LONDON, Feb. 8, 2019 /PRNewswire/ -- Today Anchura Group announces that it has changed its name to Acin.
The name change reflects the industry's growing recognition for its transformational approach and methodology to operational risk management and the adoption of its risk and control data standards platform.
Combining technology, data standards and content the company has created a unique platform to simplify and mitigate operational risk based on a central database of control designs, smart-mapped to risks using a common taxonomy for effective benchmarking. It also connects firms together in a network and continuously curates new risks and controls, based on customer inputs and market events.
The company draws its new name from the unique identification numbers (ACINs) from within its standardised libraries of risk and controls.
Established in 2010 as an operational risk consultancy, the firm redefined its purpose in 2017 when in response to the mounting challenges of controlling operational risk across the financial services industry, it evolved to become an operational risk and controls data standards company.
In 2018, the company launched its Master Library for risks and controls, the first of its kind based on the Basel II framework and has been recognised as one of the most innovative Regtech companies in 2019.
Over the next 3 years Acin plans to invest significantly in building further risk and control libraries and expanding its current workforce in the UK and the US, making it one of the leading destinations for operational risk and control standards.
Paul Ford, Chief Executive, Acin said:
"Financial institutions have reached a critical point. Inconsistencies and formats are proliferating, data is exploding and exposure to operational risks is growing. The regulators are getting increasingly tough and it's costing firms billions every year.
The Acin system we have developed is an industry breakthrough because it relies on a comprehensive data standards platform, not on individual risk controls. More than delivering immediate value to individual firms we are also connecting the industry in a networked defence system that offers the highest degrees of protection at an industry level. It's a game changer.
Changing our company name to Acin simplifies our presence in the market, making our brand synonymous with our platform and in common with the customers we serve, sets us on a new and more effective trajectory. It is a reflection of the success and recognition we've achieved since the launch of our Acin platform 2 years ago. I'd like to thank our investors, risk and controls subject matter experts and of course all our customers for their support in helping us get here ahead of schedule."
About Acin
Acin is the world's leading risk and control data standards, benchmarking and controls data analysis company. Acin enables financial institutions to access standardised controls data seamlessly, allowing agile data-driven risk management and decision-making. It relies on a centralised database of control designs smart-mapped to the risks faced by each individual business or function within the organisation.
Financial institutions are connected together in a network that complements each firm's existing 3 lines of defence and continuously curates new risks and controls data, offering the highest degrees of protection at an industry level. Acin sets the standard for the industry, unlocking the full value of controls data for our clients.
With offices in London and New York, our clients include some of the world's largest financial institutions. Acin has been recognised as one of the most innovative Regtech companies in 2019. To learn more visit www.acin.com.
Contact: Ian.ewart@acin.com, +44(0)203-846-6709
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