Financial services and insurance organizations use mathematical models to inform business decisions and estimate risk. Because these models can have a material impact on an organization's business strategies and financial statements, it is imperative that the models are accurate at all times.
The RSA Archer Model Risk Management app-pack provides an automated governance process to document and manage changes to the organization’s model and model inventory. This app-pack captures model inventory and model documentation; tracks changes, validations, and approvals; and formally certifies model completeness. RSA Archer Model Risk Management helps the organization document and manage findings, analyse performance, and decommission models as needed.
With RSA Archer, organizations can establish a consistent process for the entire model risk lifecycle, reducing financial impacts from outdated information and improving model health and visibility.
- Document the organization’s model inventory and model documentation
- Track model and model inventory changes
- Track model validation and approvals
- Formally certify that the model inventory is complete and up to date
- Document validation findings
- Analyse model performance indicators
- Decommission models as needed
- Consistent and repeatable process for documenting, validating, and managing changes to models
- Reduce unauthorized changes to the model
- Reduce likelihood of outdated information in a model
- Reduce financial penalties, financial losses, or unforeseen risks due to model inaccuracies or insufficient testing
- Improve visibility into the health and status of the model inventory