Marc Murphy, co-founder and CEO of Fenergo, is the Business & Finance Business Person of the Month for May 2024, in association with KPMG.
Marc Murphy is the CEO and Co-founder of Fenergo, which enables financial institutions to accelerate business growth through innovation, community and data intelligence. They develop technology solutions that allow financial institutions to digitally transform their end-to-end client lifestyle processes, deliver digital customer journeys, and manage the regulations introduced as a result of the Subprime crisis.
Marc Murphy
Mr Murphy is a software engineer with more than 20 years of experience. He studied for his BSc and MBA at Dublin City University. He worked in Ergo, a leading IT solutions provider, for over eleven years before founding Fenergo.
CLM
Fenergo recently launched AI-powered CLM, a new set of AI capabilities which aims to further boost operational efficiencies, accelerate onboarding and improve end-user experiences while reducing costs associated with KYC and AML compliance.
The introduction of AI to Fenergo’s CLM, powered by Amazon Bedrock, will enable firms to more accurately identify and mitigate financial crime risk and seamlessly meet regulatory obligations for KYC, AML and sanctions measures.
Fenergo’s AI launch arrives during a period of increased regulatory flux and financial crime sophistication. This, combined with pinched resources and inadequate legacy systems for financial crime, creates a hugely challenging environment for financial institutions, energy firms and corporates mandated to address financial crime. According to recent figures, penalties for failing to comply with AML, KYC, ESG, sanctions, and CDD regulations totalled $6.6bn in 2023 – up considerably from $4.2bn in 2022.
Unicorn Status
In May 2021, Fenergo sold most of its shares for approximately €500 million, valued at €966 million and achieving unicorn status. Their headquarters are in Dublin, Ireland, and they also have offices in North America, the UK, Europe, Africa, Asia Pacific and the UAE.
Business & Finance, Business Person of the Month
