Union Bank orders a second helping of SAS® for risk management
SAS® operational risk management software tops bank’s selection list on several fronts
CARY, NC (Feb. 08, 2010) – Banks looking to garner advanced measurement approaches (AMA) for assessment and management of operational risk require a comprehensive framework for capital estimation, which incorporates loss events across the enterprise. With that advance need in mind, Union Bank, N.A., has selected SAS, the leader in business analytics software and services, to help manage risk more efficiently and with more rigor. Union Bank is familiar with the strength and quality offered by SAS risk management software as they selected SAS for credit risk management in May 2009.
Union Bank determined that SAS OpRisk VaR, a sophisticated, yet user-friendly analytic value at risk (VaR) model, would help the organizations slice, dice, drill down, adjust, trend and plot operational loss data at will, following a fully transparent, intuitive and sequential process.
“We saw SAS software rated highly by analyst research firms and customers for operational risk, so it was obvious they were more capable than others and would fit better within our organization,” said Greg Jones, Vice President of Operational Risk at Union Bank. “SAS offered a comprehensive solution that specifically addressed operational risk with customizable modeling capabilities. They were head and shoulders above the competition.”
In addition to the SAS reputation and external recognition, Union Bank was impressed with specific capabilities of SAS OpRisk VaR. The SAS software was the only product to offer “extreme value theory,” which is important for assessing risk for highly unusual events and “component sensitivity analysis,” which gauges how sensitive a model is to changes in certain parameters. In addition, the SAS solution was highly capable in its ability to weight internal and external loss data.
SAS risk management software has garnered many accolades in 2009. In November, SAS was ranked the top company in Chartis Research’s RiskTech100 TM. SAS placed in the Leaders quadrant of the Magic Quadrant for Operational Risk Management Software for Financial Services by Gartner Inc. in September. Also, in July 2009, Chartis ranked SAS as the leader in its Credit Risk Management Systems 2009 report for the third straight year and for a fifth straight year, SAS was first in Chartis Research’s Operational Risk Management Systems 2009 report in June.
About UnionBanCal Corporation
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $78 billion at September 30, 2009. Its primary subsidiary, Union Bank NA, is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies and major corporations. The bank has 336 banking offices in California, Oregon, Washington and Texas, and two international offices. UnionBanCal Corporation is a wholly owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group Inc. (MUFG, NYSE: MTU), one of the world’s largest financial organizations. Visit www.unionbank.com for more information.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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