![orx operational risk orx operational risk](https://theanalyticsboutique.com/wp-content/uploads/2020/09/img6.jpg)
Acin does not provide consulting services.
#Orx operational risk software
Instead of selling a software suite, Acin profits by providing data “libraries” on operational risk as part of a subscription service with periodic updates. SAI Global says it has designed its SAI360 for Financial Services software to make it easier to detect and respond to operational and compliance risk across bank silos and “outpace the acceleration, complexity and connected nature of risk and regulations.” Northern Trust, for example, recently expanded its Front Office Solutions product set to include operational risk management solutions, enabling asset owners to review and assess the operational strengths and risks of investment managers. Other service providers are responding to the demand. They include $12 billion at Anbank Insurance in China, $5.5 billion at PrivatBank in Ukraine, and $2.2 billion at Punjab National Bank in India. The service comes at a time when operational and non-financial risks are of growing concern, as reflected in high-profile theft and fraud losses reported in 2018. “People at one bank thinking about what can go wrong only get so far in identifying all of the operational and control risks,” he says, with gaps of 20% to 30% in terms of practices and knowledge in a firm's risk and control environment when they first sign up for Acin.Īcin CEO Paul Ford: Bringing “engineering and quantitative discipline. There is power in numbers, overcoming the inherent limitations of banks working with their own, individually designed frameworks in what Ford calls an “artesian process.” For Acin's bank users, that means a centralized database of control designs that have been mapped to risks faced by individual businesses or functions and based on the Basel II framework. “What we are aiming to provide is what highly trained airline pilots have - a whole collection of checklists they can refer to, if something goes wrong,” along with operational standards, Ford explains. The objective is to identify risk and control gaps or shortfalls as well as best practices among participating banks share that data with bank clients on an ongoing basis and continuously curate information on new risks and controls, based on customer inputs and market events. It is an acronym for advanced control identifying number. Monitoring of the data is aided by a unique identifier - akin to a barcode - which is where Acin gets its name.
![orx operational risk orx operational risk](https://theanalyticsboutique.com/wp-content/uploads/2020/09/Screenshot-2020-10-05-at-18.39.48-1536x958.png)
and Asia, have not been disclosed.ĭata on the network is anonymized and standardized for the purpose of establishing operational benchmarks. Other participating banks, based in the U.S.
![orx operational risk orx operational risk](https://managingrisktogether.orx.org/sites/default/files/public/styles/article_listing_paragraph__large__560x366/public/white_cyan_cyber_cisr_rgb.png)
![orx operational risk orx operational risk](https://managingrisktogether.orx.org/sites/default/files/public/styles/opengraph_image/public/thermometer-4294021_1920.jpg)
To date, 13 banks have signed on to the Acin shared data platform - referred to as a risk defense network - including trading divisions of Credit Suisse, Standard Chartered and SociÉtÉ GÉnÉrale. “We aim to bring the same kind of engineering and quantitative discipline we see in the markets and credit risk areas of banks to the operational risk area,” Ford says. His goal is to have that network managed by Acin, a London- and New York-based company that Ford, a former Barclays and Credit Suisse executive, founded in 2018 and serves as CEO. His strategy: Aggregate risk and control data for the entire banking sector in a large-scale data network. Paul Ford brings an engineering mindset to solving a longstanding problem in operational risk management.