Nationwide Mutual Insurance Company (“Nationwide”) has selected SAS, the leader in business intelligence, to help strengthen its Enterprise Risk Management (ERM) program. Through superior operational risk management, Nationwide seeks to safeguard its customer policyholders’ interests by ensuring its financial well-being while protecting sensitive policyholder information.
“One of the goals of Enterprise Risk Management is to enable a portfolio or enterprise level view of a company’s risk profile. For large organisations, operational risks can be a particularly challenging part of that profile to effectively identify, assess, measure, and manage. Many operational risks can exist across an enterprise, often making them the shared responsibility of dispersed risk managers. Nationwide plans to use SAS® OpRisk Management across risk management programs to further enhance and integrate our ’enterprise’ risk management capabilities,” said Mike Mahaffey, Nationwide’s Vice President of Enterprise Risk Management. “SAS OpRisk Management provides an efficient, effective, and standardised way to collect, measure, and report data from multiple risk management programs such as internal audit, compliance, legal, and information risk management, among others.”
A SAS customer for 27 years, Nationwide was familiar with SAS’ comprehensive, integrated enterprise intelligence platform and its experience in providing risk management software for financial services companies. With SAS, the insurer can integrate risk and control self-assessment processes across its various business units and functional areas. Nationwide intends to leverage this integration to better share information, coordinate risk management coverage, and increase alignment between and amongst these partner programs.
“Although SAS OpRisk Management focuses primarily on operational risk, we believe it can effectively support other risk types as well. This flexibility coupled with leading data management capabilities and superior analytics provides us with a powerful ERM tool,” said Allan Dudek, Nationwide’s Senior Consultant of Enterprise Risk Management. “Ensuring that risk information is commonly understood and effectively shared via our Common Risk Information Architecture (as implemented in SAS) helps Nationwide to make more informed enterprise-level risk decisions, and ultimately drives better value creation. Long-term value creation is the primary goal of Nationwide’s investment in ERM, and our partnership with SAS is an important part of realising that goal.”