The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Acin Enhances Operational Risk Control Platform

Acin has enhanced its SaaS-based operational risk control platform, adding a new Acin Score facility as well as forward-looking scenario analysis and emerging risk assessment capabilities. The enhancements seek to address financial institutions’ need for a holistic approach to operational risk to mitigate against expensive process failures, financial losses, regulatory penalties and reputational damage.

The Acin Platform enables organizations to comprehensively identify operational risk. The new Acin Score function allows them to quantify the completeness of their risks and controls, and calibrate against their peers through Acin’s network of financial institutions. The new scenario analysis and emerging risk assessment functions, meanwhile, are aimed at helping clients identify potential operational incidents before they happen.

As well as quantifying their risk control design, the Acin Score allows organisations to analyse control effectiveness, automatically track progress over time and demonstrate that progress to regulators. According to Acin, Acin Score offers clients an opportunity to rationalise processes. The company says that for a front-office shared controls inventory, the Acin Platform can reduce the number of controls new customers require by an average 62%.

The new emerging risk assessment capability uses advanced analytics and insights driven by automated risk control intelligence, horizon-scanning and Acin Network data. Customers also receive alerts from global regulators, which helps them stay abreast of the latest developments, as well as analysis of the business impacts of emerging risk scenarios, with actionable insights to help mitigate risk.

According to Acin, it can take Tier-1 banks more than 100 days of manpower to gather their risk and control information and to rationalise controls for risk and control self-assessment (RCSA). The Acin Platform seeks to make this process quicker and more efficient through the consistent documentation of controls across the organization and peer analysis. Combined with data protocols and the Acin Score, this delivers a more effective and higher quality RCSA process.

Paul Ford, CEO at Acin, says: “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.”

Related content

WEBINAR

Recorded Webinar: Improving data integrity to address regulatory requirements

Financial institutions today face a global regulatory landscape characterised by rigorous and varied reporting requirements across their businesses. Reporting challenges include completing more data fields across more lines of business with greater frequency, adding complexity and cost. At the same time, there is waning tolerance among supervisory bodies for errors, issues or delays – as...

BLOG

FundGuard $12 Million Raise to Address Regulatory Stress on Transparency in Fund Administration

New York-based FundGuard, a pioneer in the use of AI in investment management and asset services, has completed a $12 million series A funding to finance its solution for meeting increased regulatory demands for transparency and resilience in the fund administration segment. The new round, led by Israeli venture capital firm Team8 and existing investors...

EVENT

RegTech Summit APAC Virtual

RegTech Summit APAC will explore the current regulatory environment in Asia Pacific, the impact of COVID on the RegTech industry and the extent to which the pandemic has acted a catalyst for RegTech adoption in financial markets.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...