Union Bank of India Modernizes Risk Management with SAS

Mumbai, India (May 29, 2024)

Union Bank of India, a premier public sector bank in India, has successfully modernized 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 which 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 modernization, including SAS Stratum, SAS IRM Solution, SAS Data Integration Studio, SAS GCM, SAS Visual Analytics, and SAS Op-VaR.

This modernization resulted in significant credit risk RWA and capital savings with a single integrated system for RWA computation. This standardized 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 modernization 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, VP & 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 the Union Bank of India in the endeavor to modernize 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.