Dublin hub accelerates Albany Beck’s European growth - Finance Dublin

This article appeared in Finance Dublin's August 2023 edition.

Albany Beck’s Adam Kelly & Celia Johnson profile the financial services consultancy’s growth in the Irish market having established a presence in 2018 and subsequently choosing Dublin as it European Hub. They outline the firm’s business model, including its RTD model, areas of growth and future plans including the imminent launch of its fund administration academy.

London-based financial services consultancy firm, Albany Beck, successfully expanded its business operations into Ireland in 2018 and after some rapid growth identified Dublin as the optimum location for our European Hub. Dublin’s position as a gateway to Europe in a post-Brexit world and the abundance of highly qualified and skilled talent made it the obvious choice. Over the last five years, we have created hundreds of new jobs in the country, across a multiplicity of high-demand skill areas, including KYC, AML, fund administration, risk management, and technology.

We have recruited, trained, and deployed (RTD) consultants to a broad and diverse range of prestigious global financial institutions in Dublin and regionally, rapidly bolstering team capacity and accelerating work output to empower the upholding of exceptional operational standards. The company is supported by the Irish Government through the IDA Ireland and recently received recognition for their success in the Ireland market and were awarded “Best Early Stage Business Investment” & “Best organisational Transformation” at the “Invest in Ireland” awards.

AML & KYC

Ever-changing regulatory obligations have created an insatiable demand for KYC professionals across financial markets in Ireland. Albany Beck’s RTD model provides banks with a cost-effective means of overcoming KYC skill gaps, by fuelling its ecosystem with new talent. We recruit high-potential junior consultants alongside more experienced KYC professionals into our training academy.

The academy is overseen by Emer McPartland, a subject matter expert in the field. Course content is updated on a regular basis to reflect the latest regulatory developments and best practices; and perhaps most importantly, it is always tailored to meet the specific needs and objectives of our clients. We teach both the in-depth knowledge and practical skills related to KYC processes, regulatory compliance, and risk management, to ensure that our consultants are empowered to thrive in the specific KYC role and customer to which they are deployed.

Our consultants assimilate efficiently into our clients’ businesses, where they have supported the delivery of a plethora of large-scale KYC remediation programmes with speed, accuracy, and rigour. By offering our clients the option to internalise consultants, free of charge after an agreed timeframe, we are also empowering those Irish-based businesses to build workforce strength and resilience for the future.

"By offering our clients the option to internalise consultants, free of charge after an agreed timeframe, we are also empowering those Irish-based businesses to build workforce strength and resilience for the future."

The ESG opportunity

In an increasingly interconnected world, data security is of paramount importance. Blockchain's cryptographic mechanisms secure data in a tamper-proof manner, reducing the risk of data breaches and unauthorized access. By storing data across a distributed network of nodes, blockchain eliminates the vulnerabilities associated with centralized databases, safeguarding sensitive information. For banks handling vast amounts of confidential financial data and consultancy firms dealing with proprietary strategies and client information, blockchain provides an added layer of protection, fostering trust and confidence among stakeholders.

To overcome the talent shortage, financial institutions will need to work with businesses like Albany Beck who can develop talent to fuel its organisational ecosystem with the ESG skills that every type of financial institution will need to drive its ESG agenda forward and deliver impactful change.

Closing the ESG skills gap

Albany Beck is an incredibly ambitious business. Our KYC, Tech & Data Academies have already empowered hundreds of professionals to secure meaningful work placements and build lucrative careers at some of the most prestigious financial institutions in Ireland. We are taking the same approach for ESG and recently launched our first ESG Academy. As ESG associated opportunities and risks become increasingly relevant for financial institutions, demand for ESG skills is soaring – and the battle for ESG talent is taking place at every level of the organisational hierarchy, from analysts to strategists. With demand outstripping supply in all areas, talent development is widely recognised as the critical enabler of the sustainable finance agenda in Ireland.

Albany Beck’s ESG Academy provides introductory training on ESG and sustainable finance, alongside more targeted training for senior, more specific ESG roles. Our ESG training curriculum has been carefully designed to equip finance and investment professionals with the knowledge and skills they need to navigate the complexities of sustainable finance effectively, whether that is by completing the principal adverse impact, data mining the information to aid the decision-making process or completing the reporting disclosures for stakeholders. We teach the theoretical and practical skills that are so critical to each ESG consultant’s ability to support the new best-in-class standards which are set by regulations such as the SFDR and the CSRD.

"With demand outstripping supply in all areas, talent development is widely recognised as the critical enabler of the sustainable finance agenda in Ireland."

What does the future look like for Albany Beck in Ireland?

Albany Beck’s expansion into Ireland has been critical to the exponential growth of our business over the course of the last five years. By continuing to focus on job creation in emerging high-demand skill areas, such as KYC and ESG, we will accelerate our business pursuits alongside those of our customers, as Albany Beck continues to play its part in cementing Ireland’s position at the forefront of innovation, sustainability and change in global financial markets. Our new Fund Administration Academy is being launched in Q3 of this year along with our intention to expand our services into corporate space considering crossover with SFDR & CSDR.

We recently announced the appointment of a new Board advisor, Tony Golden, with 30 years senior experience in financial markets and previously Chairman of Citi’s Corporate and Investment Bank who now joins Derek Collins, an international banker who previously worked closely with the IDA teams in Financial Services, Life Sciences & Technology sectors targeting fast growing and scaling companies. They are both supporting Albany Beck’s ongoing expansion plans in the Irish market.

Get in touch with Adam Kelly or Celia Johnson today to learn how we can support you and your business.