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VMPL
New Delhi [India], May 29: Union Bank of India, a premier public sector bank in the country, has successfully modernised its risk management systems by implementing SAS solutions to enhance and streamline the Bank's risk operations and reporting through advanced model risk management solutions. Union Bank of India partnered with SAS and embarked on a critical transformation initiative that addressed the data amalgamation and met RBI's regulatory requirements for credit and operational risk while obtaining an enterprise view of the bank's risk exposure throughout the risk management life cycle. The SAS team deployed a suite of SAS tools for risk modernisation, including SAS Stratum, SAS IRM Solution, SAS Data Integration Studio, SAS GCM, SAS Visual Analytics, and SAS Op-VaR. This modernisation resulted in significant credit risk RWA and capital savings with a single integrated system for RWA computation. This standardised system enabled rapid RWA generation for large volumes of data within just a few hours. In addition to RBI compliance across reporting, risk computing, and audit functionality, the project also provided a 360-degree view of operational risk with automated Key Risk Indicator (KRI) monitoring and trend analysis. Ashwini Kumar Choudhary, Chief Risk Officer, Union Bank of India, said, "Bank's modernisation project marks a significant milestone in our journey towards robust risk management. We look forward to SAS' continued support in ensuring we are equipped to address regulatory requirements and drive business resilience." Noshin Kagalwalla, Vice President & Managing Director, SAS India, said, "Ease of integration and regulatory compliance is key to ensure a smooth transition for amalgamated entities. We are excited to support Union Bank of India in the endeavor to modernise their risk management systems. We strive to empower the bank in navigating regulatory shifts and bolstering operational efficiency." About Union Bank of India Union Bank of India is one of the leading public sector banks in the country. The Bank, headquartered in Mumbai has a network of 8400+ domestic branches, 8900+ ATMs, 75800+ employees and 18,900+ BC Points. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources. About SAS SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organisations transform data into trusted decisions. SAS gives you THE POWER TO KNOW. SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright (c) 2024 SAS Institute Inc. All rights reserved. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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