Model Risk Governance
Modernize Your Solutions to Keep Up with Evolving Demands
Model governance teams are faced with outdated inventory and governance tools that cannot keep up with the current imperatives of model risk management. With the emergence of new model classes and the use of End User Computing Applications (EUCAs), model governance teams are constantly under pressure to ensure they manage risks effectively.
Furthermore, the complexities of managing a model estate across multiple legal entities and regulatory frameworks, along with expanding regulatory expectations from the Board of Directors, have added more pressure on the model governance function.
At Evalueserve, we understand the need for new solutions to meet these new challenges and can offer innovative services and tools to ease the burden and enhance your model risk management strategies. Evalueserve combines the expertise of MRM Practitioners with the efficiency of technology to work with model governance teams across the value chain. In fact, Evalueserve was recently named a Category Leader for Model Risk Governance solutions in Chartis Research's RiskTech Quadrants.
Enable Board of Directors to discharge their regulatory responsibility to oversee model risk management appropriately. Provide insightful reports on the organization-wide model risk profile.
Accelerate and streamline model risk governance and inventory management processes.
Ensure accuracy and completeness of data and documentation on the entire model inventory to give auditors and regulators confidence in the effectiveness and compliance of the complete MRM function.
Increase Transparency with Enhanced Reporting
- Discover patterns and gain deeper insights with canned and bespoke reports on the entire organization’s model risk profile against the model risk appetite framework.
- Act quickly with Business Unit model risk scorecards.
- Get a comprehensive view of risk for a suite of interconnected models through model dependency analysis.
Manage Model Inventory with Ease with MRMOne
- Simplify model lifecycle management and improve model documentation, transparency, and compliance with digital solutions powered by MathWorks' Modelscape Solution.
- Onboard models and EUCAs; maintain updated model owners/users information, link to repositories, track dependencies, and other updates.
- Manage system reconfigurations covering new data fields, customized workflows, and integrations with other systems.
Support Model Governance Processes
- Model inventory operational services create time for truly managing model risks.
- Run attestation programs, create validation schedules, manage workflows for MRA/ MRIA/ Regulatory remediation programs.
- Track policy exceptions and super findings and create bespoke reports and analyses on aggregate model risks, overdue items & associated roadblocks.
Reference Case
Model Data Repository Creates Efficiencies for Canadian Bank
A leading Canadian bank possessed a large model data set from disparate sources. Evalueserve cleaned, standardized, and transformed the data set, improving the bank’s data architecture and ensuring full regulatory compliance. Evalueserve’s efforts resulted in a shorter model development process and a data repository that was applicable to the broad risk landscape.
Related Resources
Optimize your outcomes.
RiskMinds Discussion Highlights: Implementing a Risk-Based Approach to Model Risk Management
The recent pandemic significantly stressed the model tiering approach presenting a clear to need for a model risk management system.
SR 21-8: Rationalizing Model Risk Management for BSA/AML Models and Systems
The recently issued interagency statement SR 21-8 is a non-binding guidance note with very useful and practical suggestions on how banks can juggle resources between SR 11-7 and AML/BSA compliance.
Financial Crime and Risk Management— Separate Origins, Converging Practices
The traditional types of risk such as credit and market risk are about losses and are able to be quantified. It may not always be easy to mitigate risk, but the first step is to gather data and make calculations that provide a basis for decisions about whether any given business is worth doing.
Combating Financial Crime Through Model Risk Management
Models are complicated things, and the principles of model governance, implementation, and use are there to make sense of them, make them explainable, and confirm that they work. Let’s take a closer look at how financial institutions currently do that and check our recommended practices for robust financial crime prevention, detection, and reporting.
Related Industries
Additional Industries.
Investment Banks
Corporate & Commercial Banks
Asset & Wealth Management
Model Risk Governance
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