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Survey: Risk pros sound alarm on asset liability management readiness

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SAS-sponsored research by Celent reveals a financial industry shaken by recent bank failures and mobilizing to improve risk management practices and capabilities; June 28 virtual event offers more insights

CARY, N.C., June 27, 2023 /PRNewswire/ — The sudden fall of Silicon Valley Bank (SVB) in March was a staccato siren shattering a period of relative calm in the financial services industry. Between 2015 and 2022, bank failures averaged less than four per year – with none at all in 2021 and 2022. SVB’s ripple effects have intensified attention on asset liability management (ALM), a long-overlooked facet of risk management. How financial firms are adapting is the subject of a new ALM research study by Celent, sponsored by analytics leader SAS.

“At the start of the year, few would have predicted that [ALM] would take center stage the way it has.” SAS.com/almstudy

The resulting report, Modernizing Asset Liability Management, is based on a global survey of 266 risk-focused finserv professionals in 22 countries. It provides timely insights into firms’ strategies for strengthening their balance sheets amidst rising interest rates and soaring liquidity risk, the one-two punch that triggered the bank runs that toppled SVB and, subsequently, Signature Bank and First Republic Bank. Among the study’s key findings:

ALM modernization is mission-critical. Most firms (80%) are considering significant improvements to their ALM functions, although planned investments vary by firms’ asset size. A majority of Tier 1 firms ($750 billion or more in assets) are focused on implementing next-gen ALM technology (e.g., cloud-native, API-driven systems and machine learning), whereas nearly half of Tier 3 and Tier 4 firms ($50 billion to $249 billion in assets) are contemplating new systems.
 Foresight, alignment and automation are firms’ top three near-term ALM enhancement priorities. Nearly six in 10 firms (59%) aim to boost their forward-looking simulation capabilities. More than half seek better alignment of ALM with their risk, treasury and finance functions (53%) as well as increased automation in regulator-mandated areas of risk (52%).
 Integrated balance sheet management is most firms’ end goal. Less than a third (29%) of banks have fully automated data sharing between ALM and other risk or business functions. But 40% of firms say they’ve already achieved integrated balance sheet management – and another 39% are striving for it.

Months in planning, the survey was fielded globally in March, giving the research collaborators a unique vantage point to snapshot the changing state of ALM.

“The survey could not have been better timed to capture how firms are responding to evolving disruption,” said Neil Katkov, Director of Risk at Celent. “The good news is that nearly all banks and capital markets firms are using technology systems for ALM, but about half are using dated, monolithic systems that have rather inflexible, prebuilt functions. Such systems simply cannot support the processing speeds and model granularity needed to support ALM best practices, including intraday analytic capabilities and process automation and orchestration.”

A special anniversary – join SAS virtually on June 28
The study’s release coincides with the one-year anniversary of SAS’ acquisition of Honolulu-based Kamakura Corporation, hailed by industry analysts last year as the “joining of matching puzzle pieces” in the risk management realm. The unification of two such esteemed risk technology players was widely recognized for its market-changing potential in ALM and integrated balance sheet management more broadly.

Commemorating the acquisition anniversary, SAS will host a LinkedIn Live virtual event, Navigating Risk in Volatile Markets, Wednesday, June 28, at 1 p.m. ET. No registration is required. Connect with experts from SAS and Kamakura live, or later on demand, to:

Explore the latest trends in credit risk and the future of ALM.Hear practical strategies for managing liquidity in uncertain markets.Get the latest integration updates and a peek at what’s ahead in tech developments and risk research.

“At the start of the year, few would have predicted that asset liability management would take center stage the way it has – but SAS did, and the truth is that we’ve been preparing for this moment for a long time,” said Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions at SAS. “SAS’ acquisition of Kamakura was orchestrated as part of a long-term strategy to bolster our deep expertise and industry-leading IP to help our customers navigate the most treacherous risk climate the world has seen in more than a decade.

“Even before the recent bank failures, SAS’ strategic investment was delivering on its vision. The retooling of SAS®Asset and Liability Management on SAS® Viya® is already helping financial firms better predict and mitigate the interest rate, liquidity and balance sheet risks that sparked the industry’s current upheaval.”

ALM insights by region and more, available on demand
In complement to the ALM research report and LinkedIn Live event, the GARP ALM webcast Fresh Insights for Financial Services: Analytics Modernization and Next-Gen ALM delves deeper into the study’s findings. Join risk experts from SAS, Celent, GARP and American AgCredit on demand to probe:

Essential analytic capabilities and must-have functionalities.Regional priorities for supporting ALM advances.Preparations for the IBOR transition.

About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. 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. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2023 SAS Institute Inc. All rights reserved.

Editorial Contacts:
Danielle Bates
danielle.bates@sas.com
+1 919-531-1959
sas.com/news

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Miles Education Hosts India’s First-Ever Public Accounting GCC Conclave (M-PACT), Cementing India’s Role as a Global Accounting Powerhouse

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BENGALURU, India, Dec. 20, 2024 /PRNewswire/ — Miles Education, the flagbearer of accountants, made history by hosting M-PACT: India’s First Public Accounting GCC (Global Capability Center) Conclave, on Dec 7, 2024. Bringing together over 500 participants from the Big 4, public accounting firms and academia, the event marked a pivotal moment in cementing India’s position as the driving force for public accounting across the globe.

