Type of solution
Enterprise-wide governance, risk and compliance system
Description of solution
SAS EGRC is a web-browser-based system that can be hosted, cloud-based or installed on in-house hardware. It provides risk and senior management with a complete solution for managing policies, compliance, risks, controls, issues and Incidents.
SAS EGRC also includes modules for scenario management, key risk indicators and audit management. The system is fully customisable which means that it fits the organisation's processes rather than organisations having to shape their business around the system. It also includes a powerful workflow and notification engine to ensure that users are kept fully appraised of the status and progress of items in the system.
SAS EGRC has its own powerful reporting functionality that allows users to analyse the data within the system. However, it is also packaged with the powerful SAS Enterprise Business Intelligence suite and the SAS MS Office Add-In. This means that users can build rich reports that can be distributed via a web browser, email or paper, and analyse the EGRC data directly from within the MS Office applications. It is also packaged with the SAS Global Risk Database which includes over 24,000 publicly known losses. This can be used in operational risk frequency and severity capital models.
Date first developed
Over 10 years ago
Was the solution developed specifically for the insurance industry?
Not specifically, but we have a number of insurers using SAS EGRC.
If not, is the solution designed for both banks and re/insurance companies?
Yes
How much is your own technology and how much is adapted or licensed from others?
SAS EGRC is based fully on SAS technology
Does your solution integrate with third-party systems or in-house systems?
Yes, SAS EGRC directly integrates with the SAS Op Risk VaR solution (which is then sold as a packaged solution called SAS Op Risk Management). It can also integrate with all other SAS products as the underlying code base is the same. SAS EGRC can also integrate with and interact with a large number of other third-party systems because of the SAS connectivity engines that can be included in the solution.
Describe any features specific to insurance and specific to Solvency II
SAS EGRC can be used to support the production of the ORSA and a number of the pillar 2 requirements of Solvency II.
Implementation
How long does the solution take to implement?
This varies considerably based on the size of the organisation and the amount of customisation required. It can be as little as a few weeks for a very simple installation and up to several years for a large multi-national organisation with extensive customisations.
How much training and support is necessary?
Initial training for an administrator or a power user is two to three days. Further training may be required depending on the nature of the engagement with the company. Specific users will require much less training.
Cost
Implementation cost
Varies considerably depending on the size and complexity of the client.
One-year licence cost
The first-year licence fee is based on the total revenue of the client. Prices start at below £35,000.
Maintenance cost
The software is renewed annually at a proportion of the first licence fee. All maintenance, support and upgrades are included in this annual renewal fee.
New version releases costs
The software is renewed annually (98% of all SAS customers renew), and all maintenance, support and upgrades are included in this annual renewal fee
Types of user
Types of company/organisation
SAS EGRC is used by a wide variety of organisations, including banks, insurers, building societies, asset managers, and a range of non-financial companies.
Types of users within companies/organisations
SAS EGRC is used by users across the three lines of defence. Business users conduct risk and control assessments and self-certification; risk users organise, manage and monitor all aspects of the items in the system and conduct regular and ad hoc reports; auditors can set up, schedule, execute and report on their audits and audit programme.
Areas/countries with the most users
Continental Europe and the UK have the largest number of users.
Contact person(s) and details
Name: Simon Kirby
Tel: 01628-490827
Email: simon.kirby@sas.com
Companies:SAS Institute