SAS Offers New Financial Compliance Solution
Single enterprise reporting architecture help financial institutions meet compliance deadline and save costs
Dublin, Ireland, 23. Oct. 2006 -
SAS, the leader in business intelligence (BI) software, is now offering a complete solution for financial institutions that must comply with the new EU Markets in Financial Instruments Directive (MiFID) regulations as they transpose into national law starting January 2007. The deadline for firms to meet MiFID requirements is 1 November 2007.
The objective of MiFID is to increase consumer protection, introduce further safeguards for investors and allow trading firms to operate across the European Union under the standardised rules of their local regulators. To comply with MiFID, organisations will have to manage their businesses much more tightly, with a level of information retention and integration far exceeding current general practices.
“Clearly these new legal requirements will impact a number of key business processes” said Michael Kearney, Country Manager, SAS Ireland. “From an IT perspective, financial institutions will need to re-evaluate their data management and storage capabilities, update their trade execution platforms and connectivity, and implement an integrated intelligence platform to ensure compliance, improve governance and deliver new levels of trading competitiveness”.
According to the leading BI vendor, weak data integration capabilities pose the single most important technology barrier to successful compliance of MiFID. Especially organisations using a multiple vendor approach to reporting MiFID will face serious challenges in integrating multiple technologies, which will slow down implementation and increase costs.
SAS offers specific banking solutions and an enterprise intelligence platform which enable firms to meet requirements for client classification, trade transparency, and aggregate information to support execution and client reporting.
MiFID is a good opportunity for financial institutions to take advantage of the commonality of the more than 40 EU directives that need to be implemented by 2010. Standardising on a single enterprise reporting architecture offers a “single version of the truth”, stated Kearney as he explains a key benefit of his company’s platform.
Other functional areas impacted by MiFID such as know-your-customer (KYC), behavioural analysis, operational risk management, anti-money laundering, anti-fraud and abuse measures, and compliance reporting are addressed within the company’s overall performance management environment.
FOR FURTHER INFORMATION:
Siobhan Molloy / Louise Cassidy, Weber Shandwick
Tel: 01 6760168 / 086 817 5066 / 086 383 5727
smolloy@webershandwick.com/ lcassidy@webershandwick.com
About SAS
SAS is the leader in business intelligence and analytical software and services. Customers at 43,000 sites use SAS software to improve performance through insight from data, resulting in faster, more accurate business decisions; more profitable relationships with customers and suppliers; compliance with governmental regulations; research breakthroughs; and better products and processes. Only SAS offers leading data integration, storage, analytics and business intelligence applications within a comprehensive enterprise intelligence platform. Since 1976, SAS has been giving customers around the world The Power to Know®.
Visit our website at www.sas.com/ireland.
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