Risk Management
Integrate risk management throughout the enterprise
While the whole concept of insurance revolves around risk management, most insurance companies continue to operate as disparate units, which fosters a degree of uncertainty when it comes to understanding business risk throughout the organization. In the wake of a financial crisis, economic downturn and soft global market, it is more crucial than ever that insurers review their risk management procedures in order to improve shareholder confidence and prevent regulators from downgrading their portfolios.
Industry Fact
A 2009 survey of financial service executives revealed the top three key areas of focus in the management of risk:
• 41 percent – Improving data quality and availability.
• 33 percent – Improving governance of risk.
• 29 percent – Developing a firmwide approach to risk.
How SAS® Can Help
To survive and emerge stronger from the financial crisis, it is essential that insurance companies implement a risk management strategy throughout their organizations. With SAS, you can:
- Ensure accurate information by integrating disparate data and automatically applying embedded data quality techniques.
- Reduce the impact of risks by applying advanced analytics that allow insurers to anticipate enterprise risks and initiate risk control measures to minimize losses.
- Employ stress testing to determine the potential effect of dramatic changes in market circumstances.
- Reduce implementation time and expenses with a single, integrated solution.
- Improve business decisions by allowing risk analysts to access and communicate information when they need it, in the format and level of detail they require.
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How SAS® Is Different
Only SAS offers a modular, end-to-end solution for managing risk that lets you oversee the whole process easily. SAS provides:
- A single integrated, scalable risk framework.
- Superior data integration capabilities.
- A data repository and insurance-specific data model.
- A sophisticated risk engine.
- Flexible reporting capabilities.
SAS also gives you the flexibility to implement the solution using a phased approach, starting where your needs are greatest and adding over time as needs change.
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Related Products
SAS® Risk Management for Insurance
SAS Risk Management for Insurance is a comprehensive solution for performing risk analysis and risk-based capital calculation for insurers. The solution enables life and P&C insurance companies to implement the Solvency II standard model approach for calculating risk-based capital and is built on a robust data management and reporting platform that includes an insurance-specific data model.
SAS® OpRisk Management
SAS recognizes the growing need for financial institutions to measure and manage operational risk in a scientific way – not just for regulatory compliance purposes, but also for making sound business decisions. Developed on the premise that risk can be statistically modeled, just as market and credit risk have been, SAS OpRisk Management is part of the flexible SAS Business Analytics Framework.
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