Acin wins OpRisk Innovation of the Year from Risk.net – Yahoo Finance | Region & Cash

Acin also chose AIFinTech100, which stems from the most innovative providers of AI solutions for financial services

LONDON, Aug. 04, 2022 (GLOBE NEWSWIRE) — Acin has been recognized with Risk.net’s coveted OpRisk Innovation of the Year Award for the second consecutive year. Acin was recognized at this year’s Risk Technology Awards for its use of innovative AI technology, data science and its peer-to-peer collaborative network to advance the global standard for operational risk (OpRisk) management.

The Risk.Net Awards recognize the technology companies doing the most to support the global banking industry. Acin’s recent Innovation of the Year award is a recognition of his continued impact on OpRisk management. In particular, it recognizes the value of Acin in improving control optimization and OpRisk best practice. This enables its customers to benchmark themselves against competitors, reduce control gaps, secure operational savings, reduce residual risks and avoid losses.

Acin was also named in AIFintech100 as one of the leading providers of AI solutions for financial services companies. Acin was selected for its innovative blend of AI technology and data science, which has transformed operational risk management from a qualitative, subjective discipline to a quantitative and objective discipline.

Paul Ford, CEO of Acin said: “As the Acin network continues to grow, it is great that our transformative approach to operational risk management has been recognized by Risk.net and AIFinTech100. We continue to arm the financial services industry with the tools and data it needs.”

AIFinTech100 estimates that potential cost savings for banks from AI applications will reach $447 billion over the next 12 months. This implies that the adoption of AI and data analytics solutions by financial institutions is increasing rapidly and as a result, the selection process for this year’s AIFinTech100 list was extremely competitive.

Richard Sachar, Director of FinTech Global, “More than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to offer competitive financial products and reach out to new vendors in the market by identifying the market-leading AI innovators who are making a lasting impact on the industry will have.”

Notes for editors

For PR-related questions, please contact:

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About Acine
Founded in 2018, Acin has built the pioneering operational risk control data network for leading financial institutions.

Acin’s award-winning Risk Control Diagnostics platform digitizes and ensures operational risk control across a connected data network across the financial services industry. Backed by Fitch Ratings and trusted by JP Morgan, Credit Suisse, Standard Chartered and other pioneers. Acin ensures operational risk controls are complete, efficient and aligned with the market.

Using technology and data science, Acin equips financial institutions to quantify, calibrate and visualize their operational risk control data – transforming operational risk control from a manual, qualitative and subjective discipline to an automated, quantitative and robust one.

Our dynamic Acin platform powers a unique peer-to-peer network that enables anonymous benchmarking and the sharing of collective information on operational risk controls, ensuring they are complete, effective, correctly calibrated and efficient. This enables customers to more effectively measure, mitigate and manage operational risk, in turn protecting their reputation, reducing costs and building operational security.

Acin is deployed enterprise-wide at many of the world’s major financial institutions. It has received global industry recognition including RiskTech100® “Rising Star” 2022 from Chartis Research, American Financial Technology Awards 2020, Regulation Asia Awards 2020, UK FinTech Awards 2020 and was recognized as one of the Most Innovative RegTech Companies in 2019 and 2020.

Read Acin’s latest report, Risk Control 2022: What is now and what’s next? in collaboration with Risk.net, examining the current state of risk control, the challenges of effective engagement and the opportunity to develop a more proactive and dynamic approach to risk control.

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