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SAS still a leader in operational risk management – Chartis Research

SAS® OpRisk Management lauded for comprehensive platform, extensible data management and analysis

SAS remains a category leader in Chartis Research's Operational Risk Management Systems for Financial Services 2013 report . The leader in business analytics was recognized for "completeness of offering" and "market-share potential."

According to Chartis, buyers need greater links between operational risk and other risk-related solutions such as GRC, financial crime and enterprise risk management. Per Chartis, successful operational risk software vendors that buttress technology with deep domain expertise from other risk solutions can become "'one-stop shops that can manage GRC and operational risk through a number of related components." Chartis sees financial institutions turning away from tactical operational risk and compliance, considering instead how operational risk management feeds the wider enterprise risk management (ERM) framework.

Successful vendors, said the report, "invest in R&D, focusing on increasing the flexibility and user configurability of the products." Their product development emphasizes integrating components on a single technology platform. Among leading solutions, Chartis noted a trend toward integrating and packaging best-practice content (e.g., loss data, risk/control libraries and key risk indicators).

"Financial institutions are adopting more sophisticated approaches to operational risk management and are looking for more flexible data collection, workflows and advanced analytics," said Peyman Mestchian, Managing Partner at Chartis. "SAS has continued to innovate in these areas and has a strong mix of qualitative and quantitative capabilities to meet regulatory requirements and beyond."

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." The report highlighted 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 called SAS OpRisk Global Data the largest database of publicly reported operational risk losses, and complimented SAS OpRisk Management for its "flexible self-assessment surveys and quantitative and qualitative self-assessment tools." Also noted were SAS' "extensive loss data collection, monitoring, and analysis capabilities" and "ready to-use library of key risk indicators (KRIs) with configurable owners, thresholds, and links to risks, controls, or policies."

Chartis identified category leaders such as SAS as having "the necessary depth and breadth of functionality, technology and content, combined with the organizational characteristics to capture significant market share by volume and value." Leaders demonstrate best-in-class solutions with a clear strategy for sustainable, profitable growth paired with deep domain knowledge and extensive technology assets and capabilities.

"SAS's ease of use, exceptional power and flexibility make it the right choice for both the more typically encountered business applications and situations where superior modeling strategies come into play," said Clark Abrahams, SAS Product Marketing Manager for Enterprise GRC.

In January 2013, SAS Enterprise GRC appeared in the leaders' category of Chartis Research's GRC Solutions 2012 report .