The AI and analytics leader empowers insurers for a new era of compliance and risk management
CARY, North Carolina, November 28, 2023 /PRNewswire/ — SAS has received IFRS 17 solution of the year for 2023 by the Asia Risk Awards. Recognizing “…solution providers who serve financial services companies in meaningful and innovative ways”, the Asia Risk Awards is the longest-running awards program for companies involved in risk management in Asia.

The Asia Risk Awards cap a year of recognition for SAS’s newly enriched and expanded risk management offerings. Notable gains include the acquisition of specialist risk software provider Kamakura Corporation in 2022, and the 1 billion dollars investment in industrial solutions.
Other recent honors include:
- A rise to No. 2 in the ranking RiskTech 100®
- The Asian Banker Award for Best Compliance Risk Technology Implementation in 2023 China
- Category Leader designation upon SAS debut in the Chartis Quadrant® for ALM Solutions
- Five Risk.net 2023 awards for risk technologies
As adoption of IFRS 17 becomes widespread in several major Asian markets in 2023, SAS’s solution has received industry accolades and customer praise.
“We chose SAS because of its comprehensive end-to-end approach covering all IFRS 17 compliance needs,” said Pornprapa Komonsuti, Assistant Executive Vice President I, Accounting Division of Muang Thai Life Assurance PCL.
“We are impressed with the functionality and readiness of the solution, including seamless workflow orchestration and continuous data validation that streamline processes from source data to reporting. SAS’s extensive experience, combined with its professional support, ensures a smooth and successful implementation. “.
Driving Evolution in an Industry-Wide Change Management Exercise
Insurers must now meet rigorous new compliance standards, manage associated data cascades and maintain collaboration with internal and external stakeholders and regulators. Selecting a comprehensive solution with granular analytics capabilities and powerful data management performance is crucial to moving toward IFRS 17 compliance.
Features integrated into the SAS solution for IFRS 17 over the past year that enable this transformation include:
- Financial projection capabilities that power the projection of financial situations and performances according to various scenarios for future periods under the IFRS 17 regime.
- The configuration management GUI allows users to maintain a set of configuration and distinguish between global and local configurations.
- An improved end-to-end workflow that allows data post-processing to be restored to where the process ends, without the need to re-run it.
- An “archive and restore” setting is available for signed business cycles to free up server resources and improve performance.
“Introducing new liability assessments and financial reporting has been one of the biggest challenges of this decade for insurers,” said Troy Hainessenior vice president and head of risk research and quantitative solutions at SAS.
“SAS’s IFRS 17 solution is shaped by insurance and risk practitioners on the front lines of a new era of compliance. We’ve integrated finance and risk into an ecosystem that houses every stage of the reporting lifecycle, all to fuel compliance and energy. growth for the modern insurer.
Curious about how SAS’s IFRS 17 solution can streamline your auditing and reporting? Learn more about sas.com/ifrs17.
About SAS
SAS is a global leader in AI and analytics software, including industry-specific solutions. SAS helps organizations turn data into trusted decisions faster by delivering insights at the moments that matter. 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. UNITED STATES and other countries. ® indicates UNITED STATES registration. Other brand and product names are registered trademarks of their respective companies. Copyright © 2023 SAS Institute Inc. All rights reserved.
Editorial contact:
Julia Norton
julia.norton@sas.com
919-531-4661
www.sas.com/news

Show original content:https://www.prnewswire.com/apac/news-releases/sas-awarded-ifrs-17-solution-of-the-year-by-asia-risk-awards-301996648.html
SOURCE SAS