{"id":23581,"date":"2023-11-27T19:08:00","date_gmt":"2023-11-27T19:08:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4275266_AE75266_0"},"modified":"2023-11-27T19:08:00","modified_gmt":"2023-11-27T19:08:00","slug":"sas-awarded-ifrs-17-solution-of-the-year-by-asia-risk-awards","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=23581","title":{"rendered":"SAS awarded IFRS 17 solution of the year by Asia Risk Awards"},"content":{"rendered":"<br \/>\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1250367\/SAS_v1_Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>AI and analytics leader strengthens insurers for new era of compliance and risk management<\/p>\n<p><span class=\"xn-location\">CARY, N.C.<\/span>, <span class=\"xn-chron\">Nov. 28, 2023<\/span> \/PRNewswire\/ &#8212;&nbsp;SAS has been awarded <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4032585-1&amp;h=1893387043&amp;u=https%3A%2F%2Fwww.risk.net%2Fawards%2F7957841%2Fifrs-17-solution-of-the-year-sas-institute&amp;a=IFRS+17+solution+of+the+year\" target=\"_blank\" rel=\"nofollow noopener\">IFRS 17 solution of the year<\/a>&nbsp;for 2023 by The Asia Risk Awards. Recognizing &quot;&#8230;solutions providers that serve financial services firms in meaningful and innovative ways,&quot; the Asia Risk Awards are the longest-running awards program for firms involved in risk management in <span class=\"xn-location\">Asia<\/span>.<\/p>\n<div id=\"prni_dvprnejpg05e0left\" dir=\"ltr\" style=\"TEXT-ALIGN: center; WIDTH: 100%\"> <a href=\"https:\/\/mma.prnasia.com\/media2\/2283069\/SAS_Asia_Risk_Awards.jpg?p=medium600\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" id=\"prnejpg05e0left\" title=\"SAS wins the Asia Risk Awards\u2019 IFRS 17 solution of the year\" src=\"https:\/\/mma.prnasia.com\/media2\/2283069\/SAS_Asia_Risk_Awards.jpg?p=medium600\" alt=\"SAS wins the Asia Risk Awards\u2019 IFRS 17 solution of the year\" align=\"middle\" \/><\/a> <br \/> <span>SAS wins the Asia Risk Awards\u2019 IFRS 17 solution of the year<\/span> <\/div>\n<p>The Asia Risk Awards win caps a year of recognition of SAS&#8217; newly enriched and expanded risk management offerings. Notable gains included the acquisition of specialist risk software provider Kamakura Corporation in 2022, and the company&#8217;s <span class=\"xn-money\">$1B<\/span> investment in industry solutions.<\/p>\n<p>Other recent accolades include:<\/p>\n<ul type=\"disc\">\n<li>An ascent to No. 2 in the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4032585-1&amp;h=2161304325&amp;u=https%3A%2F%2Fwww.sas.com%2Fen_us%2Fnews%2Fpress-releases%2F2023%2Foctober%2Fchartis-risktech100-2024.html&amp;a=RiskTech+100%C2%AE\" target=\"_blank\" rel=\"nofollow noopener\">RiskTech 100&reg;<\/a><\/li>\n<li>The Asian Banker award for 2023 Best Compliance Risk Technology Implementation in <span class=\"xn-location\">China<\/span><\/li>\n<li>Category leader designation in SAS&#8217; debut in the Chartis Quadrant&reg; for ALM Solutions<\/li>\n<li>Five Risk.net 2023 Risk Technology Awards<\/li>\n<\/ul>\n<p>As greater IFRS 17 adoption occurred in several major Asian markets in 2023, SAS&#8217; solution garnered industry honors and customer praise.<\/p>\n<p>&quot;We chose SAS because of their holistic end-to-end approach in covering all IFRS 17 compliance needs,&quot; said Pornprapa Komonsuti, Deputy Executive Vice President I, Accounting Division of Muang Thai Life Assurance PCL.<\/p>\n<p>&quot;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&#8217; extensive experience, combined with their professional support, ensure a smooth and successful implementation.&quot;<\/p>\n<p><b>Empowering evolution in an industry-wide change management exercise<\/b><\/p>\n<p>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.