Financial institutions are likely to be fined for not addressing compliance and operational errors. Recently, Citi was fined $400M by the Fed and £44M by the PRA for not addressing these issues (CNN, 2020). Consolidating, reporting, and analysing data with EUC applications is inefficient and time consuming, yet there is no currently available system that will automate these tasks. Kinaesis, and its team consisting of Simon Trewin, Allan Eyears, Liam Deacon, Linxiao Ma and Mike Armstrong, is developing Acutect Plus -- a solution that will scan EUC inventories for clusters, detail, context, and associations and will subsequently generate data storyboards. This innovative solution will reduce the time to rationalise and simplify EUC estates and make them more accessible to less-skilled data analysts, thereby significantly bringing forward the timeline to regulatory compliance and reducing overall wastage and risk.
173,823
2020-10-01 to 2021-04-30
Collaborative R&D
**Public Description**
Kinaesis Ltd. is a UK SME founded by Simon Trewin (Financial Services Leader) and Allan Eyears (Financial Services Data Guru). Kinaesis is solving a substantial unmet need. End-users need the ability to analyse and flexibly model their dynamic business problems. The resulting consolidation, reporting, and analysis of data in End User Computing (EUC) applications such as Microsoft Excel, are inefficient, manual, and prone to data quality issues. This causes lost opportunity, increased risk, and financial loss, as well as engendering a 'follow the market' rather than a 'lead the market' attitude. It is estimated that around 80% of the operational budget targets managing complex 'business as usual' processes. COVID-19 has highlighted the need for automated procedures, together with the need to prioritise work to enable better access to data from remote locations. The product accelerates the migration of legacy manual processes and improves compliance and the competitiveness of the financial services sector.
The deployment model allows for remote working, reducing global carbon footprint and leveraging scalable cloud technology.