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Acin wins Risk.net’s OpRisk Innovation of the Year, for second year in a row
LONDON – 2021: J.P. Morgan and Acin today announce that the global financial firm is expanding its use of the Acin platform to cover its Global Markets business.
Acin, the SaaS company that has created a digitized platform and peer-to-peer network for operational risk management, enables J.P. Morgan to access benchmarking data for risks and controls. This will complement the existing operational risk management practices established within J.P. Morgan.
J.P. Morgan has been working with Acin for the past two years, using the platform within a subset of the trading businesses. By expanding the scope of use, J.P. Morgan will be able to further validate aspects of ongoing operational risk management and assessment. This will be achieved via Acin’s first-of-its-kind industry benchmarking capability, through which customers can continuously assess risk and controls against anonymized peer data.
Jamie Hamilton, Global Head of Markets Business Control Management, J.P. Morgan said, “Our established operational risk management frameworks enable the firm to monitor key areas of risk. The Acin platform and network will enable additional efficiency and a further source of practical validation.”
Paul Ford, CEO and Founder of Acin, commented: “With Acin’s operational risk management and benchmarking platform we are supporting clients in digitizing, visualizing and calibrating operational risk. It’s testament to our solution that, having successfully piloted the Acin platform within a subset of its trading businesses, one of the world’s largest and most innovative banks has deployed it throughout its Global Markets business. As Acin’s platform is adopted by other leading investment banks, the breadth and depth of the data it provides increases further, lifting standards across the whole industry.”
Acin’s award-winning platform digitizes operational risk and control management for financial institutions. It achieves this through a standardized, industry-wide data protocol and a first-of-its-kind network that enables benchmarking across its customers and the sharing of collective intelligence drawn from the anonymized data of its peer-to-peer network.
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.