Model Risk Management (MRM) is moving up the corporate agenda as reliance on models grows and the scrutiny of management, stakeholders and regulators becomes more intense.
These changes are challenging banks, asset managers and insurers to implement comprehensive MRM, given their time, resource and budget constraints. They need an MRM framework that provides transparency and auditability, while delivering the flexibility and agility the business needs.
A significant issue for institutions? Finding the optimal solution that meets their requirements. Many will struggle to justify a multi-million investment in MRM. Equally, they will find using a spreadsheet to manage MRM inadequate for their needs.