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SAS OpRisk e-learning programme to offer company-wide insight and trainingSAS provides first complete OpRisk support training programme in industry14 March 2005 - SAS, the leader in business intelligence, is improving Operational Risk management across the financial services industry with the launch of a new operational risk e-learning programme. The first course of its kind, it was developed with a steering committee of financial services industry representatives from the investment banking, insurance and retail banking sectors following industry feedback that staff awareness is the main weakness in operational risk management initiatives. With improved awareness employees of all levels are able to better respond and react to operational risks within the organisation. A 2004 survey of more than 250 financial institutions and regulators conducted by SAS and the risk magazine identified managing data quality as the No. 1 business issue, with respondents reporting difficulties in collating sufficient volumes of historical data and in ensuring reliable data. The second most pressing issue was the poor overall awareness of operational risk issues by staff, due largely to lack of clear education programs in operational risk, lack of communication and limited knowledge sharing. "A basic lack of awareness amongst staff at all levels often results in insufficient data being collected. Employees may not always report losses and therefore impact the accuracy of data available. They need to be educated to a level where they are providing consistent information therefore improving data accuracy," said Peyman Mestchian, Head of the Risk Intelligence Practice, SAS EMEA. "Organisations can use the most sophisticated analytical tools in the world, however if they are not working with comprehensive, real-world data they will miss the real dangers. Inconsistent and inaccurate data will only provide problems and create disagreements." The training programme developed in the UK, will be available globally with regular updates. Fully customisable, the e-learning tool will consist of a one hour interactive computer-based training course with a quizzes and games that include the key concepts of what is operational risk, how it can be managed, the role of the individual and how financial services firms can better respond and react to risk-related situations. Participants will also be given the opportunity to take part in an organisation-wide survey to help determine the overall level of operational risk and the cultural attitude towards improving it. "The SAS e-learning approach is a first for Operational Risk. It will enable cost-effective company wide training that will develop a greater awareness of the issues affecting financial services organisations. This move demonstrates SAS' commitment to the industry and its customers," concluded Mestchian.
SAS is the leader in business intelligence software and services. Customers at 40,000 sites use SAS software to improve performance through insight into vast amounts of data, resulting in faster, more accurate business decisions; more profitable relationships with customers and suppliers; compliance with governmental regulations; research breakthroughs; and better products. Only SAS offers leading data integration, intelligence storage, advanced analytics and business intelligence applications within a comprehensive enterprise intelligence platform. Since 1976, SAS has been giving customers around the world
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