2 mins reading time
Acin wins Risk.net’s OpRisk Innovation of the Year, for second year in a row
London, 02 June 2021: Acin, the SaaS company pioneering the global standard for operational risk control, has today announced the launch of enhancements to the Acin Platform. These enhancements solve challenges faced by financial institutions in quantifying their operational risk controls against those of their industry peers.
The Acin Platform enables organizations to comprehensively identify operational risk, quantify the completeness of their risks and controls through a newly launched Acin Score, and calibrate against their peers through Acin’s industry network. This, in addition to new forward-looking scenario analysis and emerging risk assessment capabilities, helps customers to prevent incidents and losses, and safeguard their reputations. No other technology vendor can deliver this.
In addition to quantifying their risk control design, the Acin Score allows organizations for the first time to analyse control effectiveness, automatically track progress over time and evidence progress to regulators. Additionally, it gives firms significant opportunity to rationalize processes – on average, for a front-office shared controls inventory, the Acin Platform can reduce the number of controls new customers require by 62%. With streamlined inventories, firms are empowered to manage their risk controls more effectively.
The enhanced Acin Platform provides more thorough and accurate assessments of emerging risks using advanced analytics and insights driven by automated risk control intelligence, horizon-scanning and Acin Network data. Customers also receive alerts from global regulators, which dramatically increase their ability to stay on top of latest developments, as well as analysis of the business impacts of emerging risk scenarios, with actionable insights to help mitigate risk. Using the Acin Platform, operational risk scenario analysis can be transformed from a backward-looking, annual exercise into a robust, continuous, and forward-looking process.
It can take Tier-1 banks more than 100 days of manpower to gather their risk and control information, and to rationalize controls for Risk and Control Self-Assessment (RCSA). This can be undertaken more efficiently and in a shorter timeframe with Acin’s platform, as controls across the organization are documented consistently and with peer analysis. Combined with data protocols and the Acin Score, this delivers a more effective and streamlined RCSA process.
Paul Ford, CEO at Acin, commented: “This is a major step forward for Acin and our customers, in our pursuit to manage operational risk more dynamically. Our spring release provides a 360-degree view of every customer’s risk and control inventory through an intuitive dashboard, empowering them to make informed decisions in measuring, mitigating and managing the risks they face. And, crucially, for those responsible for operational risk management and controls, it is now possible to get on the front foot when talking to regulators and auditors, as well as colleagues across the three lines of defence. The Acin Platform provides unparalleled assurance that the business is in control.”
Acin will continue to launch innovations and expand into new markets in the coming months.
Join us to see the spring release in action. Register now
Acin is a SaaS company pioneering the global standard for non-financial risk management. Using technology and data science Acin is equipping financial institutions to quantify, calibrate, and visualize their operational risk data – transforming non-financial risk management from a manual, qualitative and subjective discipline into one that is automated, quantitative and robust.
Our dynamic Acin platform powers a first-of-its-kind peer-to-peer network that enables anonymized benchmarking and the sharing of collective intelligence on risks and controls, ensuring they are complete, effective, correctly calibrated, and efficient. This empowers customers to measure, mitigate and manage non-financial risk more effectively, and in turn safeguard their reputation, reduce costs and build operational resilience.
Acin is used business-wide at many of the world’s most significant banks. It has achieved global industry recognition, including from the American Financial Technology Awards 2020, Regulation Asia Awards 2020, UK FinTech Awards 2020, and was named one of the most innovative RegTech companies in 2019 and 2020.