Barry Roche of the Irish Times recently wrote, “Taoiseach [the Irish term for ‘Prime Minister’] Enda Kenny will today launch a €5 million technology centre in Cork designed to create new business opportunities for Irish financial services and technology companies through addressing governance and compliance issues. The Governance, Risk and Compliance Technology Centre (GRCTC) is the latest addition to the network of 15 Technology centres in Ireland and will carry out R&D on semantic technologies which encode meanings separately from data and content files.”

Roche continues, “The centre is hosted by University College Cork and funded by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland and IDA Ireland. Its aim is to address governance, risk management and compliance challenges for financial services companies. According to a statement issued on behalf of the GRCTC, the new centre will develop semantic technologies with the potential to save financial organisations millions of euro and help them to comply with global regulations. The GRCTC will also help to create jobs through the development and commercialisation of semantic technologies by small and medium sized Irish firms operating in the global marketplace.”

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