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Manage model risks

Manage the risks associated with the use of models using the Model Risk Management application. It offers a structured approach to identify, assess, validate, and address model risks throughout the model life-cycle. This approach reduces operational and compliance risks caused by inconsistent or inadequate model oversight.

Model Risk Workspace

Get a comprehensive overview of all items requiring attention from Model Risk Management governance and model validators. The Model Risk Workspace gives model risk governance team and model validators a centralized location to monitor, track, and act on model-related tasks and issues. It organizes information into tabs, making it easier to prioritize tasks.

Request a new model

Request a new model by providing details such as the purpose, owner, model complexity, and expected outputs. It helps streamline the model onboarding process and confirms that all required information is captured upfront for the Model Governance team to review.

Perform model risk assessment

Perform model risk assessments initiated by the Model Governance team to identify and evaluate risks associated with quantitative models using the Model Risk Management application. It helps Model Owners to assess potential risks early and supports the Model Governance team in ensuring model compliance and reliability.

Note: You can perform model risk assessment in the Initiation, Pre-deployment, and Monitor stages of a model.

Perform model validation

Perform model validation to assess and validate models, collect required documents, report issues, and determine whether a model is fit for use. This process confirms that models meet required standards and are ready for deployment.

Note: You can perform model risk validation in the Pre-deployment and Monitor stages of a model.

Schedule assessment and validation tasks

Schedule assessments and validations for models in the Monitor stage either manually or automatically.

Schedule model risk assessment and validation directly from the model risk record to ensure regulatory compliance and effective risk management.
Configure frequency and filter conditions in model workflow settings to automatically create model risk assessments and validations for models that meet the defined criteria.

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.

Create an issue for model

Add or create model issues and their remediation actions. Capture validation findings or performance problems and follow them through to resolution.

Reassign model assessments and validations

Reassign a model risk assessment and validation to another stakeholder from the model risk record when the task is in progress state. It confirms that the task continues without delay when the original assignee is unavailable.

Copy assessment responses

Copy responses from the most recent completed assessment into new assessments. Respondents can review and edit the pre-filled responses before submission to save time and ensure consistency.

Note: You can copy responses only from model risk assessments, not from model validations.

Create an issue for model

Add or create model issues and their remediation actions. Capture validation findings or performance problems and follow them through to resolution.

Override model ratings

Override the risk rating and materiality tier of a model manually at any stages of its life-cycle. This helps maintain data accuracy, transparency, and governance when business context or expert judgment requires adjustments to system-calculated values.