Royal & SunAlliance selects SAS for operational risk management

Source: SAS

SAS, the leader in business intelligence, has announced that Royal & SunAlliance, one of the world's leading multinational insurance groups, is to use SAS OpRisk Global Data as part of its operational risk measurement framework.

SAS OpRisk Global Data is the world's largest, most comprehensive and most accurate repository of information on publicly reported operational losses from around the world in excess of US$1 million.

The more than 10,000 loss events include events where losses were incurred due to inadequate or failed internal processes, people or systems as well as external events. These could be anything from failed hardware, forgery, embezzlement, and fraud, to natural events such as earthquakes and floods. When assessing the impact of operational risk scenarios on its business, Royal & SunAlliance will use the SAS data both in the scenario analysis process as well as a benchmark for its own internal data.

"Whilst the insurance industry is accustomed to assessing risk, we see the SAS OpRisk Global Data as an important component of our operational risk measurement framework in terms of assessing risks and losses outside our immediate environment," said Dr Paul Pritchard, Operational Risk Analyst, of Royal & SunAlliance.

"We believe the use of SAS OpRisk Global Data will help Royal & SunAlliance to improve their understanding of and facilitate the measurement and management of their operational risk," said Peyman Mestchian, head of risk management at SAS UK. "SAS OpRisk Global Data is an important component of our overall operational risk management software suite, and it is part of the reason that SAS is now recognised as one of the leading software providers in this market."

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