The business analytics software firm SAS has formed a new division focused on risk research and quantitative solutions for financial services firms. It's headed by former bank executive Troy Haines, according to an announcement Monday.

Haines has become a senior vice president within SAS, directing strategy, research and product development for the company's risk management initiatives. The Cary, N.C., firm's new division will expand its focus on risk challenges faced by banks, including stress testing, regulatory compliance and capital management.

Haines "brings more than 20 years of experience in quantitative risk management, technical project management and applied research in the financial services industry to this role," Jim Goodnight, a co-founder of SAS and its chief executive, said in a press release.

Haines previously held banking and risk management positions with JPMorgan Chase and Washington Mutual Bank, among other companies. He joined SAS in August 2014.

The new risk research division will consolidate different teams under Haines that already existed within SAS, including pre-sales support, risk practices applications and systems development. There will be no staff reductions as a result of the consolidation, the company says.

The company said it also aims to use the division "to double investment in critical areas of financial risk management, applied research and application development in the next couple of years." It plans to recruit risk industry experts to develop its consulting services in addition to several industry specialists it hired in the fourth quarter to support this initiative.