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.”