0
21.0.4
Zurich, Yokohama Patch 6, Xanadu Patch 9
Model Risk Management (MRM) application focuses on identifying, assessing, and mitigating the risks associated with using quantitative models in decision-making processes. These models, commonly used in financial services for tasks such as pricing, value-at-risk calculations, and cashflow projections, can carry significant risk if they produce flawed or misleading results.
Model Inventory Management
- A centralized system for managing and tracking all models across the organization, with detailed categorization by model type, owner, model tier, and assigned risk rating.
Risk Assessment & Scoring
- A structured workflow that facilitates comprehensive risk evaluation of models, leading to assignment of a Model Tier and overall Risk Rating.
Validation Framework
- An end-to-end validation process that determines if the model is fit to use and includes:
- Collection of required documentation for Model Validation
- Checklist-based validation of model components and performance
- Capability to create, and track validation issues Model monitoring
Continuous Model Monitoring
- Ongoing monitoring through periodic validations and risk assessments to ensure continued model performance and compliance.
Model risk Home page
- An intuitive home page that provides users with a quick overview of Model inventory and pending tasks.
[New]
Model Inventory Management
- A centralized system for managing and tracking all models across the organization, with detailed categorization by model type, owner, model tier, and assigned risk rating.
Risk Assessment & Scoring
- A structured workflow that facilitates comprehensive risk evaluation of models, leading to assignment of a Model Tier and overall Risk Rating.
- The model risk scoring framework is now fully configurable, allowing organizations to tailor scoring criteria to their specific policies. Detailed guidance on configuration options and usage is available in the linked community article.
Validation Framework
- An end-to-end validation process that determines if the model is fit to use and includes:
- Collection of required documentation for Model Validation
- Checklist-based validation of model components and performance
- Capability to create, and track validation issues Model monitoring
Continuous Model Monitoring
- Ongoing monitoring through periodic validations and risk assessments to ensure continued model performance and compliance.
Model risk Home page
- An intuitive home page that provides users with a quick overview of Model inventory and pending tasks.
The following applications get installed automatically when the Risk Management application is activated:
- GRC: Advanced Core
- GRC: Common Workspace Elements
- GRC: Approver Configurator
- GRC Feature roles
- Smart Assessment Core
- Advanced Response Automation for Smart assessments
- Basic Scoring for Smart Assessments
- Smart Assessment Connected
- Smart Assessment Designer
Permissions and roles
Role required to install the app: System admin (admin)