M-PACT set the stage for bold, future-focused dialogues on the transformative forces reshaping the accounting profession: Talent, Technology, and Transformation. The event spotlighted India’s unmatched talent and groundbreaking innovations, paving the way for a new era of global accounting excellence.

Key Highlights

Scaling India’s Talent Pipeline

The conclave highlighted India’s critical role in building a future-ready workforce to lead the global accounting landscape. Working backwards from the huge shortage of accountants in the US, Miles has been instrumental in creating the CPA talent pipeline for public accounting GCCs in India, contributing billions of dollars in exports. To further enhance the global perception of India’s talent, Miles has integrated STEM into accounting education in the US and created a unique pathway for Indian accountants to work in the US.

The discussions underscored how Indian professionals are setting new benchmarks locally and globally. During the panel on Scaling Public Accounting GCCs in India, moderated by Varun Jain, CEO of Miles Education, industry leaders such as Chung Tham (EY GDS), Vishnu Patwari (BDO RISE), Karthick Venkatakrishnan (Eisner Amper), and Murali Balasubramanian (Sthirah) illuminated India’s transformative journey. Vishnu Patwari summed it up by saying, “India’s unique position allows us to integrate the best global practices and create capabilities the world has never seen.”

Technological Disruption in Accounting

The conclave showcased how cutting-edge technologies like artificial intelligence, advanced analytics, and dynamic business models are revolutionising accounting practices.

In the panel on AI, Analytics, and Technology in Accounting, Balaji Iyer, Managing Partner at Moss Adams, drove home the future vision: ‘Who wants to slog 60 hours during busy seasons when AI can redefine efficiency? The future is here, and technology is rewriting the rules.’ Moderated by Giridhar Rajgopa (Sentient Soutions), the panel included other luminaries, including Manish Bathija (BDO India), Prasad GVR (Sikich India), Shrenik Shah (Armanino), and Vijay Narayandas (BDO RISE), who shared actionable insights on embracing innovation to stay ahead globally.

Shaping a Future-Ready Workforce

A central theme was workforce transformation — bridging skill gaps and creating industry-ready professionals. The panel, moderated by Bhaskar Ranjan Das (Ex-Director at AICPA), discussed strategies for building talent pipelines that address skill shortages while preparing professionals to navigate a rapidly evolving global landscape.

Vikram P. Rao, Head of HR at Withum, emphasized the impact of Miles Education: “Miles Education is leading the way, ensuring students are guided with precision and armed with skills to dominate the future.” Panelists like Ashish Jalan (CohnReznick), Subramanian Ananthakrishnan (EY GDS), Vishal Agarwal (Citrin Cooperman), and Vikash Pipara (BDO RISE) further explored innovative strategies to nurture tomorrow’s leaders.

Bridging the gap between academia and industry

The conclave sought to address the critical need for stronger collaboration between academia and industry, aiming to create clear pathways for students to transition seamlessly into the workforce. By integrating global qualifications like CPA and CMA into university programs — an approach already championed by Miles Education — discussions explored how academic curricula can evolve to meet the ever-changing demands of the professional world.

Leaders from top universities participated in the discussions, emphasizing the need for innovative pedagogies to align academic training with the evolving demands of the accounting profession. Miles Education’s efforts in bridging this gap were widely acknowledged. Dr. Biju Toms (Christ University) remarked, “Thanks to Miles Education, we are integrating innovative pedagogies to meet industry demands.” Dr. Easwaran Iyer (Jain University) also commended their impact, noting, “Miles Education has been pivotal in bridging the gap between academia, industry, and professional bodies to enhance skilling opportunities.”

A Game-Changing Initiative: The PAGE Council

In a groundbreaking announcement, Miles Education unveiled the Public Accounting GCC Excellence (PAGE) Council. This leadership forum will unite GCCs, public accounting firms, and academic institutions to propel strategic initiatives, foster collaboration, and redefine public accounting for the 21st century.

A Vision for Global Excellence

M-PACT wasn’t just a milestone; it was a bold declaration of India’s intent to dominate global accounting. Delivering a keynote address, Badri Rao, Partner at KPMG GDC, set the tone for future success: “The mantra is simple: Learn. Innovate. Unlearn. Learn again. Innovate again. The cycle never stops.”

Varun Jain, CEO of Miles Education, made a powerful statement: “India is at the cusp of revolutionizing the global accounting profession. With our unmatched talent pool, technological expertise, and unparalleled work ethic, we are uniquely positioned to lead the transformation of public accounting. This is not just about addressing the global shortage of accountants — it’s about redefining the profession, setting new standards, and ensuring that accounting continues to power economies across the world. India’s time to lead is now.”

