SS 3/18 - How do you meet expectations without additional resources?
Start with an automated & up-to-date model inventory
The PRA’s recent supervisory statement SS3 /18 concerning model risk management principles creates yet another compliance and documentation burden.
An accurate, up-to-date model inventory is the fundamental foundation of a good model risk governance framework. Without this, the effectiveness of any model-related controls are seriously compromised & the critical decision making based on those models is more prone to error.
CIMCON’s model inventory-as-a-service is a hosted software solution that automates many of the burdensome tasks associated with maintaining model inventories and implementing effective controls. With a typical on-boarding process estimated at 30 minutes, the benefits of systematically managing this model risk far exceed the costs.
To find out more, request our newest white paper, SS 3/18 Model Risk Management Principles, or for product information about EUC InventoryCLOUD click here.