AI and analytics leader strengthens insurers for new era of compliance and risk management
CARY, N.C., Nov. 28, 2023 /PRNewswire/ — SAS has been awarded IFRS 17 solution of the year for 2023 by The Asia Risk Awards. Recognizing “…solutions providers that serve financial services firms in meaningful and innovative ways,” the Asia Risk Awards are the longest-running awards program for firms involved in risk management in Asia.
The Asia Risk Awards win caps a year of recognition of SAS’ newly enriched and expanded risk management offerings. Notable gains included the acquisition of specialist risk software provider Kamakura Corporation in 2022, and the company’s $1B investment in industry solutions.
Other recent accolades include:
- An ascent to No. 2 in the RiskTech 100®
- The Asian Banker award for 2023 Best Compliance Risk Technology Implementation in China
- Category leader designation in SAS’ debut in the Chartis Quadrant® for ALM Solutions
- Five Risk.net 2023 Risk Technology Awards
As greater IFRS 17 adoption occurred in several major Asian markets in 2023, SAS’ solution garnered industry honors and customer praise.
“We chose SAS because of their holistic end-to-end approach in covering all IFRS 17 compliance needs,” said Pornprapa Komonsuti, Deputy Executive Vice President I, Accounting Division of Muang Thai Life Assurance PCL.
“We are impressed with the functionalities and the readiness of the solution, including the seamless workflow orchestration and continuous data validation that streamlining the processes from source data to reporting. SAS’ extensive experience, combined with their professional support, ensure a smooth and successful implementation.”
Empowering evolution in an industry-wide change management exercise
Insurers must now meet rigorous new compliance standards, manage cascades of associated data and maintain collaboration with internal and external stakeholders and regulators. Selecting a comprehensive solution with granular analytic capabilities and powerful data management performance is crucial for evolving to meet IFRS 17.
Features integrated into SAS Solution for IFRS 17 within the last year that empower this transformation include:
- Financial projection capabilities that power the projection of financial positions and performances under various scenarios for future periods under the IFRS 17 regime.
- Configuration management GUI allows users to maintain a configuration set and distinguish between global and local configurations.
- An enhanced end-to-end workflow that enables rolling back data post-processing to where the process terminates — without the need to rerun.
- An “archive and restore” setting is available for signed-off business cycles to free resources on servers and improve performance.
“Introducing new liability valuations and financial disclosures has been one of the greatest challenges in this decade for insurers,” said Troy Haines, Senior Vice President and Head of Risk Research & Quantitative Solutions at SAS.
“SAS’ IFRS 17 solution is shaped by insurance and risk practitioners on the front lines of a new era of compliance. We’ve incorporated finance and risk into an ecosystem that houses every step of the reporting life cycle, all to fuel compliance and power growth for the modern insurer.”
Curious about how SAS’ IFRS 17 solution can streamline your auditing and reporting? Learn more at sas.com/ifrs17.
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