We have regularly highlighted that controls proliferation at banks is a serious issue, with firms having in excess of 30,000 controls, with high direct and indirect cost of managing those controls.
We have seen minimal progress in the last 12 months to contain the numbers, with the focus still on a reactive response to regulatory demands, versus proactive steps to rationalise the controls inventory. Acin has built the first ever Standard Library of Risks and Controls.
It is based on the BASEL framework, with common business and risk taxonomy and standard control metadata including quantitative metrics and industry level identifiers (ACIN). It provides the key controls needed for your business, defining what ‘good’ looks like.
Read our thinking in our Controlling the Controls insight piece.
