Acin has been awarded Risk.net’s coveted OpRisk Innovation of the Year Award for the second year in a row. The action was recognized at this year’s Risk Technology Awards for its use of innovative AI technology, data science, and its collaborative peer-to-peer network to pioneer the global standard for operational risk (OpRisk) management.
The Risk.Net awards celebrate the technology companies that are doing the most to support the global banking industry. Acin’s latest Innovation of the Year award is in acknowledgment of its ongoing impact on OpRisk management. In particular, it recognizes the value of Acin in enhancing control optimization and OpRisk best practice. This enables its customers to benchmark against peers, reduce control gaps, secure operational savings, reduce residual risk, and avoid losses.
Acin has also been named on the AIFintech100, as one of the leading providers of AI solutions for financial services companies. The action was selected for its innovative blend of AI technology and data science, which has transformed the management of operational risk from a qualitative, subjective discipline, to one that is quantitative and objective.
Paul Ford, CEO at Acin, said: “As the Acin network continues to grow, it’s great that our transformative approach to operational risk management has been recognized by Risk.net and the AIFinTech100. We are continuing to equip the financial services industry with the tools and data it needs.”
The AIFinTech100 estimates that potential cost savings for banks from AI applications will reach $447bn over the next 12 months. This implies that the adoption of AI and data analytics solutions by financial institutions is rapidly growing, and, as a result, the selection process for this year’s AIFinTech100 list was extremely competitive.
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.”