they are ready to help their clients meet the Central Bank’s requirements.
Mixing business with pleasure
Of course, in true Dublin style Adminovate wasn’t all about business. The day started with an opportunity to mingle over hot breakfast treats before attendees headed into the conference. Lunch was held in Trinity College’s wood-panelled dining hall, a room described by one attendee as very “Hogwartsy.” And throughout the day we had many people visit our stand to say hello and find out more about the Deep Pool story. The event then ended with a drinks reception and quiz that carried on well into the evening.
It was a great mix of informative discussion and socialisation – and we look forward to seeing you all there again next year!
ABOUT DEEP POOL
Deep Pool is the #1 investor servicing and compliance solutions supplier, providing cutting-edge software and consulting services to the world’s leading fund administrators and asset managers. Our flexible solution suite, developed by an experienced team of accountants, business analysts and software engineers, supports offshore and onshore hedge funds, partnerships, private equity vehicles, retail funds and regulated financial firms. Deep Pool is a global organisation with offices in Dublin, Ireland, the United States, the Cayman Islands and Slovakia. For more information, visit: www.deep-pool.com.