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Insights on How to Run a BankA selection of articles by thought leaders that appeared in previouslypublished material from Financial Times Business Enterprises Ltd.Featuring:Jim Davis, Senior Vice President and Chief Marketing Officer at SASJim Goodnight, CEO of SASMyron Scholes, Nobel LaureateAlastair Sim, Senior Director of Marketing at SASChris Swecker, Independent Consultant at Swecker Enterprises

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HOW TO RUN A BANKTable of ContentsForeword ..........................................................................................................1Connnecting with customers in a multi-channel world ................................4Mitigating bank fraud: finding the right strategy ..........................................6Transforming performance: the evolution of risk ..........................................8High performance banking technology ........................................................10 i

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HOW TO RUN A BANK Foreword For more than 35 years, SAS has partnered with some of the most successful organizations in transforming the way the world works, from discovering revolutionary medical breakthroughs to developing innovations to ensure that business can get the right products to the right places at the right times. Such innovations have been born from both necessity and opportunity – both in reaction to changes in the world around us, and in anticipation of the changes yet to come. As an example, look at the world of the consumer, which has evolved from the comparatively simplistic, low-tech domain of a few decades ago to the constantly changing, complex one of today. In response, businesses have had to rapidly modernize and adapt in order to survive. Customer choice and fierce competition have sealed the fates of those too slow to respond. Arguably, no industry has faced greater changes and challenges than thefinancial services industry, which has witnessed dramatic highs and lows over the years in response to fluctuationsin an unstable global economy. Exponential advancements in technology have enabled banks to trade across globalmarkets, while giving customers unprecedented access to financial services through smartphones and other mobiledevices. The result has been an explosion of data in staggering volumes pouring through financial systems and acrossthe Internet. And while data is the lifeblood of any business, many organizations are finding themselves drowning in it,with no strategy for exploiting its potential.Recent strategic investments by banks have mainly concentrated on infrastructure and operational environments, butthis is no longer the priority. Instead, banks are realizing the need to understand their customers like never before.Today’s customer expects – no, demands – to be treated as an individual. And for banks, insight and foresight are thekeys to better serving each customer as an individual.Banks are on a path to realizing this potential both through the modernization of their decision-making processesand the ability to harness the ever-growing volumes of data. But there are still challenges ahead. The articles thatfollow address both the opportunities and obstacles that the financial services industry may encounter in the comingmonths and years as it embarks on this path. By sharing these articles with you, we are sharing both our experiencesand those of other thought leaders as the banking industry looks to embed itself firmly in the digital age, with all thepossibilities and perils that it brings.Industry-leading SAS® Analytics give organizations such as banks the power to know their customers, their marketsand their risk exposures – and, ultimately, to determine their success. And we will continue to help transform the waythe world works through analytics.Sincerely,Jim Goodnight, CEO 1

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chapter 6 Analytics: the power to knowHow to Run a Bank Chapter sponsored and contributed by SAS

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section index 74 Connecting with customers in a multi-channel world: Jim Davis, chief marketing officer, SAS 76 Mitigating banks fraud: finding the right strategy: Chris Swecker, independent consultant, Swecker Enterprises 78 Transforming performance: The evolution of risk: Myron Scholes, Nobel Laureate and Alastair Sim, senior director for global marketing, SAS A nalytics has opened up the world to new possibilities and consumers’ expectations are changing. Banks must adapt in the post-crisis environment by looking at their customers more closely and using data to gain further insights. Jim Davis, SAS’s chief marketing officer, argues that customer behaviour is changing, but new marketing technologies are available for banks to better target their customers and improve relationships. Chris Swecker, an independent consultant at Swecker Enterprises, says data is key for banks to protect themselves and their clients from fraudulent activities. Myron Scholes, Nobel Laureate, and Alastair Sim, SAS’s senior director of marketing, reveal that risk management remains high on banks executives’ minds. They also discuss new approaches to traditional techniques. How to Run a BankChapter sponsored and contributed by SAS 73

