Operational Risk Challenges
Retail banking is increasingly competitive and digitized. Success is underpinned by pro
–actively 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.
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
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.