Thomson Reuters has added a Model Risk Management (MRM) solution to its Connected Risk platform, the company’s GRC software. MRM is designed to allow institutions demonstrate a real-time understanding of their financial model risk landscape, with the ability to report on the model’s governance status, sign-offs and related issues from a single platform source.

Financial modeling plays a role in financial institution activities like credit underwriting, risk management, capital adequacy and instrument valuation. Risk professionals can use the MRM solution to get a holistic understanding of how each of these models in the business is derived, validated and applied. The solution offers real-time reporting to regulators, committees and cross-risk functions, and changes are managed via an audit trail of supporting documentation, issues resolution and sign-off.

“Model transparency and efficiency continue to be key challenges widely expressed by many of our global customers seeking technological solutions that help them streamline their model governance life cycle, prevent gaps and manage risk, as well as ensure accurate reporting and issues resolution,” said Gareth Evans, managing director of enterprise risk management at Thomson Reuters, in a statement. “Our Model Risk Management solution not only helps save time and lowers costs, but also evidences a robust framework to internal and external stakeholders while mitigating the risk of model failure and subsequent regulatory fines and operational losses.”

Connected Risk was released in the first quarter of 2017. For more information about that and the MRM solution, visit the Thomson Reuters website here.

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