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analytics: the power to know Connecting with customers in a multi-channel world BANKS THAT HAVE PERFORMED WELL customer needs, providing relevant THROUGHOUT THE CRISIS HAVE products and services cost-effectively and calculating the unique lifetime value UNDERSTOOD THEIR CUSTOMERS’ of customers to the institution. Further NEEDS. BUT THERE ARE STILL emphasising of analytically supported decision-making, related to multi-channel OPPORTUNITIES IN THE MARKETPLACE marketing optimisation and client service, will be critical to improving customer F inancial institutions have certainly experience, loyalty and profitability. Jim Davis demonstrated their resilience To illustrate this, one US financial Chief Marketing to challenging economic events institution is incrementally generating Officer and pressures over the course of modern $250m in revenue by using behavioural SAS history. However, the current period of models and predictive analytics to global economic upheaval has proven comb through more than 19 million to be one of the most complex evils the transactions per day from more than financial industry has ever faced, making 17 million customers. With the insight the road to recovery less of an uphill it derives, the bank delivers consistent trudge than an endless ride on an anxiety- messages to customers across all touch fuelled rollercoaster. points and channels. The solution also While some stability has returned to helps the bank understand and anticipate the banking industry following an intense future customer needs, using event-driven period of financial institution collapse technology to alert representatives when and consolidation, regulatory rigidity and significant behavioural changes occur so the slow-to-recover economy have severely that the bank can intervene immediately constrained a bank’s ability to grow its to address a new customer requirement or revenue and profits, forcing many to re- save an at risk relationship. engineer their processes to make them Consumer and business depositors will more efficient and cost-effective. Nowhere be more valuable to the banks than ever is this more apparent than in retail before; failure to communicate with these banking, where institutions must refocus customers at the right time, through the their efforts on improving customer right channel, with the right offer will service and retention efforts while slowly wear away the client base. Customer increasing each customer’s lifetime value. communications must be personalised and interactive and offer tailored products Understanding customer needs and services. This requires sophisticated Retail banks that will survive and thrive analytics and marketing automationHow to Run a Bank in the current economic climate are technology to create customer insight, using new technologies and channels to increase interactions across channels, grow revenue from basic services, such and monitor and respond to changes in as deposits and loans, by understanding customer behaviours. 74 Chapter sponsored and contributed by SAS 4

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New channels customer relationships through closed-Social media is one evolving channel loop customer marketing processes withthat will help banks to generate insights a complete view of customers and includeon customer attitudes and preferences, the ability to:which can be used to inform marketing ■ Collect meaningful customer data fromcampaigns and help deliver better all channels, including social media, incustomer experiences. However, an one place.August 2010 study, conducted by Harvard ■ Apply advanced predictive analyticsBusiness Review and SAS, shows that for more accurate forecasting and insightbanks lag behind other industries by into customers and households.10% when it comes to using social ■ Match individual customer profiles tomedia to understand and communicate the most relevant offers.with customers. In fact, 57% of bankers ■ Run intelligent campaigns that accountpolled admitted that their social media for different customer interactions.efforts were ineffective, compared with ■ Learn from campaign results and build43% of those polled from non-banking lessons back into the process to improveindustries. future marketing and customer service For banks, social media has its pros and efforts.cons. One influencer can drive thousands In addition to the belt-tightening effectsof potential customers to a website. of the recession, consumer behavioursHowever, that same influencer can and expectations have radically changedspread his or her dissatisfaction, causing in recent years, requiring banks toerosion in brand equity and profitability. improve outreach to customers and earnRegardless, embracing social media is not their trust and good old-fashioned loyalty.a choice for banks; it is an imperative. To accomplish this, banks have to meetFortunately, as social media has evolved, customers where they work and playso too has the technology to understand – on the web, through mobile devicesusers and their networks. The myriad and social media sites. They can thenbenefits that come from analysing use the wealth of customer intelligencesocial media data include product and that is generated to create new productservice quality improvements, assessing and service offerings, acquire and retaincustomer sentiment and uncovering customers, and maximise the profitabilityfraud rings. of each relationship.Improving valueWith the increasingly sophisticated biography Jim Davis is senior vice-president and chiefcustomer analytics and marketing How to Run a Bank marketing officer at SAS, overseeing variousautomation technologies that exist strategic and operational functions. Mr Davis co-authored the book Information Revolution:today, retail banks have the perfect Using the Information Evolution Model toopportunity to improve the value of Grow Your Business. Chapter sponsored and contributed by SAS 75

