Chartis names SAS as leader in model risk management

Citing the analytics and AI leader’s “ability to continually adapt its offering to market changes and new technologies,” Chartis Research has named SAS as a RiskTech Quadrant® Category Leader in model risk management (MRM).

Among 26 solutions evaluated by the analyst firm, SAS scored “high” in all evaluation criteria, including these completeness of offering categories:

  • Model coverage
  • Governance
  • Data management
  • Model inventory management
  • Dashboarding
  • Visualisation

This MRM rating complements SAS’ position as a Chartis RiskTech Quadrant® Category Leader in enterprise fraud solutions, reflecting its broad and enduring legacy as a financial services technology innovator.

“The COVID-19 pandemic exposed and amplified financial institutions’ risk modelling issues in an unprecedented way, and its destabilising effect revealed the importance of effective MRM across business lines,” said Sidhartha Dash, research director at Chartis. “SAS’ category leader rating reflects how its adaptive enterprise platform delivers end-to-end capabilities – from data management and governance keystones to the latest in machine learning and AI – to help firms meet their regulatory and compliance obligations while mitigating and minimising all categories of risk.”

SAS has been a Category Leader in this assessment since Chartis established the MRM category in 2014.

The Vendor Analysis for MRM Solutions is based on Chartis’ quadrant report, GRC Solutions, 2021: Market Update and Vendor Landscape, published in May. According to the analysis:

SAS, recognising firms’ need to review key model metrics, has developed its MRM solution to offer comprehensive model-risk lifecycle governance capabilities. It helps organisations use a data-driven approach to assess their model risks, identify gaps, review and update their policies and procedures, and reassess their risks. This iterative approach can continually improve model quality and efficiency, helping to protect the organisation.”

“Automated, well-governed model management – combined with the ability to efficiently develop and operationalise models – is foundational to optimised, data-driven risk decisioning,” said Troy Haines, Senior Vice President and Head of Risk Research and Quantitative Solutions at SAS. “SAS® Model Risk Management on cloud-ready SAS Risk Stratum melds the most advanced, industry-forged analytics with a configurable, intuitive interface to help simplify the complexities of MRM. The result is clear, enterprise-level oversight throughout the entire model life cycle.”

Yogesh Pathak, head: Risk Practice at SAS in Africa & the Middle East, said: “The desire to be able to acutely predict and proactively manage risks is becoming increasingly important in today’s digital first and data-driven environment. The number of internal and regulatory models have spiralled over the last 5-years and expanding evermore to manage emerging risks.

As organisations are relying on such data and models more heavily to support and automate decisioning, the business risks associated with poorly managed models grows – making sound model risk management the key to managing this risk. We are very proud to once again be named this Category Leader with ‘high’ scores for all features.

This is a testament to the curiosity and expertise that we bring to continuously advance our market solutions – to meet the challenges and risks in an ever-changing operating environment.”

To explore how sound model risk management helps enterprises translate data into valuable insights and more accurate forecasts, download Compete and win with better model risk management, a complimentary MRM white paper by SAS.

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