Australian analytics company Audeamus Risk has been Highly Commended at the 2nd Regulation Asia Awards for Excellence 2019 in Singapore on 13 November 2019 within the RegTech category for Big Data & Analytics .
In a rigorous selection process involving a judging panel made up of subject-matter experts, Audeamus Risk was selected to be recognised for its innovative next-generation reporting ready BIAX platform for operational risk resilience.
Providing real-time monitoring, profiling and online auditing of organisational resilience against any type of operational risk, it is one of the first platforms that enables next generation reporting in © 4D and measures the impact on balance sheet in real-time.
This enables dynamic monitoring of the resilience posture, allowing banks and regulators to take immediate corrective action, rather than waiting for ‘scheduled review periods’, which is commonly the case.
In particular, the solution was highlighted by the judging panel for its ability to express quantified information on real-time operational risk exposures in monetary values, allowing banks and regulators (for the very first time) to have a meaningful negotiation about balance sheet optimisation and capital relief transactions under Basel III.
The platform also enables boards and senior management to understand potential losses banks may experience for a particular timeframe based on alternative courses of action, effectively establishing the basis for forward-looking financial statements – which could potentially offer significant predictive value and dynamic pricing benefits.
Aleksandar Kovacevic, Founder & CEO, Audeamus Risk said: “It is an honour to receive Regulation Asia award, knowing that we are in the middle of the most populous region of the world. It represents a confirmation that the new technology and standards are now enabling return to common-sense and ultimately addressing mispricing of assets and issues relating to objective ESG and CSR reporting. Given that the quality of the data is constantly improving and enabling proper usage of AI, platform represents a quantum leap in improvement of the societal security too. It may also open some new and unanticipated horizons in near future”.