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analytics: the power to know BANKS CAN NOW CONNECT WITH of fraud incidents through their own auditing processes. CLIENTS THROUGH A NUMBER OF COMMUNICATION CHANNELS. BUT Finding the weak links FRAUD REMAINS A HUGE PROBLEM Consumers, retail merchants and business are weak links when it comes to virtual AND BANKS MUST STAY ONE security. They respond to phishing schemes STEP AHEAD TO PROTECT that solicit their most sensitive information, THEIR CUSTOMERS allow already imperfect anti-virus and spyware software to expire or disable the F inancial institutions are leaders programs, use vulnerable passwords and in delivering of a wide range of don’t cover their PIN numbers when using services and products via the an ATM. They are ill equipped to counter internet and mobile communication botnets, worms, malware and viruses such channels. Unfortunately, electronic crimes as the Zeus strain, which has stolen more targeting consumers and businesses have bank credentials than any other virus and become the most pervasive crime problem is linked to more than $100m in losses of this millennium. Financial institutions worldwide. These exploits spontaneously must realise that fraud undermines mutate to stay ahead of the latest detection customer confidence in the bank’s ability, software. or willingness, to protect its customers. The latest battleground is business Fraud rings have proliferated because account takeovers. These accounts being a professional fraud operator is typically hold higher balances to meet easy, profitable and presents low risk payroll and daily expenses, and often and high reward. Ironically, institutions the business customer has weak internal that pride themselves on fostering safeguards. Businesses are not afforded collaborative environments are being the same protections as individuals and out-networked by the bad guys, who thus are often held responsible for losses work in a communal ecosystem devoted when their accounts are compromised. exclusively to committing fraud around Businesses are especially vulnerable the clock. They are adept at exploitation because their information security, of gaping vulnerabilities caused by online banking protocols and technology compartmentalisation of fraud detection configuration are seldom as good as they units and the schism between the lines need to be. of business and fraud components, One important enabler is that fraud including inefficient management and receives scarce attention from top Chris Swecker use of data. Sadly, a recent survey of 230 executives unless a significant negative Independent banks by the Information Security Media media event occurs. Revenue growth Consultant Swecker Enterprises Group revealed that only 23% learn and business expansion are paramount; Mitigating bank fraud: finding the right strategyHow to Run a Bank 76 Chapter sponsored and contributed by SAS 6

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when it comes to risk programmes, credit,market, counterparty and regulatory risks banks must breaktrump all others. As a result of scarce anti- down the traditionalfraud resources and failure to deploy themost effective analytical tools available, separationfraud rings are able to exploit the bank’s between anti-inability to ‘connect the dots’. The FBI warns that professional money launderingfraud networks, not opportunisticindividuals, are inflicting the greatest and frauddamage. These networks exploit the a shared database of historical alerts,‘one fraud at a time’ detection tools and red flags, investigations, watch lists andtechnologies. Balkanisation of fraud customer claims can help combat fraud.detection components based on product Components that cannot be consolidatedlines and delivery channels, technology should at least share a case managementarchitecture that resembles a patchwork system.quilt and overall fragmentation of anti-fraud efforts severely hinder the ability to Prioritising the customeridentify ring activity and deploy effective Once and for all banks must break downloss prevention strategies. Finally, industry the traditional separation between anti-co-operation must be established. money laundering and fraud. As the chief Identity impersonations account for of FinCEN has pointed out, fraud andmore than $50bn in losses and directly money laundering are co-dependent. Anaffect close to 12 million people annually. effective anti-fraud strategy should focusCustomers expect banks to protect them on expending resources on the greatestfrom this nightmare. Consider the highly problems, not just the next alert or casepublicised Heartland Payment Systems/ that shows up in the case managementTJ Maxx hacks, in which more than 140 system. The organisation must prioritisemillion credit/debit card transactions and direct scarce resources towardwere compromised, affecting more than events that present the largest losses in500 banks and countless customers. the aggregate, such as ring activity, and the greatest potential for recovery andUsing data to prevent fraud prosecution.From the perspective of bank risk Ironically the tools and capability toexecutives, anti-fraud programmes are more effectively prevent and mitigatelow priority because a lack of positive these losses are available. Banks mustrevenue and losses are built into budget develop a sense of urgency because theirprojections. They discount the impact customers will continue to be easy victimsand reputational risk presented by a without decisive action. The ranks of fraudwell-publicised negative experience on a thieves are increasing every day due tomass scale. They should view anti-fraud internet networking opportunities andstrategies as a priority, not because of the the low risk of prosecution.monetary losses that are ‘acceptable’ from Fraud has become viral and will never bea balance sheet perspective, but rather solved by law enforcement. It is an industrybecause current and potential customers solution dependent on the awareness andfeel vulnerable and exposed. Banks that sponsorship of bank executives at thefail to protect customers will lose them to highest levels. They must deploy the mostcompetitors that grasp the problem and powerful analytics available, consolidatethe potential opportunity. data and various fraud components, Fortunately, the banks themselves hold and make use of multilayered detectionthe most powerful weapon to predict and technology. It is not about the money; itprevent fraud – data. Banks hold a rich is about the customer. The customer musttrove of information about customers, feel important and protected. After all, ittransactions, accounts and broader trends is just good business to protect your mostand patterns. The effective use and analysis important asset.of that data – real time and batched –can identify fraud patterns, anomaliesand common data points that reveal biographyassociations between fraudulent accounts Chris Swecker is a practising attorney andand group fraud activity. One best practice independent consultant for Swecker Enterprises,is to form a small ‘ring identification team’ specialising in financial crimes and money- laundering mitigation strategies and is ato proactively identify the malignant social How to Run a Bank frequent guest expert speaker. He has 30networks. Also, the consolidation of fraud years of experience in law enforcement, national security, legal, corporate securitydetection and investigative components and risk management positions including the third highest executive position in the FBIinto a single platform and creation of and chief security officer for Bank of America. Chapter sponsored and contributed by SAS 77

