Revolutionizing Risk Management: SAS’s Triumph at the Asia Risk Awards
SAS has achieved a remarkable milestone, securing the title of IFRS 17 Solution of the Year for 2023 at the esteemed Asia Risk Awards. This accolade is a testament to SAS’s commitment to delivering innovative solutions that significantly benefit financial services firms. The Asia Risk Awards, renowned for recognizing excellence in risk management in Asia, have underscored SAS’s position as a leader in this domain.
A Year of Industry Recognition and Strategic Expansion
SAS’s victory at the Asia Risk Awards is the pinnacle of a series of recognitions for its advanced risk management solutions. This includes the strategic acquisition of Kamakura Corporation in 2022 and a significant $1 billion investment in industry solutions. The company’s achievements over the year also encompass:
- Rising to No. 2 in the RiskTech 100® rankings
- Winning the 2023 Best Compliance Risk Technology Implementation in China awarded by The Asian Banker
- Earning the category leader designation in the Chartis Quadrant® for ALM Solutions
- Securing five Risk.net 2023 Risk Technology Awards
Enhancing IFRS 17 Compliance Across Asia
In 2023, with IFRS 17 gaining traction in major Asian markets, SAS’s solution not only won industry accolades but also received high praise from customers. Pornprapa Komonsuti, Deputy Executive Vice President I, Accounting Division of Muang Thai Life Assurance PCL, praised SAS for its comprehensive approach to IFRS 17 compliance, highlighting the solution’s functionalities and professional support that ensures a seamless implementation process.
Empowering Transformation in Compliance Standards
The insurance industry now faces the challenge of adhering to stringent new compliance standards under IFRS 17. SAS’s solution plays a pivotal role in this transformation by providing robust analytical capabilities and efficient data management. Recent enhancements to the SAS Solution for IFRS 17 include advanced financial projection capabilities, a user-friendly configuration management GUI, an optimized end-to-end workflow, and an innovative “archive and restore” feature for improved server performance.
SAS: Shaping the Future of Insurance Compliance
Troy Haines, Senior Vice President and Head of Risk Research & Quantitative Solutions at SAS, highlighted the significance of introducing new liability valuations and financial disclosures as a major challenge for insurers. He emphasized that SAS’s IFRS 17 solution is designed by experts at the forefront of compliance evolution, integrating finance and risk into a comprehensive ecosystem.
Discover More About SAS’s Award-Winning IFRS 17 Solution
For those interested in how SAS’s IFRS 17 solution can revolutionize your auditing and reporting processes, further information is available at sas.com/ifrs17.