SAS extends market position, announces significant product enhancements and new customer wins
GENEVA (May 17, 2006) – SAS, the leader in business intelligence (BI), is once again ranked as the leader in the operational risk management software market by Chartis Research. This is the second year in a row that Chartis has undertaken a global study of this specialized market, and it has positioned SAS as No. 1 for “breadth of functionality” and “market penetration.”
This news follows recent product enhancements and major wins. SAS has recently announced the availability of an updated version of its operational risk solutions SAS® OpRisk Monitor and SAS OpRisk VaR (Value at Risk).
SAS OpRisk Monitor is a Web-based application that collects, manages, tracks and reports information about operational loss events, key risk indicators, and risk and control assessments; SAS OpRisk VaR is a sophisticated, user-friendly analytic VaR calculation application that slices, dices, drills down, adjusts, trends and plots operational loss data at will, following a fully transparent, intuitive and sequential process. Enhancements to these solutions include updated risk and control self-assessment, improved dimensional management, more powerful scenario analysis, enhanced key risk indicators and better integrated reporting.
At SAS Forum International, the leading BI vendor’s customer event that took place May 16-18 in Geneva, Peyman Mestchian, Director of Risk Management at SAS’ European headquarters, explained, “The market for operational risk management software is still developing. In recent months, we have seen a number of the early movers in this market being acquired or exiting the market altogether. Often this is due to poor cash-flow management and financial instability, but the underlying cause is lack of flexibility in the technology architecture. Flexibility is the key in this market, as financial institutions are adopting a variety of methodologies and approaches for managing operational risk.” According to SAS, the Basel II framework and the pending Solvency II directive of the European Union make operational risk management a requirement.
The head of SAS’ risk practice also pointed out that those organizations that are looking beyond compliance are likely to reap the full benefits of SAS risk technology. “SAS’ fully integrated risk intelligence platform addresses these challenges by providing a technology architecture that ensures that regulatory compliance investments also deliver bottom-line business benefits,” said Mestchian. SAS’ platform contributes to long-term cost savings while helping ensure that data is clean and accurate and that it delivers predictive insight. Each of the products in SAS’ suite of risk solutions is built on the SAS Enterprise Intelligence Platform, meaning financial institutions can benefit from a fully integrated business intelligence architecture that is standards-based and open across the enterprise. Ultimately, this enables financial institutions to take an integrated approach to key business issues such as risk management, regulatory compliance, customer retention, and cross-sell and up-sell, while minimizing project risk.