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analytics: the power to know Transforming performance: the evolution of risk everybody’s concern and there needs to RISK HAS EMERGED AS AN IMPORTANT be a greater role for the risk function on PART OF THE EXECUTIVE BOARD, AND the executive board. Ownership of the BANKS NEED TO MOVE AWAY FROM cultural change required to embrace risk across the institutions going forward has TRADITIONAL TECHNIQUES AND to be driven by the CEO. Only then, by ADAPT TO THE NEW ENVIRONMENT determining the tone at the top, will the elements of this complex puzzle begin A s a result of the recent market to come together. So what have been the Myron Scholes shocks, banks, capital markets elements used to manage risk and how Nobel Laureate firms and asset managers are should risk management evolve? rethinking certain issues and focusing on integrating risk and reward trade-offs. To Risk and return do this, they are using portfolio theory Risk management has traditionally relied and planning for market shocks and the upon expert judgement coupled with a resulting impact on the business and narrow use of quantitative techniques. its divisions. Leading financial entities These techniques are being replaced are linking their portfolio risk with the by sophisticated analytics that make return on capital and integrating market traditional quantitative techniques more liquidity into their analyses in an attempt transparent and available to decision- to gain a more complete view of risk and makers by combining them with an return. As a result, optimisation of capital analytic decision framework that is deployed – rather than just a single view optimised for exposures and capital return. of risk exposures – has become the new Predictive, on-demand scenarios provide role of risk management. an up-to-the-minute, scenario-optimised Alastair Sim A recent survey of senior executives from view of risk and return, allowing executives Senior Director Global Marketing more than 300 global financial services to understand and integrate capital to SAS institutions, carried out by the Economist various asset classes and divisions of the Intelligence Unit on behalf of SAS, firm. By incorporating all elements of the revealed that one of the most important risk and reward equation – exposures, concerns of executives was a desire to return, capital reserves, capital deployed restore credibility in institutions, systems in various forms, firm liquidity and market and the industry. In the resulting report, liquidity – we now have the opportunity to ‘Rebuilding Trust’, strategic changes were provide and grow high-performance risk identified. Better communication and management capabilities within firms. analysis of information across the firm and As we continue to emerge from theHow to Run a Bank communications between the executive global financial crisis, not only have banks team, the risk function and the business had to boost capital reserves, but the was seen to be of great importance. impact of sovereign nation debt has also Management of risk needs to be seen as constricted the flow of capital. This has 78 Chapter sponsored and contributed by SAS 8

