Iress Restructures and Refocuses to Drive Growth and Innovation
Iress today announced a major restructure and changes to its operating structure and senior leadership teams following a strategic review of its business. Key to the changes is greater autonomy and the creation of a new UK CEO role with Simon New stepping across from the role of Chief Commercial Officer to support Iress’ existing leadership group for the UK who will remain in place.
The changes are to give the UK business greater autonomy to drive growth and innovation, respond faster to local market conditions and changing client demands, and realise the significant commercial opportunities available across the UK financial services industry.
The UK team will be empowered to operate with greater autonomy to capitalise on opportunities and access the resources required to drive higher performance and create better outcomes for clients.
The changes are aimed at accelerating growth and innovation, responding faster to local market conditions and changing client demands, and realising the significant commercial opportunities available across the UK financial services industry.
They form part of the steps the company is taking to strengthen its position in all markets, drive innovation and help the industry tackle the challenges presented by today’s markets, and follows the appointment of Iress Group CEO Marcus Price in 2022.
Iress UK CEO Simon New, said: “Iress is a great business with a long history of innovation. The changes we are announcing today will help us realign ourselves and ensure we’re even more focused on the needs of our clients and the changing dynamics of the market. The increased autonomy we are creating here gives us the agility and resources to move quickly and create far better outcomes for our clients.”
To enable business growth, Iress will be restructured along business lines, with each unit having access to dedicated technology teams as well as operational functions, and will be empowered to make client-led business decisions. The company also plans to reinvest in its core software to improve value for clients, while launching a new Innovations division to expand capabilities in future growth areas. This will include the development of next-generation advice technology to support the growing unmet global advice demand, the exploration of data and AI opportunities and the continued expansion of Iress’ connectivity capabilities in wealth and trading.
Efficiency increases will be found through a 10% global headcount reduction reflecting a more efficient and focused organisational structure. Roles targeted for redundancy are not expected to impact on client service and delivery.
Iress Group CEO & Managing Director, Marcus Price, said, “At the core of Iress’ refreshed strategy is a strong focus on getting closer to our clients, and driving a higher level of accountability and transparency. The UK is a cornerstone of our global business – our Mortgages and Sourcing businesses are extremely strong and our ambition is to better equip our Wealth and Trading businesses for increased performance and delivery for our clients.
“I’m confident that the changes we’ve announced today will strongly position us for our next growth horizon, with a program of clear and deliberate actions aimed at reinvigorating growth in our core businesses and delivering efficiencies that will improve our clients’ experience.”
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