Acin, the data standards firm for operational risk & controls, has announced that Credit Suisse, Standard Chartered Bank and Societe Generale have signed up to its standardised library. 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 an 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.”
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.”