1/12/2024 0 Comments Sas risk engine![]() Results of each model were reviewed independently, making comparison across risk types or assets impossible. Further, differing stress events and assumptions used in each model also meant that the outputs could not be easily aggregated into a meaningful, combined result. Prior to the crisis, stress testing was performed mainly as an isolated exercise by the risk function within a bank, and results were manually reported to regulators. The financial crisis revealed weaknesses in the organisational aspects of current stress testing programs. However, the global financial crisis that began in 2007 generated new interest in stress testing. Areas/countries with the most usersĬontinental Europe and the UK have the largest number of users.Stress tests have been used in the past by risk practitioners in larger banks to assess the impact of a scenario on the value of its portfolio. Business users conduct risk and control assessments and self-certification risk users organise, manage and monitor all aspects of the items in the system and conduct regular and ad hoc reports auditors can set up, schedule, execute and report on their audits and audit programme. SAS EGRC is used by users across the three lines of defence. Types of users within companies/organisations SAS EGRC is used by a wide variety of organisations, including banks, insurers, building societies, asset managers, and a range of non-financial companies. The software is renewed annually (98% of all SAS customers renew), and all maintenance, support and upgrades are included in this annual renewal fee Types of user Types of company/organisation ![]() All maintenance, support and upgrades are included in this annual renewal fee. The software is renewed annually at a proportion of the first licence fee. The first-year licence fee is based on the total revenue of the client. Varies considerably depending on the size and complexity of the client. Specific users will require much less training. Further training may be required depending on the nature of the engagement with the company. Initial training for an administrator or a power user is two to three days. How much training and support is necessary? It can be as little as a few weeks for a very simple installation and up to several years for a large multi-national organisation with extensive customisations. This varies considerably based on the size of the organisation and the amount of customisation required. Implementation How long does the solution take to implement? SAS EGRC can be used to support the production of the ORSA and a number of the pillar 2 requirements of Solvency II. Describe any features specific to insurance and specific to Solvency II SAS EGRC can also integrate with and interact with a large number of other third-party systems because of the SAS connectivity engines that can be included in the solution. It can also integrate with all other SAS products as the underlying code base is the same. Yes, SAS EGRC directly integrates with the SAS Op Risk VaR solution (which is then sold as a packaged solution called SAS Op Risk Management). SAS EGRC is based fully on SAS technology Does your solution integrate with third-party systems or in-house systems? Yes How much is your own technology and how much is adapted or licensed from others? If not, is the solution designed for both banks and re/insurance companies? Not specifically, but we have a number of insurers using SAS EGRC. Over 10 years ago Was the solution developed specifically for the insurance industry? This can be used in operational risk frequency and severity capital models. It is also packaged with the SAS Global Risk Database which includes over 24,000 publicly known losses. This means that users can build rich reports that can be distributed via a web browser, email or paper, and analyse the EGRC data directly from within the MS Office applications. However, it is also packaged with the powerful SAS Enterprise Business Intelligence suite and the SAS MS Office Add-In. SAS EGRC has its own powerful reporting functionality that allows users to analyse the data within the system. It also includes a powerful workflow and notification engine to ensure that users are kept fully appraised of the status and progress of items in the system. The system is fully customisable which means that it fits the organisation's processes rather than organisations having to shape their business around the system. SAS EGRC also includes modules for scenario management, key risk indicators and audit management. It provides risk and senior management with a complete solution for managing policies, compliance, risks, controls, issues and Incidents. SAS EGRC is a web-browser-based system that can be hosted, cloud-based or installed on in-house hardware. Enterprise-wide governance, risk and compliance system Description of solution
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |