LONDON--(BUSINESS WIRE)--Anchura Group, the data standards and services firm for Risk and Control today announced the launch of Grid56, the first of its kind Master Library for Risks and Controls. Based on the Basel II framework and a proprietary taxonomy, all controls are mapped to businesses, risks and provide quantitative measurement metrics, creating the standard for risks and controls across the financial services industry. Furthermore, Grid56 assigns a unique identifier for each control (ACIN), enabling firms to rationalise controls and optimise risk identification and mitigation.
Paul Ford, Executive Chairman, Anchura Group said, "Our clients have been constantly highlighting the need for a 'Standard' for what 'Good Risk & Controls’ looks like. Grid 56 fulfils this need and helps firms demonstrate that they are ‘in-control’. Furthermore, Grid 56 and ACINs will enable firms to benchmark their control effectiveness within the firm, across geographies and divisions, and with peers, providing an objective basis for OpRisk capital mobility and optimisation".
The Financial Services industry has been assailed with a vast quantity of regulations and associated costs and continues to struggle to demonstrate and evidence to Regulators that it is 'in-control”. “As firms align themselves to a long-awaited industry ‘Standard’, they will be able to focus their time, resource and energy on risk assessment and mitigation, thereby enabling robust risk management whilst demonstrating they are ‘in-control’ of their operations,” said Gaspard Biosse Duplan, Head of Risk & Control, Anchura Group.
The top 30 banks have $400bn of equity supporting operational risks. This is “dead capital”, with an equity cost of circa >$40bn a year for this group. “Adopting an Industry Standard Risk and Controls framework will provide an objective basis for control rationalisation and measuring control effectiveness paving the way for OpRisk Capital mobility and optimisation, said Mani GV, CEO, Anchura Standards”
The Anchura Group is a data standards and services company that enables firms to standardise risks and controls, improve efficiency and reduce the cost of their Risk and Control operating model. Established in 2010 as a practitioner-led consulting firm, we are setting the standards for risks and controls for banks and financial institutions. Our businesses comprise of Anchura Standards, a Data Standards Platform for risk & controls and Anchura Services, a specialist provider of services to the financial services industry with deep expertise in risk & control, front office and compliance.