In the recently concluded annual Financial Insights Innovation Awards 2021 by IDC Financial Insights, Standard Chartered Bank won the "2021 Smartest Bank in Asia" award for its Scenario Based Analytics Platform (SBAP), which not only calculates impairment cost created by a crisis but also projects its impact on the Bank's financial statements for specific future periods in time.
Partnering with analytics software and services leader SAS, Standard Chartered Bank built its robust stress testing platform that started out as a tool for regulatory compliance and has been expanded to assess the impact of crisis scenarios on the Bank's future P&L and balance sheet. Standard Chartered Bank’s efforts in building a competitive advantage around risk analytics and intelligence are a key element of their success in digital transformation.
Each year, IDC Financial Insights invites financial services organizations across Asia/Pacific to nominate the initiatives that they believe warrant special recognition in the area of innovation. The FIIA recognizes the successes of these institutions in displaying innovation to realize business objectives.
These initiatives are measured by the FIIA Assessment Panel (made up of IDC Financial Insights analysts and an independent panel of industry practitioners) against a rigorous set of matrices that look at responsiveness to market needs, effectiveness of rollout, and market take-up and sustainability.
Standard Chartered Bank’s initiative was among the 100 high-quality entries submitted for this award by leading banks across the Asia/Pacific (excluding Japan) or APEJ region. There are 15 winners this year.
SAS was chosen by Standard Chartered Bank as the main vendor for the SBAP project because the SAS solution allowed for easy integration with other tools and software in the market, according to Daniel Gelinas, Head of Stress Testing Strategic Programme at Standard Chartered Bank.
Gelinas added that choosing SAS as the correct technology partner was crucial in allowing the stress testing platform to continually adapt and grow on its transformation journey. Standard Chartered Bank is currently migrating the SBAP to a centralized and more powerful second generation, with plans to gain greater efficiency in managing data. There are plans to make the platform available to as many as 20 regions, entities, and countries by the end of 2021.