In a bid to get a better handle on the potential threats and opportunities that operational risk management may hold, Nedbank has recently purchased the SAS OpRisk solution from SAS Institute.
Says Conrad Theron, head: group operational risk monitoring at Nedbank Group: “Risk Management is one of the top business priorities for Nedbank. On the other hand operational risk on its own affects everyone, as it is essentially the risk that controls the business enablers (people, processes and systems).
"When this fails, services to customers are often disrupted or not delivered at the required standard. It is with this in mind that we selected SAS’s OpRisk solution to help us objectively and scientifically measure exposure to operational risk in our business.”
The Nedbank Group is one of the four largest banking groups in South Africa with more than 24 000 employees in offices across the country. The bank’s core business clusters include: Nedbank Corporate; Nedbank Capital; and Nedbank Retail.
“We wanted a solution which could integrate all the elements of the risk management process in a seamless manner,” adds Theron. “Compliance is important to us, but was a secondary motivating factor when we developed our operational risk management strategy, the primary reason for doing this remains the business case.”
The SAS OpRisk solution is an end-to-end solution built on the SAS Enterprise Intelligence Platform; it gives customers access to powerful data management, analytics, and regulatory reporting and disclosure capabilities. The product has been developed in order to assist customers mitigate, manage and to an extent control risk.
Nedbank has selected the entire OpRisk suite and will begin roll-out of the product in early 2008 in Nedbank.
Says Veronica Hodgson, account manager for Nedbank at SAS Institute South Africa: “Nedbank is a long term customer of SAS Institute, and its ongoing commitment, through investment into our products, is truly a compliment to our organisation. We believe the SAS OpRisk product suite will not only meet, but exceed Nedbank’s expectations.”