Operational Risk Challenges

Retail banking is increasingly competitive and digitized. Success is underpinned by proactively managing speed-to-market and product innovation with operational risk. Regulations are demanding higher standards of consumer protection and a robust and evolving risk & control framework has never been more essential.

A crucial way for banks to show commitment to good outcomes for their customers is to have a demonstrably complete and effective risk & controls framework. Therefore, this must be aligned to data technical standards, calibrated with peers in the sector and upgraded for consumer protection.

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Compare your risks and controls with peers

Many of the pain points in operational risk are common across the industry.

For Retail, we know there is a particular focus on:

  • Doing more with less 
  • Regulatory Pressure & Scrutiny 
  • KYC, AML and IT-related Risks / Controls 
  • Heightened consumer protection 

For Retail and Private Banks, contact Acin and:

  • Get a free health check of your operational risk data
  • Speak to a practitioner in the Retail / Private Banking team    
  • Organize a free demo of the Acin platform

Customer Protection in Action – Consumer Duty in the UK

The FCA (Financial Conduct Authority) has been clear that effective use of data will be critical to a firm’s implementation of Consumer Duty requirements. Firms must be proactive in supplying granular data to prove that customer outcomes are being monitored across a wide range of solutions.

A complete and effective risk & control framework that is – aligned to data technical standards, calibrated with peers in the sector and upgraded for consumer duty – is crucial evidence of a bank’s commitment to fairer outcomes for customers.

Key Risk & Control Outcomes from partnering with Acin

I can build and update my risk & controls more quickly and cheaply
I can demonstrate that my controls are in line with peers 
I can show the regulator the controls I need versus regulatory articles  
I can efficiently prioritize my control remediation
I can be relevant – I am informed of changes as they occur in the market and how they impact my risk and control environment
I can demonstrate governance over risks & controls informed by data, not opinion

Case Study: After a year-long search, a European retail bank optimizes 65% of their risk & controls using Acin AI

A well-known retail bank spent over a year searching for technology and skills to categorize and analyze tens of thousands of risk controls, until they talked to Acin.

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