Acin, the data standards firm for operational risk & controls, today announced that Credit Suisse, Standard Chartered Bank and Societe Generale have signed up to its groundbreaking standardised library for operational risks and controls. They join a number of other firms forming the Acin Operational Risk Defence Network Model; there are currently 12 tier-one banks on the Acin platform.
These institutions are a valuable addition to the cohort of banks who have committed to enhancing their controls operating model. With the participation of these leading organisations, Acin is creating a game-changing initiative that allows each bank to verify their controls inventory against those of their peers.
Nick Lovett, MD Global Markets Controls Officer at Credit Suisse said, “Credit Suisse continually drives to enhance its controls operating model and is pleased to participate in an initiative to verify its controls inventory against its peers and others in the market. The drive to standardise control definitions and processes across the industry will only enhance individual operating models and assist in the identification of real-time issues and incidents. We have been using Acin for the last few months and clearly see the benefits.”
Paul Ford, CEO Acin, said, “We are delighted to welcome Credit Suisse, Standard Chartered Bank and Societe Generale to the Acin network, to a growing network of firms who work together to enhance their risk and control environments.”
Stuart Keelan, Managing Director, Financial Markets COO – West, of Standard Chartered Bank commented, “We are delighted to have signed up to the Acin network to collaborate on industry best practice and gather intelligence for risks and controls. This will support Standard Chartered in our ongoing initiatives to simplify the management of risk – by working with our peers to develop industry-wide common standards, we can improve the effectiveness of risk and control ecosystems.”
“Standardising Operational Risk & Controls is gaining momentum as firms seek to enhance their approaches for Non-Financial risk assessment, strengthen risk management, and rationalise control inventories, all this with the goal of operating more effective, efficient and connected control environments”, said Rash Phullar, Head of Sales at Acin.
Cris Conde, Senior Advisor to Acin and Investor observed, “I have seen operational risk rise in significance. I’ve always wondered what it would take to turn it into an engineering discipline – Acin answers my question.” Cris Conde is the former President and CEO of SunGard, and is a Risk Management Expert and leading FinTech Investor.