<\/p>\n<p>Features integrated into SAS Solution for IFRS 17 within the last year that empower this transformation include:<\/p>\n<ul type=\"disc\">\n<li>Financial projection capabilities that power the projection of financial positions and performances under various scenarios for future periods under the IFRS 17 regime.<\/li>\n<li>Configuration management GUI allows users to maintain a configuration set and distinguish between global and local configurations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n<li>An enhanced end-to-end workflow that enables rolling back data post-processing to where the process terminates \u2014 without the need to rerun.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n<li>An &quot;archive and restore&quot; setting is available for signed-off business cycles to free resources on servers and improve performance.<\/li>\n<\/ul>\n<p>&quot;Introducing new liability valuations and financial disclosures has been one of the greatest challenges in this decade for insurers,&quot; said <span class=\"xn-person\">Troy Haines<\/span>, Senior Vice President and Head of Risk Research &amp; Quantitative Solutions at SAS.<\/p>\n<p>&quot;SAS&#8217; IFRS 17 solution is shaped by insurance and risk practitioners on the front lines of a new era of compliance. We&#8217;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.&quot;<\/p>\n<p>Curious about how SAS&#8217; IFRS 17 solution can streamline your auditing and reporting? Learn more at&nbsp;<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4032585-1&amp;h=2992092332&amp;u=http%3A%2F%2Fwww.sas.com%2Fifrs17&amp;a=sas.com%2Fifrs17\" target=\"_blank\" rel=\"nofollow noopener\">sas.com\/ifrs17<\/a>.<\/p>\n<p><b>About SAS<\/b><\/p>\n<p>SAS is a global leader in AI and analytics software, including industry-specific solutions. SAS helps organizations transform data into trusted decisions faster by providing knowledge in the moments that matter. SAS gives you THE POWER TO KNOW<sup>&reg;<\/sup>.<\/p>\n<p><i>SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the <span class=\"xn-location\">USA<\/span> and other countries. &reg; indicates <span class=\"xn-location\">USA<\/span> registration. Other brand and product names are trademarks of their respective companies. Copyright &copy; 2023 SAS Institute Inc. All rights reserved.<\/i><\/p>\n<p><b>Editorial Contact:&nbsp;<br \/><\/b><span class=\"xn-person\">Julia Norton<\/span> <br \/><a href=\"mailto:julia.norton@sas.com\" target=\"_blank\" rel=\"nofollow noopener\">julia.norton@sas.com<\/a> <br \/>919-531-4661 <br \/><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4032585-1&amp;h=1531746092&amp;u=https%3A%2F%2Fwww.sas.com%2Fnews&amp;a=www.sas.com%2Fnews\" target=\"_blank\" rel=\"nofollow noopener\">www.sas.com\/news<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI and analytics leader strengthens insurers for new era of compliance and risk management CARY, N.C., Nov. 28, 2023 \/PRNewswire\/ &#8212;&nbsp;SAS has been awarded IFRS 17 solution of the year&nbsp;for 2023 by The Asia Risk Awards. Recognizing &quot;&#8230;solutions providers that serve financial services firms in meaningful and innovative ways,&quot; the Asia Risk Awards are the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-23581","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SAS awarded IFRS 17 solution of the year by Asia Risk Awards - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=23581\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAS awarded IFRS 17 solution of the year by Asia Risk Awards - My Blog\" \/>\n<meta property=\"og:description\" content=\"AI and analytics leader strengthens insurers for new era of compliance and risk management CARY, N.C., Nov. 28, 2023 \/PRNewswire\/ &#8212;&nbsp;SAS has been awarded IFRS 17 solution of the year&nbsp;for 2023 by The Asia Risk Awards. 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