SAS key sponsor of operational risk management event

SAS Institute South Africa is this year's platinum sponsor of the Marcus Evans Operational Risk Management for Financial Institutions event to be held from 23 to 25 August in Rosebank.

The event aims to bring together collective minds in the operational risk management arena, where trends challenges and issues will be discussed at a three-day workshop. The business software giant currently has a number of clients in the financial services industries, where they assist them with managing their risk operations through being able to proactively and intelligently track fraudulent and potentially risk related data - by means of forecasting, data analysis and comparative statistics through the intelligent use of analytics.

According to Andre Zitzke, Solutions Specialist at SAS: "Operational risk is a hot button among many global financial institutions as they aim to reach the compliance nirvana. Risk in itself is no longer an optional business requirement held together by good corporate governance, it is now a compulsory and mandatory part of business as governments around the globe demand transparency at a granular level."

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The risk conference will focus on a number of key issues impacting financial South Africa, including:
* Highlighting the systems and processes required to implement an effective operational risk management framework;
* Creating a culture of operational risk management;
* An inclusive international half-day workshop on operational risk best practice;
* A full-day workshop on implementing the AMA (Advanced Measurement Approach) - progress and current challenges; and
* Finding the link between internal audits and the validation of models.

SAS currently has a product in its stable, called SAS OpRisk Monitor, which 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.

"As corporate South Africa we need to find intelligent ways in which to target combat risk, and ensure that we have the right tools in place for us to proactively manage the potential threats it may create. It is only through the collective sharing of like-minded businesses that we can start creating benchmarks for all to be able to collectively draw from," ends Zitzke.