Singapore/Hong Kong, 15 December: Acin, a SaaS company that is pioneering a global standard for operational risk management, has been highly commended in the ‘RegTech Award – Big Data & Analytics’ category in the 3rd Regulation Asia Awards for Excellence 2020.
The need for a data-driven, standardised approach to operational risk management is now more pressing than ever before, as volumes of risk-related data explode and regulatory requirements intensify – total global bank fines for the year reached USD 14.1 billion in October.
Acin’s system was created for, and in collaboration with, the largest financial institutions from around the world. It revolutionises operational risk and control management through a standardised, industry-wide inventory and a first-of-its-kind network that facilitates collaboration between members, currently 15 tier-one banks. Acin combines the shared data of its peer-to-peer network with an accessible platform to equip customers with the necessary intelligence to continually improve how they manage operational risk.
“Many Asian banks and other financial firms are still using spreadsheets to log their internal controls and risks. Acin’s push to digitise this will be a huge benefit for the industry,” said one judge on the awards panel. “The Acin Terminal is also an excellent tool for firms to identify structural deficiencies and missing controls. Such issues are usually what lands you in trouble with regulators.”
The Acin Terminal is able to process the data from these spreadsheets, map risks and controls to settings aggregated from its industry-wide network, and enable individual firms to identify gaps, overlaps and duplicated controls. The platform is able to do this by using proprietary control identification numbers, unique identifier for each control.
The Terminal allows firms to benchmark themselves against the industry as a whole, understand and improve their processes, and evidence the effectiveness of their controls to senior management and regulators. Through its unique and innovative platform, Acin enables firms to achieve their operational risk management goals effectively and efficiently, in turn building their resilience, enhancing their reputational security and freeing up resources to focus on their business goals.
Paul Ford, CEO and Founder of Acin, commented: “In the APAC region, as across the rest of the world, a new approach to managing operational risk is urgently needed. As regulatory pressure mounts from the likes of the Monetary Authority Singapore, Australian Prudential Regulation Authority and other regulators, firms must make data and collaboration the cornerstone of their efforts. This latest award recognises the value of Acin’s pioneering solution to enable them to do just that, resulting in the unprecedented management of operational risk.”
Acin recently completed a USD 12 million Series A fund raise, which will be used to accelerate its growth and enhance its platform with additional inventories, software extensions and integrated benchmarking.
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
The full list of award winners is available here.
Acin is the leading risk and control data standards, benchmarking and controls data analytics company. Acin enables firms to standardise non-financial risks and controls, improve efficiency and reduce the cost of their risk and control operating model.
We are a SaaS-based, Enterprise platform transforming the way financial services firms manage non-financial risk through a technology, data standards and content-driven platform that connects financial services firms together to better measure, manage and mitigate non-financial risk. We are resolving the root cause of the problem rather than just treating the symptoms.
Acin’s solution has received widespread industry recognition, including multiple awards wins such as the IIRSM Risk Excellence Award 2020, and has been named as one of the most innovative RegTech companies in 2019 and 2020.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.