With SAS® software, Alliant Credit Union’s enhanced risk management program will lead market
CARY, NC (Aug. 31, 2010) – To strengthen its market leadership, Alliant Credit Union of Chicago has chosen SAS to upgrade its enterprise risk management (ERM) program. The seventh-largest US credit union based on asset size, Alliant chose SAS OpRisk Management from the leader in business analytics following a successful 2009 SAS Analytics implementation.
Alliant launched its ERM program three years ago with an initial aim to drive cultural change by standardizing common risk management definitions and processes. The next stage involves program distribution across the organization. Specifically, it needed a platform to house the risk information associated with the ERM program and facilitate management, with the ability to quantify risks and opportunities.
“SAS OpRisk Management was very robust. Its built-in regulatory framework addresses compliance concerns, such as the Basel Accords,” said Mona Leung, Chief Financial Officer of Alliant Credit Union. “Through our due diligence efforts, we found that no other vendor could compete with SAS’ reputation, both the company and the software. We believe the holistic approach to be extremely valuable and can grow and support where we see ERM can progress to in the medium-term future.”
Alliant expects to pinpoint enterprise targets for loss reduction. They have already seen substantial time savings when analyzing information and a more efficient distributed-risk assessment process. Now, Alliant can have real-time, updated risk information and focus on facilitation rather than administration. The information from the initial phase of the software implementation will link ERM and internal audit.
“Our peers are at different levels of the spectrum when it comes to a formal ERM program, and most have not found a suitable software solution,” said Leung. “The combination of a dedicated program and proven software distinguishes us in the credit union industry. Alliant will see significant benefits due to enhanced visibility, reporting and awareness across the organization.”
Alliant will generate direct benefit to members by minimizing losses, focusing management on key risks and better understanding risk exposures. The organization believes aligning its program with the Basel framework will also help it to benchmark and quantify true operational costs and risks, therefore streamlining operations.
“We are pleased to be a part of Alliant’s journey to achieve its enterprise risk management goals,” said David M. Wallace, Global Financial Services Industry Marketing Manager at SAS. “With SAS, Alliant can achieve greater transparency and regulatory compliance while enhancing executive decisions that involve risk assessment and analysis.”
Alliant Credit Union, founded in 1935, is a not-for-profit, independently operated financial cooperative serving over 140 employee groups with more than 250,000 members worldwide and over $7 billion in assets, making it the largest credit union in Illinois and the seventh-largest in the nation, based on asset size. (www.alliantcreditunion.org)
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