February 29, 2012 - RiskAdvisory, a division of business analytics leader SAS, today announced it is strengthening its market-leading Dodd-Frank regulatory response with the addition of Patrick Woody as Senior Strategist for Regulatory Risk Compliance. Woody comes to commodity trading and risk management (CTRM) solutions provider RiskAdvisory from parent company SAS, where he assisted energy and utilities companies with risk management and regulatory issues.
Since early 2010, RiskAdvisory has served as a thought leader for the industry in developing a regulatory response to the burdens of Title VII of the Dodd-Frank Act that can satisfy compliance requirements while optimizing related business value. Woody, a close observer of this developing regulatory landscape in his prior SAS role, will provide solution advisory services to energy and commodity market participants affected by the Dodd-Frank Act regulatory requirements. As regulatory harmonization occurs in Europe and Asia, Woody will also address the business impacts of new rules outside North America.
Before joining SAS, Woody worked with other trading and risk management solution providers in the energy and financial services sectors, with focus on development and implementation of regulatory compliance solutions. As Asia-Pacific Product Director for a leading capital markets technology provider, he developed country-appropriate audit and compliance solutions for FX and Swap operations. He is also no stranger to the whims of trading regulators, having managed anti-money laundering projects at UBS, the introduction of the Euro while at Societe Generale and deployed reporting compliance solutions to buy-side and sell-side participants in all major capital markets.
"We are delighted to add Patrick Woody to the RiskAdvisory team in view of the Dodd-Frank Act regulatory compliance challenges our customers face," said Karen Joslyn, General Manager of RiskAdvisory. "The technology implementation needs for Dodd-Frank are similar to those of the Office of Foreign Asset Controls (OFAC) and Patriot Act regulations and to the cash and foreign exchange operations that evolved over the past decade. Woody was highly successful in assisting financial services companies to expand the value of their compliance investments then, and we are confident he will do the same for our clients today."
Woody notes that Dodd-Frank compliance is more than a temporary investment. "Financial service firms and banks initially hesitated to embrace technology solutions when asked to comply with the - reporting requirements of OFAC. That changed when banks learned about the business benefits they could achieve through the automated and efficient processes required for transaction monitoring and regulatory reporting," he said.
"Similarly, the energy and commodity space today is not accustomed, and largely unequipped, to monitor and report in real-time in response to Dodd-Frank requirements. But the sector can learn from financial industry's experience: While regulatory compliance represents a mandatory investment, it can become a means to extract great business value through the use of analytics for enhanced decision-making and risk management," he said.