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the potential to heighten the impact ofmarket volatility, and with unanticipated traditionalevents, we are anticipating that there is techniques arethe potential for an amplification effectof the volatility and market shocks. The being replacedability to acquire capital for investment by sophisticatedor to liquidate a position may acceleratemore default events over the next few analytics whichyears as markets adjust to systemicchanges in the market structure. bring transparency Although most firms use dynamicmeasures such as VaR to gauge the simply maximised along a truncated viewsensitivity of results to short-run market of possible investment paths, assumingfactor movements, they realise that they that recent volatilities and observedneed to overlay these measures with correlations were the best indicatorsadditional capital and static reserves to of future volatility and correlations.handle shocks. Correctly, entities realise Additionally, firms viewed planning forthat short-term measures are inadequate. shocks and changes in the opportunity set However, new work is needed to measure as unnecessary or of little value. Risk hadthe size of needed risk reserves or cushions; been tamed, and risk officers had criedthat is, how to dynamically adjust them wolf too many times to be heard. It turnsand partition the cushion among the out that observed low portfolio volatilitiesvarious asset categories within an entity to largely contributed to low observedmake more accurate risk and return trade- correlations. As a result, regulators andoffs. This is a new direction for research. market participants believed that theThe ability to enhance risk methodologies risks observed years ago were the risks ofis due to advances in technology, the past; risks today were ‘understood’ andsuch as the SAS high-performance would remain as such into the foreseeablecomputational environment, that remove future. Market participants respondedthe computational complexity associated to this belief by increasing their ownwith multifactor, cross-firm, full-valuation risks through leverage, concentratingmethods. holdings (becoming less diversified) and holding riskier positions, andAdvantages of diversification reducing contingency reserves for shocks.Moving from theory to implementation Contingency reserves were reducedissues, market participants relied too because risk could be either diversified orheavily on recent market experience distributed through securitised products.(during the 1990s and 2000s) to frame Flexibility planning in the form of capitaltheir views on risk and to calibrate their optimisation became less necessary withmodels. They concluded incorrectly that reduced uncertainty.the likely need and the resultant cost toadjust their holdings – and to reduce risks Advances in analyticsin light of shocks and lack of liquidity in If risk had been controlled, these were thethe market – were extremely low. They correct planning decisions. In retrospect,relied almost exclusively on the advantages relying too heavily on recent data – andof diversification across uncorrelated firm even ignoring recent minishocks – wasactivities and concluded that risks were the wrong decision. We had gone throughcontrolled within the isolated portfolios; a long period of market quiescence;they relied too heavily on a limited set of risk had not been tamed. The businessquantitative techniques to measure and cycle remains; datasets are too vastto plan on how to react to unexpected to understand all of the interactionsmarket conditions. necessary to tame risk unless advances in They also relied extensively on analytics and technology are applied.external monitors, such as the rating Today’s high-performance computingagencies, to validate risks. The rating transforms the ability to address complexagencies failed to incorporate multiple, and often volatile business problems.simultaneous failures in their models; This is a new era in managing risk andthey also overlooked the fact that recent business performance.market event data might not tell thecomplete story, or that the quality of biography Myron Scholes is widely known for his decisivethe composition of structured products work in options pricing, capital markets and tax.might deteriorate over time as entities He is the co-originator of the Black-Scholes options How to Run a Bank pricing model, which earned him the Alfred Nobelreverse-engineered them to ‘just pass’ to Memorial Prize in Economic Sciences in 1997.receive a rating of ‘AAA’. Alastair Sim is a member of the global marketing board at SAS and responsible for the strategy and Therefore, the problem is that firms marketing in EMEA. Chapter sponsored and contributed by SAS 79

