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:
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:
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