The firm currently counts 14 Tier 1 banks as clients, using its network to quantify their operational and non-financial risk and controls through a standardised, industry-wide inventory. The net result promises significant balance sheet benefits by reducing the operational risk capital that they are required to hold in the future
Acin says it will use the funding to enhance its cloud-based Terminal with additional inventories of risks and controls, software extensions and integrated benchmarking.
[CEO and founder:] “The need to digitise operational and non-financial risks is now more important than ever for the financial services sector. We are seeing a collective desire from the industry for a solution built on collaboration and sharing of information and Acin’s approach is transformative in its ability to deliver this…”