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technology High performance banking technology LINKING TECHNOLOGY FLOWS ALLOWS well-made FIRMS TO ASSESS THEIR RELATIVE business decisions EXPOSURES. NEW TECHNIQUES ARE PROVIDING FINANCIAL INSTITUTIONS are backed by THE ABILITY TO MODEL REAL-TIME analytics that DATA AS THEY STRIVE TO MEET NEW extract relevant Jim Goodnight REGULATORY REQUIREMENTS and insightful factors needed I Chief Executive Officer SAS n a recent conversation with the head of risk analytics for a large global to assist decision bank, a comment was made that is was a very good thing that the Dubai makers debt crisis of November 2009 happened to truly understand the performance of over the US Thanksgiving holiday – the the capital available to a bank, has caused banking executive (who is located in the bank managers to either aggressively US) was thankful he was able to call all extend credit or to not participate in the his employees back into the office on that market due to a lack of information. Due Thursday. partly to the limitations of traditional The Thanksgiving holiday and the reporting and ‘computational’ technology, following weekend were used to prepare banks have only been able to increase their a detailed, cross-firm analysis of the use of analytics within certain silos of entire bank’s global exposures, liquidity product offerings, but have not yet reached and capital available. It took an army of the goal of having ‘on-demand’ firm-wide executives selected from various business capabilities. units, risk teams and technology support The ability to do cross-product scenario, groups three gruelling days to consolidate stress-testing and firm-wide analysis of the exposures, stress test the portfolios required liquidity for funding of products across all products and validate the capital and analyse impact to capital required for position. What typically took two weeks to economic growth and to meet regulatory compute was compressed into four days. requirements is still a goal many banks Teams of people worked in round-the-clock and financial services firm are striving runs of technology systems to calculate for. Market events such as the Dubai debt new views of risk and exposures. Hours crisis or even the Lehman bankruptcy of technology processing were required have left banks and other financial firms to recalculate the updated market pricing scrambling to answer the questions of formulas with new factors, run new market what exposures do they have on hand? scenarios and sensitivity analysis and What will be the impact on capital? How produce reports. The team barely made the can I stress test the ‘firm-wide’ view of deadline set by the CEO for a review on the what assets are currently on the balance Monday following the holiday. sheet to determine if additional losses are impending?How to Run a Bank Managing information Not being able to wholly integrate the full Finding the answer cycle of credit management, combined with A high-performance banking technology the failure of market portfolio management framework is the answer. Key elements 68 10 Article sponsored and contributed by SAS

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CEO Agenda 1. Modernisation – the pace of change in market conditions has dictated a step change in the desire to integrate risk types across the business. 2. Better business decisions are based on an ability to see current state and remodel for future states in a high-performance environment. 3. High-performance technology – combining model accuracy, integration, volume and speed. 4. Optimised – advances in analytical model technology allows ‘real-time‘include computing what you need to know Well-made business decisions are backed optimisation of risk.today – questions asked today cannot be by analytics that extract only the veryanswered with ‘stale’ information that relevant and insightful factors needed to 5. Competitive advantagewas computed yesterday. Some historical assist the decision maker in their business. – high-performing bankingfactors need to be archived and utilised Advances in analytical model development technology concentratesfor the back testing of assumptions but technology and methods exist today that on increasing the valuea high-performance banking technology keep sophisticated models ‘fresh’ with the delivered to people whosolution relies on the ability to combine principle factors to make better decisions. make decisions.historical events, allows for the insertion Model variables can be ‘optimised’ in real-of new factors and to compute in real- time as market conditions change.time the ‘next’ iteration of the answer to The impact of a local business unitthe question being asked. decision can only be accessed for ‘firm- wide’ impact when provided the capabilityNew technology to aggregated information in real time.Radical new technology exists right now Transactional systems and the reportingthat goes beyond the computational available from these systems has evolved toadvances that GRID technology represented the extent that with the use of proper dataa few years back. Advanced technology that quality and monitoring tools, confidenceintegrates the computational matrices for can be applied to the data used for decisionsophisticated analytics directly on to a CPU making. What a high-performancerich processing environment is a reality technology approach allows for, is not onlyfor today’s banks. Entire data centres of the rapid integration of these data sources,traditional servers can be replaced with but also the ‘real-time’ aggregation of thean ‘appliance’ type of technology that results of computational and analyticalprovides integrated software and hardware models. Traditional ‘cube’ technology still– providing an analytics ‘analysis’ machine takes hours and days to update once thereducing days to minutes. results from the analytical models have Business decisions are made within been computed. Advanced technologicalestablished methods – focus on getting the methods are available today in an ‘on-key factors to support decision processes demand’ manner to provide results toin place – do not focus on having all data business users as dynamically, updatedavailable. The traditional transaction analytical information is produced.and reporting approach that has beena part of the banking industry is still anecessary part of the banking business. biography: How to Run a Bank Dr Jim Goodnight is CEO of SAS, the world’s leadingOperational reporting is different from business analytics software vendor. Dr Goodnight has been CEO of software vendor SAS since itsthe predictive analytics used for helping incorporation in 1976. He is an active speakerbusiness leaders make today’s decisions. and participant at the World Economic Forum. Article sponsored and contributed by SAS 69

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SAS Institute Inc. World Headquarters +1 919 677 8000To contact your local SAS office, please visit: www.sas.com/officesSAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USAand other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies.Copyright © 2011, SAS Institute Inc. All rights reserved. 105186_S70951.0511