04 Oct 2007, David Benyon , Operational Risk & Regulation
LAS VEGAS – Software provider SAS has announced plans to expand its enterprise-wide risk management (ERM) products for insurers. The plans come in response to Solvency II, the European Union’s capital requirements directive that aims to ensure the financial stability of the insurance industry.
The SAS Enterprise Risk Management for Insurance package features specific portfolios for both general (property and casualty) and life insurance. The planned applications suite will cover measurement and management both for regulatory and economic capital, as well as risk monitoring and risk-adjusted performance management. Driven by the enterprise risk data architecture of SAS, applications are customised for the insurance industry’s specific needs.
SAS Enterprise Risk Management for Insurance will provide a more consistent and open regulatory framework to ease selling across different markets. A comprehensive data architecture specific to the insurance industry could ensure a consistent approach to enterprise-wide risk management. Insurers will increase transparency by translating risk strategy into tactical plans for all levels within the company, and will be able to enhance business performance through improved product management support.