KARACHI: SAS, the leader in business analytics software and services, on Wednesday announced the extension of their agreement with Soneri Bank Limited (SBL), one of Pakistan’s leading commercial banking institutions.
SBL is enhancing their use of SAS through a new modernization wave of their existing SAS Enterprise Risk Management and AML solutions. This will further enable the bank with advanced approaches of risk management and the addition of SAS Visual Analytics.
“SAS has been associated with Soneri Bank for the past five years in support of keeping pace with the dynamic regulatory environments, while laying the foundations for a more efficient and scalable risk management system. Soneri Bank is modernizing its risk infrastructure in a strategic move to help drive competitive advantage by leveraging a robust risk and compliance infrastructure,” said Amir Sohrabi, General Manager, SAS Middle East.
SBL already utilizes SAS® Anti-Money Laundering and SAS® Credit Risk Management for banking to improve profitability, help meet Basel III and advance reporting requirements, boost ratings, lower finance costs, and combat money laundering. SAS Visual Analytics offers dynamic reporting and data exploration using LASR in memory technology for real time results.
“Using SAS, we have not only met regulatory compliance but are now addressing key challenges, including internal data structure requirements. SAS gives us a big advantage by providing a scalable analytical platform,” said Ahmed Saqib Asad, CIO, Soneri Bank Limited.
“SAS ERM is a very practical and dynamic solution to successfully incorporate enterprise risk management into any financial institution and optimally manage the organizational risks, even in the worst of economic conditions,” said Javed Husain Siddiqi, Head of Risk Management, Soneri Bank Limited.
To better manage risk reporting and create timely cash leakage reports, SBL will harness SAS’ cutting-edge analytics, sophisticated data management and reporting capabilities. SBL has integrated SAS Enterprise Risk Management into its procedures, which had previously been separated from the business lines, to lower its risk profile for Basel III. Alongside meeting Basel III requirements, the bank has implemented the SAS AML solution which can in the future be scaled up to provide Fraud Management and compliance to FATCA using the same platform.
“We are committed to help organizations in Pakistan like Soneri Bank Limited to meet AML compliance by the successful implementation of solutions such as SAS ERM, AML, KYC, FATCA and Fraud Management which result in innovation and improved business performance,” concluded Khurram Yamin, Regional Manager, Pakistan and Qatar, SAS Middle East.
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