J.P. Morgan is expanding its use of the Acin platform to cover its global markets business.
Acin, the software-as-a-service regtech company that has created a digitised platform and peer-to-peer network for operational risk management, enables J.P. Morgan to access benchmarking data for risks and controls. This will complement the existing operational risk management practices established within the global financial services firm.
J.P. Morgan has been working with Acin for the past two years, using the platform within a subset of the trading businesses.
By expanding the scope of use, J.P. Morgan will be able to further validate aspects of ongoing operational risk management and assessment. This will be achieved via Acin’s industry benchmarking capability, through which customers can continuously assess risk and controls against anonymised peer data.
Jamie Hamilton, global head of markets business control management at J.P. Morgan, says: “Our established operational risk management frameworks enable the firm to monitor key areas of risk. The Acin platform and network will enable additional efficiency and a further source of practical validation.”
Paul Ford, chief executive officer and founder of Acin, comments: “With Acin’s operational risk management and benchmarking platform we are supporting clients in digitising, visualising and calibrating operational risk. It’s testament to our solution that, having successfully piloted the Acin platform within a subset of its trading businesses, one of the world’s largest and most innovative banks has deployed it throughout its global markets business.”
“As Acin’s platform is adopted by other leading investment banks, the breadth and depth of the data it provides increases further, lifting standards across the whole industry.”
Late last year, Acin raised $12 million in series A funding to spearhead its efforts to create a complete front-to-back-office solution to assess and manage operational and non-financial risks.