Continuous model risk governance and ongoing monitoring
Model Risk Management
Create and maintain your model inventory using effective workflow management with robust governance frameworks.
Why choose Model Risk Management?
Model Risk Management, a solution on our Connected Risk platform, enables your teams to manage workflow processes with an enterprise-wide approach. The solution adapts to your organization by providing a robust and streamlined workflow, and enables your teams to evidence an ongoing monitoring function and continuous model risk governance.
An agile, phased approach to implementation ensures a methodical deployment that reduces risk, engages your key stakeholders during the necessary stages, and aligns with organizational governance requirements.
The design can be easily refined retrospectively to match any changes you want to make to your risk management processes.
Features & benefits
What you get with Model Risk Management
Inform the right stakeholders of deadlines and actions, for a faster response to changes impacting your models.
Track models across various risk thematics using a single inventory store to reveal potential redundancy and duplication.
Get a multi-tiered security model with controlled access, version history, and easy search capabilities.
Enhanced drag-and-drop and powerful data mapping capabilities to create additional taxonomies and linkages to neighboring risk areas.
How it works
Model Risk Management in action
Upload documentation at any phase
Policy documents and regulatory references can be uploaded and mapped to the relevant models. This can be integrated with other document management systems. Add commentary, committee meeting minutes, and sign-offs, and capture any amendments made during this process. Teams receive warnings as they try to upload a file if it already exists in the system. They are then prompted to link to the existing file rather than upload a duplicate, which encourages best practice document referencing.
End-to-end governance workflow
Data, documentation, and emerging issues are available on the go through a simple yet powerful workflow. Receive timely alerts for approaching due dates and overdue activities as well as email notifications for relevant action details and direct links to the updated pages. Leverage operational statistics to uncover potential blockages, as well as regular automated review cycles for the periodic assessments of models.
Identify and track issues through to resolution
Perform issue identification for point-of-source capture in near real-time. Manage issues through simple resolution and sign-off workflows, track progress with responsible owners, and monitor expected due dates with associated email alerts.
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