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Financial Risk Management Software

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SAS Risk Management logo

Suite of risk analytics solutions for financial institutions

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SAS Risk Management offers a wide range of intelligent risk analytics solutions for financial institutions. Software is available for Asset & Liability Management (ALM), Credit Risk Management, Enterprise Stress Testing, Expected Credit Loss (ECL), Risk Governance, and Insurance Risk Management. These solutions can help risk managers and other professionals meet regulatory compliance, while also increasing efficiency and transparency across their organization.

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Buyers Guide

Financial Risk Management Software

What is financial risk management software?

Financial risk management software helps financial analysts anticipate and manage potential financial risks of an organization. It identifies, assesses, prioritizes, and addresses various financial uncertainties, such as credit, operational, and market risks.

The tool can accurately predict future scenarios based on historical data, which allows financial risk managers to make informed strategic decisions. Additionally, it ensures compliance with relevant regulations by tracking changes in the regulatory environment. Business owners can use financial risk management software to reduce the possibility of losses due to unpredicted events or market fluctuations.

What are the core features of financial risk management software?

  • Data management: Collect, organize, and manage financial data from various sources, such as market data feeds, financial statements, and trading platforms for analysis purposes. Data management feature ensures that the quality of information used for analysis is accurate, consistent, and reliable. It allows users to integrate different data types, including market, portfolio, and operational data, into a single platform to simplify access and retrieval processes.

  • Risk analytics: Identify, analyze, and mitigate potential risk factors in financial transactions. Risk analytics feature in financial risk management software provides detailed insights into market trends, credit risks, or operational threats to support informed decision-making, minimizing exposure to possible losses.

  • Reporting: Generate detailed financial reports to analyze risk exposure, monitor the effectiveness of risk mitigation strategies, and ensure compliance with regulatory requirements. This feature typically includes customizable report templates to display data in various formats, such as charts and graphs. Financial institutions can use this feature for optimizing their finance and risk management strategies.

What are the benefits of using financial risk management software?

  • Identifies potential financial risks: Financial risk management software analyzes historical data, market trends, and volatility to predict potential financial risks, such as interest rate, foreign exchange, and funding risks. It uses algorithms to recognize patterns and anticipate future scenarios that could pose a threat for the organization's finances. Early identification of these threats allows businesses to improve risk assessment capabilities, make informed decisions and avoid significant financial losses.

  • Streamlines regulatory compliance: Financial risk management software automates collecting and reporting financial data, including credit, operational, and portfolio data sets. It enables organizations to accurately track transactions, manage risks, and maintain records according to local and international regulations. This eliminates manual errors in record-keeping while ensuring timely response to regulator's inquiries, saving businesses from hefty fines for non-compliance.

  • Aids financial decision-making: Financial risk management software provides real-time data, including scenario evaluations related to various financial risks. It also includes risk measurement metrics, such as stress tests and sensitivity analysis, allowing early risk identification. With this information, decision-makers can make more informed choices about their investments or business strategies.

What are the potential issues with financial risk management software?

  • Data integration issues: Data integration issues can be significant challenges in a financial risk management solution. If the system is not able to accurately combine data from different sources, such as market research reports and social media feeds, it might lead to erroneous analysis and decisions based on incomplete information. This could potentially increase the business's exposure to unforeseen risks and negatively affect its long-term profitability.

  • Inflexible modeling capacity: Inflexible modeling capacity limits the software’s ability to simulate different scenarios and respond to changing market conditions. This inflexibility may make it hard for financial risk managers to effectively predict and mitigate future threats, potentially exposing them to unexpected financial vulnerabilities.

  • Limited forecasting tools: Limited forecasting tools, such as stress testing, scenario analysis, and credit risk models, can limit the risk assessment ability of the software. The inability to predict future risks and market trends accurately could further lead to poor decision-making, unexpected losses, or missed opportunities for financial growth.

How much does financial risk management software cost?

Most financial risk management software products on the market are priced on a “per month” basis, and their entry-level pricing plan ranges from $5 to $150+* per month. An enterprise product that’s priced higher may include additional financial risk management features, such as licensing models, scenario analysis, derivative valuation, fraud detection, and advanced analytics. 

*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of August 21, 2023.

Considerations when purchasing financial risk management software

  • Assess integration with existing financial systems. Assessing integration with existing financial systems, such as enterprise resource planning (ERP) platforms, data warehouses, and portfolio management systems, is crucial when purchasing financial risk management software. This ensures smooth data transfer, reduces errors due to manual data entry, maintains consistency in information across platforms, and aids quick decision-making based on real-time data analysis.

  • Check for real-time risk monitoring features. Real-time risk monitoring features, such as real-time alerts, dashboard visualization, and live portfolio analysis in financial risk management software, allow instant detection of potential risks. These enable businesses to react quickly to financial changes, make informed decisions based on current data, protect their financial assets, and ensure compliance with regulatory standards.

  • Verify the regulatory compliance features. Financial risk management software must comply with numerous regulatory requirements, such as the standards laid by the General Data Protection Regulation (GDPR) and Sarbanes-Oxley Act (SOX), to ensure the accuracy and legality of financial transactions. Regulatory compliance features in a financial risk management solution help businesses comply with key regulations and avoid heavy fines.

Sources

Products evaluated for the pricing calculation were taken from GetApp’s financial risk management software directory. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in GetApp’s directory that offer them. 

Disclaimer

This financial risk management software buyers guide was authored by GetApp's content team. We develop our guides using the author’s expertise, insights from 2M+ unique user reviews, and our proprietary data science algorithms to identify trends in user sentiment, preferences, and priorities. Some text was generated with assistance from artificial intelligence tools.