SAS Upgrades Enterprise Risk Management Program for Alliant Credit Union

SAS (News - Alert), the leader in business analytics software and services, is implementing an upgrade of the enterprise risk management program for Alliant Credit Union of Chicago. The upgrade will enable Alliant, who is the seventh-largest U.S. credit union asset-wise, to strengthen its market leadership in standardizing common risk management definitions and processes. The SAS OpRisk Management from the leader in business analytics was chosen based on the successful 2009 SAS Analytics implementation.

After the initial launch of the ERM program three years ago, Alliant was looking out for a platform to house the risk information associated with the ERM program and facilitate management. Additionally, the platform should have the ability to quantify risks and opportunities. Commenting on the choice of software upgrade, Mona Leung, Chief Financial Officer of Alliant Credit Union said, “SAS OpRisk Management was very robust. Its built-in regulatory framework addresses compliance concerns, such as the Basel Accords. Through our due diligence efforts, we found that no other vendor could compete with SAS’ reputation, both the company and the software.” She believes that the holistic approach will prove to be extremely valuable in terms of ERM growth in the near futures.

Alliant has already experienced substantial time savings when analyzing information and a more efficient distributed-risk assessment process. With the SAS software included, Alliant can now enjoy real-time, updated risk information and shift their focus on facilitation rather than administration. The upgrade also allows seamless integration of information from the initial phase between the ERM and internal audit. Leung further added that the unique combination of their dedicated program and SAS proven software serves as the distinguishing feature. Significant benefits in terms of enhanced visibility, improved reporting and increased awareness will be seen across the organization.

Alliant members will benefit from minimized losses, focused risk management and better understanding of risk exposures. Alliant will further align its program with the Basel framework that will enable them to benchmark and quantify true operational costs and risks. David M. Wallace, Global Financial Services Industry Marketing Manager at SAS commented, “We are pleased to be a part of Alliant’s journey to achieve its enterprise risk management goals With SAS, Alliant can achieve greater transparency and regulatory compliance while enhancing executive decisions that involve risk assessment and analysis.”