The Message is Clear: India’s Moment is Now

M-PACT reinforced India’s unstoppable rise as the global epicentre of accounting. As the event concluded, the energy was palpable — a shared determination to shape the future of public accounting, with innovation, talent, and technology leading the charge.

With M-PACT as the catalyst, Miles Education stands at the forefront of this revolution, committed to redefining what’s possible in global accounting.

About Miles Education

Miles Education stands as a global ed-tech leader, working backwards from industry shortages, skill gaps, and emerging opportunities to empower businesses and professionals across accounting, business, healthcare, and tech. By creating innovative pathways, Miles is building a robust talent ecosystem that sets talent up for success.

In accounting, Miles has built a talent pool of CPA and CMA candidates in India, driving billions in exports of accounting service exports. The company’s STEM-integrated Miles U.S. Pathway has empowered thousands of Indian accountants to lead as India’s talent ambassadors in the U.S. In healthcare, the company is advancing clinical process outsourcing to India and creating avenues for Indian and global healthcare professionals to work in the U.S.

In business education, Miles is redefining the traditional approach by seamlessly integrating real-world experience with academic learning. In technology, through a joint venture — Futurense Technologies — Miles is preparing Indian tech talent to lead and excel in the AI-driven era.

With a team of over 600 professionals, a network of 70,000+ alumni, partnerships with 100+ universities, and 600+ multinational corporations, Miles is achieving a CAGR of over 80%, distinguishing itself as one of India’s few profitable ed-tech companies.

For more information, visit www.mileseducation.com.

Contact
info@mileseducation.com 

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COMEUP 2024 Concludes: A Global Startup Festival Breaking Boundaries of Innovation

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SEOUL, South Korea, Dec. 20, 2024 /PRNewswire/ — The Korea Startup Forum (KSF, Chairman Sangwoo Han) announced that COMEUP 2024, held on December 11 and 12 at COEX in Seoul, successfully concluded. The event welcomed startups, investors, global corporations, aspiring entrepreneurs, and the general public from 45 countries, establishing its international reputation.

Approximately 260 startups from 45 countries participated, with over half being international companies. National pavilions from the UAE, India, Japan, and Sweden showcased technologies, while 120 startups from 21 countries, including Germany, Austria, Sweden, and South Africa, engaged in pitching sessions, exhibitions, and networking events. Organizations like the International Trade Center (ITC) and the Africa Development Bank (AfDB) also participated.

COMEUP 2024 focused on global tech ecosystem trends such as deep tech, inbound innovation, and sustainable innovation (SIS). On December 11, Qamar Aftab from Wa’ed Ventures and Sunghyun Park from Rebellions discussed cross-border innovation. On December 12, SooJong Kim, CEO of INNOSPACE, spoke about opportunities in the space industry, drawing significant attention.

The public IR pitching event Startup Valley crowned Toonimotion, Foretell My Health, and POSCORE as Rookie League winners, securing their spots at Viva Technology 2025 in France. Other notable finalists included CUBIG, ZETIC.ai, and Tublet Korea, which are recognized for advancements in fields like AI and cybersecurity.

The Open Innovation Ground program facilitated collaborations between startups and companies like Microsoft, NVIDIA, Hyundai Motor, and Siemens. Customized matchmaking sessions featured expert talks on global expansion and funding, while the On the COMEUP platform enabled 1,900 successful business matches, nearly doubling last year’s record.

The Inbound Innovation track spotlighted foreign startups, including AiMA Beyond AI, a Spanish company developing AI-powered digital human solutions, which gained attention for its innovations and market entry efforts in Korea.

Sangwoo Han, Chairman of the Korea Startup Forum, stated, “COMEUP 2024 has become a global festival where startups and investors worldwide collaborate, break innovation boundaries, and shape the future. We will continue supporting startups in taking on new challenges and achieving global success.”

COMEUP 2024 highlights and replays are available on its official YouTube channel.

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Familiar Destinations Top Agoda’s Family Travel Ranking

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SINGAPORE, Dec. 20, 2024 /PRNewswire/ — Digital travel platform Agoda has unveiled its family travel ranking, listing top family destinations for 2024. The ranking offers insights into how family travel preferences have evolved from the previous year. The list, which sees Tokyo take the crown, highlights both continuity and change in international travel trends for families.

In 2024, Tokyo, Osaka, and Bangkok continue to be favored international destinations for families, maintaining their respective top three positions from 2023. These cities offer a blend of cultural richness and family-friendly attractions that appeal to travelers of all ages. New to the 2024 list are Da Nang and Seoul, which have captured the interest of families seeking diverse activities and scenic beauty. This marks a shift from 2023, where Singapore and Taipei were among the top destinations.

Hiroto Ooka, Associate Vice President North Asia at Agoda shared, “Families want destinations that are fun and easy to explore. Agoda is thrilled to highlight these amazing places for 2024. Whether it’s the buzz of Tokyo or the calm of Da Nang, Agoda has something special for every family.”

Agoda’s extensive offerings include over 4.5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, all of which can be combined in the same booking. Families planning their next adventure can explore these destinations and more at Agoda.com or download the Agoda app.

— ENDS —

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