Chartis: SAS is a leader in operational risk management
SAS® OpRisk Management praised for comprehensive platform, big data analytics and extensible data management
26 June 2014 - SAS remains a category leader in the Chartis Operational Risk Management Systems for Financial Services 2014 RiskTech Quadrant® . The business analytics powerhouse was recognised for "completeness of offering" and "market-share potential".
"Our research suggests that operational risk is now recognised as the most important risk by financial institutions. Also the scope of coverage for operational risk management processes and systems is increasing," said Peyman Mestchian, Managing Partner at Chartis. "The SAS capabilities go beyond the traditional oprisk space covering such requirements as model risk, financial crimes, enterprise governance and compliance as part of a unified technology environment and was a key factor in our RiskTech Quadrant analysis."
Operational risk requirements, cost and complexity pressures are pushing the trend to consolidate into enterprise operational risk platforms, says Chartis. Needing stronger links between operational risk, GRC, financial crime and enterprise risk management and other risk-related activities, buyers increasingly look to advanced analytics. The report highlighted the big data analytics in SAS® Visual Analytics, which addresses the need for varied analytical methodologies.
Chartis praised SAS OpRisk Management for covering "a range of enterprise risk management needs including credit risk, market risk, asset liability management, operational risk/GRC, liquidity risk and financial crime". SAS saw risk technology sales grow by 23 per cent last year. Chartis also complimented the SAS extensible data model, which "covers the OpRisk and GRC domains and provides ready-to-use data elements (e.g. risks, controls) and ready-to-use field definitions for each data element (e.g., risk title, risk owner), which can be extended without constraints".
Chartis identified new quantification method demands from the market, exacerbated by the "extreme sensitivity of the loss distribution fitting process, together with the relative paucity of data." SAS builds in risk capital calculation, including regulatory and economic models for operational risk, and can implement advanced modeling of operational risk exposures and capital requirements to support advanced measurement. The solution also integrates internal and external operational risk data.
"In recent years we have seen an emerging regulatory climate that demands new levels of control and visibility into risk, and holds the board and executive team accountable for it," said Simon Kirby, operational risk specialist at SAS UK & Ireland. "Self-assessment of both qualitative and quantitative risk is now more important than ever before. SAS OpRisk Global Data helps banks evaluate publicly reported losses and benchmark against firms of similar asset size and structure."
SAS was recently named a category leader in the Chartis RiskTech100® 2014 report .
Read the Chartis Operational Risk Management Systems for Financial Services 2014 report .
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