SAS: Meeting the challenges of governance, risk and compliance - Achieving financial success with embedded groupwide SAS® Risk Management
Posted: 9 June 2009 | Source: SAS
Current economic conditions heighten the need for financial services firms to accurately gauge required levels of regulatory compliance and economic capital to support business strategy and risk appetite.
More regulations are on the way, demanding transparency, accurate information about company operations, robust and comprehensive risk management, regulatory compliance and efficient governance. What does this mean for many organizations? Let’s take a step back and see how all components of a successful company must work in an integrated manner in order to produce the best results.
The goal of the compliance process is to make sure that a company meets or exceeds all of the demands placed on it by external institutions that make laws and regulations, as well as guidelines to follow from the perspective of best practices and processes. Compliance is achieved through various controls that are defined and established to help organizations prevent or detect policy violations and to improve business processes throughout the organization. Problems discovered using these controls can lead to the redesign of processes to better meet both business and compliance goals.
Identifying, assessing, measuring and monitoring risks is fundamental to establishing business processes that can help companies manage risk with confidence while maximizing their opportunities according to their strategy. Effective risk management enables companies to protect the value built within an organization and can also create new value by identifying opportunities to build growth, increase competitive advantage and drive efficiencies throughout the organization.