SAS launches financial services package
In the face of increasing regulations and scrutiny in the financial sector, business intelligence (BI) solutions provider SAS has released SAS Broker Surveillance across the Middle East.
In the face of increasing regulations and scrutiny in the financial sector, business intelligence (BI) solutions provider SAS has released SAS Broker Surveillance across the Middle East. The package is designed to address the need for sophisticated analysis and monitoring of sales practices and trading compliance.
With such technology in place, financial services firms can reduce the possibility of losses from fines, penalties and settlements and also protect their corporate reputations in the process.
SAS Broker Surveillance combines sophisticated data management and data mining technology with heuristic scenarios to quickly and accurately uncover rules violations and identify suspect activity. By collecting, combining and analysing huge volumes of transactions and activities from the entire enterprise, the new solution helps institutions highlight and target areas requiring further investigation.
“For more than 25 years, SAS has addressed the specific business pains of the financial services industry, such as regulatory compliance, today financial services in the Middle East can use SAS solutions to monitor and track inconsistency and suspicious activity,” says Basel Tutunji, Regional Manager of SAS Middle East. “With the solutions and framework SAS provides for compliance – built on unmatched data management and predictive analytic capabilities – financial institutions need only to look to SAS to address their entire compliance software needs,” he adds.
SAS Broker Surveillance is the second in a planned series of compliance solutions from SAS aimed at helping banks and other financial institutions meet new regulatory requirements. SAS Anti-Money Laundering was announced in September 2002.
A comprehensive solution for fraud detection is also being developed. Although fraud is not regulatory requirement, the planned solution will leverage the same underlying framework and monitoring technology as the other SAS compliance solutions. The fraud detection and lending compliance solutions will both become available in 2004.