Financial risk models are fundamental to how financial firms drive business critical processes such as credit decisioning, fraud detection, market risk, customer targeting, pricing and capital provision. Model governance, once an ad-hoc, manual process for a subset of model types, has become increasingly more regulated within the international financial services market. Models need explicit and active management throughout their lifecycle – From proposals, implementation, periodic reviews and associated issues and risks to ensure the models deliver the expected business impacts and prevent deviancies.
Typical problems with risk model management are:
Key Features & Functionality
NextWave’s Model Risk Manager provides a robust, best-in-class workflow that automates the model life-cycle governance process by effectively addressing issues, risks and controls throughout a model’s ideation, build, validation and deployment phase.
NextWave’s Model Risk Management Solution Solves This Better: NextWave has leveraged their extensive expertise in model risk oversight and paired it with the Appian low-code platform to create a unique and impactful end-to-end governance solution that solves these problems better by:
Benefits & Business Impact
The leadership team of NextWave have bought their combined experience and practical knowledge to ensure the solution not only provides a best-practice governance solution, but also practically solves the real business challenges suffered by those in this space.
The NextWave partners who have product-owned Model Risk Manager have held senior roles in top-tier organisations where they have both been accountable for model risk oversight and participants in the process. This unique experience has driven a business outcome focused and reality grounded solution which can be tailored to organisations needs.
The core integration capabilities of Appian enable rapid implementation of connections to internal golden sources ensuring rapid business outcome delivery. To set a benchmark of expectation, Model Risk Manager can be implemented within an organisation with a tailored workflow and internal connections in 12 weeks.
The Appian user interface provides a frictionless gateway to managing the model estate by reducing the need for training and ensuring even occasional users can get the job done with the intuitive approach quickly and effectively. This focus on ease of use and focus on the underlying activities rather than how to navigate an interface is critical to removing spreadsheet and ad-hoc model repositories.
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