By Anuradha Shukla
One of the main problems in operational risk management is the lack of loss data, which affects the parameter estimates of the marginal distributions of the losses.
To deal with operational risk, France’s largest supplementary insurance company is enhancing
operational risk management with SASOpRisk Monitor software from SAS (News
), a provider of business analytics software and services.
In early 2008, MGEN began evaluating its operational risk program to strengthen internal monitoring and address new European Union regulations, such as Solvency II and the French administration rules of CNAMTS (Public Health Insurance Fund for Salaried Workers). MGEN sought a comprehensive risk-mapping solution for its mutual entities (MGEN, MGEN Filia, MGEN Life) and its steering body, MGEN Union.
Frederic Morvan, head of Internal Control Group MGEN said that the company’s is to go beyond simply gathering information, and actually incorporate this solution into day-to-day activities. HE continued that the company particularly wants to be able to access reliable reports at any time and that is why the MGEN has selected SAS OpRisk Monitor.
MGEN is currently finalizing the development and implementation phases, with deployment targeted for Q1 2010. The plans include transitioning all existing data to the new system, without loss or degradation of information.
SASOpRisk Management is a comprehensive solution built on the SAS Business Analytics Framework, an integrated platform with capabilities for data integration, a wide range of analytical tools and multiple reporting capabilities. SAS OpRisk Management helps companies optimize capital allocation while minimizing the risks in all areas of their organization.
SAS risk management software has garnered many accolades in 2009. In November, SAS was ranked the top company in Chartis Research’s RiskTech100. SAS placed in the Leaders quadrant of the Magic Quadrant for Operational Risk Management Software for Financial Services
by Gartner (News
) Inc. in September.
Anuradha Shukla is a contributing editor for TMCnet. To read more of Anuradha’s article, please visit her columnist page.
SAS was recently in news when Sword Ciboodle picked
SAS to introduce new customer intelligence capabilities into the Contact Center.
Edited by Marisa Torrieri