J.P. Morgan is expanding its use of Acin’s operational risk platform to cover its global markets business.
The US banking group has deployed Acin’s SaaS (Software-as-a-Service) solution to create a digitized platform and peer-to-peer network for operational risk management which enables it to access benchmarking data for risks and controls.
The expanded use agreement comes after a two year partnership with Acin, which has focussed on using the company’s technology platform within a subset of the trading businesses.
J.P. Morgan said that by by expanding the scope of use, it 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 anonymized peer data.
Jamie Hamilton, global head of markets business control management at J.P. Morgan said: “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.”
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