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SAS making strides with new operational risk management softwareSAS® OpRisk Monitor automates process of managing internal risk through single system16 May 2005 - Regulatory measures like the New Basel Accord (Basel II) have made operational risk a top concern for financial institutions, which are now looking for ways to measure and manage their risk exposure. To meet the growing need for risk management controls, SAS, the leader in business intelligence, today announced SAS® OpRisk Monitor, a Web-based application that collects, manages, tracks and reports information about operational loss events, key risk indicators, and risk and control assessments. Following the acquisition of OpRisk Analytics in 2003, SAS further underscored its commitment to the risk management market by developing SAS OpRisk Management, a comprehensive solution that helps organisations mitigate operational risk across the enterprise. As part of the SAS OpRisk Management portfolio, SAS OpRisk Monitor is designed to automate the processes for managing all internal operational risk information through a user-friendly process within a single system. The software facilitates the entry, collection, transfer, storage, analysis, tracking and reporting of operational loss events, key risk performance indicators, risk assessment results and control assessment scores drawn from multiple locations across an organisation. Société Générale Group, one of the largest financial services groups in the Eurozone, selected SAS for its operational risk management needs. "Operational risk management is still evolving and SAS' industry expertise, solution scalability and its continued investment in this area were key factors in our decision to select SAS as the standard for operational risk management across the entire Société Générale Group," said Martine Tribulet, project manager for Basel II/operational risk at Société Générale Group. "Effectively monitoring and controlling internal operational risks is a strategic issue for us. We wanted a best-practice solution that could take us beyond regulatory compliance," said Tribulet. "We are working closely with SAS on developing an integrated solution that fully supports our quantitative and qualitative approach to the management of operational risk. By identifying the business benefits of op risk management at an early stage, Société Générale will enjoy a competitive advantage in the lead-up to the Basel II deadline." SAS OpRisk Monitor is a unified application that supports both a quantitative and qualitative approach to the management of operational risk, following the current best practices and methodologies adopted by SAS customers. The solution helps financial institutions:
SAS® OpRisk Monitor
"The out-of-box reporting and enterprise-wide delivery of results from SAS OpRisk Monitor ensures that the right people have the most accurate risk information for strategic decision making," said Sam Harris, SAS global strategist for operational risk. "Also, SAS OpRisk Monitor's dashboard capability arms executives with better enterprise risk planning to help them manage and optimize their organisation's overall performance." In March, SAS demonstrated its continued commitment and investment in the operational risk management space by announcing the first comprehensive operational risk training program in the industry. See: "SAS is committed to developing risk solutions and support that specifically target business pains of our customers," said Peyman Mestchian, director of the SAS EMEA risk management practice. "SAS is unique in its ability to help organisations leverage the same data platform used by the operational risk solution to manage corporate governance requirements, such as through SAS Financial Intelligence." SAS OpRisk Monitor is part of the broader SAS Risk Intelligence offering, which supports all aspects of enterprise risk management. SAS Risk Intelligence provides an integrated platform of comprehensive solutions focused on creating enterprise transparency and managing risk to increase revenue, control capital and lower the total cost of ownership for credit, market and operational risk and for compliance. Tapping SAS' proven strength in data management, SAS Risk Intelligence offers a consolidated view of all risk and compliance information, enabling more timely, accurate and effective risk management. For more on SAS OpRisk Monitor, see http://www.sas.com/industry/fsi/oprisk.
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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