SAS Financial Services improves efficiency, collaboration with centralized model risk management. Like most financial institutions, SAS Discover Financial Services depends on statistical and financial models for daily and strategic decision making. Virtually everything from determining the marketing offers to gauging investment risks is tied to developing and executing complex models built with different tools.
But the real value is in providing the systematic help that comes from centralizing model information management. Using this approach the model risk management can be centralized, but not the actual development, testing and implementation of the models, which are left to the business units.
Model Risk Management
In finance, the model risk is the risk of the loss resulting from using the insufficiently accurate models to make decisions, originally and frequently in the context of valuing financial securities. Knowing the exact usage of the models is critical so that model risks can be identified, measured, monitored, mitigated and reported effectively.
Modeling has proliferated in the financial services world along with an explosion in the data. Where developing models was once a labor-intensive process that involved a small number of employees in one or two business units, model development is now common throughout financial services organizations.
As models deployed in marketing, underwriting, planning or operations can affect the overall risk profile of the firm, understanding what the models are used, where and how is more critical than ever. The Model validation is essential for accurately projecting a bank’s balance sheet under stressed conditions, as well as ensuring the right customer decisions are made.
SAS Financial Management
The SAS Financial Management delivers the enterprise planning, budgeting, consolidation and reporting in one integrated solution. A proprietary calculation engine and the accounting logic let you consolidate planning and historical information on demand to ensure that decision makers and regulatory agencies always have the latest information.
SAS Financial Management provides a transparent environment for managing the financial and operational data to produce timely, accurate and relevant financial and management reporting. This SAS Financial Services is a powerful, flexible environment that offers unique capabilities in a number of vital areas.
- Dynamic consolidation
- Automatic tracking of changes to source data
- Accounting logic
- Budgeting and planning
- Process management
- Data management
- Interfaces and information delivery
- Regulatory compliance
- Communicate strategy more effectively.
Integrated planning, budgeting, financial reporting and the business modeling – along with built-in scorecards and dashboards – enable seamless strategy communication.
- Create more frequent, accurate forecasts.
Explore multiple scenarios and encourage broader participation in the forecast development to enhance the reliability of published earnings expectations.
- Publish financial reports faster
Close your books faster by performing on-demand consolidations – including the automatic currency conversion, intercompany eliminations, ownership adjustments, allocations and more.
- Improve business process efficiency
An integrated process management framework enables the users to create and monitor their business processes, automate the key tasks, and identify and resolve bottlenecks.
- Dynamic consolidation.
Provides on-demand access to actual and planning data.
- Accounting logic.
Supports the multiple accounting standards and partial ownership consolidations.
- Budgeting and planning.
Supports rolling forecasts, top-down and bottom-up budgeting and the budget-cycle seeding.
- Process management.
Eases management of reporting and the data entry forms with web-based workflow control.
- Data management.
A pre-built data model that creates a consistent view and allows true integration with other SAS solutions.
- Information delivery.
Offers an efficient report distribution to a large and diverse user community.
SAS Financial Services includes functional enhancements, ease-of-use improvements, and performance gains designed to increase efficiency for end-users and administrators. Some highlights include:
- Multiple Auto-Allocation enhancements:
- The ability to re-allocate full tables as well as one or more crossings
- Option to split the auto-allocation between live and batch, freeing end-users to work on other tasks
- Performance gains
- Extended partial promotion, allowing the administrators to move more individual objects between environments
- Additional reporting options for SAS Financial Management Forecasting
- New High Availability option for SAS Financial Management environment
- Multiple performance enhancements around the data load, form or report opening, and navigation
Locus IT has expertise in providing SAS Financial Services Analytics solutions to the requirements provided by businesses. We also provide Financial Services Staffing including Financial Analytics training, Financial Analytics support and Financial Analytics implementation. For more information please contact us.