Model Risk for E-23
Your financial institution's alignment with OSFI's Guideline E-23 is paramount to your success in financial model risk.
Discover the advantages of implementing Model Risk Management on Connected Risk®, the leading solution for managing model risks, in compliance with Canada’s OSFI Guideline E-23. This powerful software empowers your model risk team to effectively adopt and enhance the principles outlined in OSFI Guideline E-23 for Model Risk Management in Financial Institutions. By leveraging this solution, you can seamlessly establish and maintain a robust model inventory while optimizing workflow management.
In today’s ever-changing environment, where new model risks continuously arise and regulatory requirements evolve, it is imperative to possess a comprehensive understanding of the models utilized within your financial institution. Our software offers a comprehensive remediation strategy that enables you to proactively identify and mitigate risks, ensuring protection against potential reputational damage and regulatory penalties. By harnessing the advanced capabilities of Model Risk Management on Connected Risk®, you can stay ahead of guideline revisions and remain well-prepared for regulatory scrutiny from OSFI.
Alignment with OSFI Guideline E-23 is paramount for any financial institution in Canada
Connected Risk®’s Model Risk Management solution is specifically designed to comply with Canada’s OSFI Guideline E-23. By providing direct alignment with the outlined requirements of Guideline E-23, our solution ensures that financial institutions can effectively implement the OSFI model risk framework and seamlessly navigate the model risk management cycle.
Our solution encompasses all the essential components outlined in Guideline E-23, starting with a robust rationale for modeling. We facilitate the process of model development, offering a comprehensive suite of tools and features that support the creation and refinement of models in accordance with OSFI guidelines.
To meet the requirement for independent model vetting, our solution incorporates rigorous validation processes and controls. We enable institutions to thoroughly assess and validate their models through advanced methodologies and techniques, ensuring their accuracy, reliability, and compliance with regulatory standards.
Model approval is a critical stage in the model risk management cycle, and our solution facilitates this process by providing comprehensive documentation and audit trails. Financial institutions can easily track and demonstrate the approval process, ensuring transparency and accountability.
Ongoing monitoring and review for model validation is essential to ensure the continued accuracy and effectiveness of models. Connected Risk®’s solution offers robust monitoring and reporting capabilities, allowing institutions to proactively identify and address any potential model risks or deficiencies.
In addition to addressing the core requirements of Guideline E-23, our Model Risk Management solution also focuses on internal audit principles that are necessary for effective model risk management. We provide integrated internal audit solutions within Connected Risk®, enabling institutions to streamline their internal audit processes and ensure compliance with both OSFI guidelines and internal audit standards.
By utilizing Connected Risk®’s Model Risk Management solution, financial institutions can confidently adhere to Canada’s OSFI Guideline E-23. Our comprehensive suite of features and functionalities supports the entire model risk management lifecycle, from modeling and development to ongoing monitoring, validation, and internal audit. Contact us today to learn more about how our solution can help your organization achieve compliance and mitigate model risks effectively.
Model Risk Management on Connected Risk™ provides you with a comprehensive approach to model inventory management, enabling your teams to:
Track all models
Track all models, across all risk themes, using a single inventory store, helping to reveal any potential redundancy and duplication within the inventory.
Identify issues
Identify model issues and track through to resolution.
Add documentation
Add supporting documentation to demonstrate methodology and results.
Evidence governance
Evidence necessary governance for independent and regulatory review.
Faster responses
Have a faster response to regulatory changes that impact your models.
Reduce risk
Reduce the risk of noncompliance and recognize potential opportunities.
Empower your model risk management practices with features designed to expand your Connected Risk™ solution
Model Inventory
An inventory single source of truth for all models including: versions, materiality, relationships, dependencies, with full lifecycle management. This also includes structural taxonomy tags, links to inputs, outputs, and documentation.
Establish Ownership & Accountability
A user’s access and security rights are defined by their roles & responsibilities within your model risk management framework. Dashboards, email notifications and collaborative tools engage users and maintain the system.
Manage Documentation
Model Risk Management provides one-click access to model documentation. This includes document dependencies, version history, review cycles and security access control. Integration with the Committees provides evidence of review and sign off.
Workflow Enabled Lifecycle Management
Lifecycle management is established throughout 1st and 2nd line with clear responsibility throughout the model development, validation, review, and production phases demonstrated though links to the models, processes, and policies.
Issue Log
Model issue and weaknesses management are captured as part of the model validation and review lifecycle so that you can manage ownership, track status, and document resolution.
Connected Risk™ provides you with a single source of truth that provides infinite linkage capabilities, and in turn, increases data quality and knowledge sharing.
Connected Risk® utilizes enhanced drag-and-drop and powerful data mapping capabilities for creating additional taxonomies and linkages into neighboring risk areas.
Our Model Risk Management solution is highly configurable and can help your teams:
Tailor-made, just for your organization.
Tailor the solution to meet your organization’s growing regulatory needs.
Evolve with regulatory change
Ensure evolving regulatory needs and internal policy updates are incorporated into the organization’s model inventory management.
Provide evidence with integrated reporting
Provide evidence of the latest taxonomies and relationships with our integrated reporting capabilities.
Expand with our RESTful API
Connected Risk® leverages RESTful web service endpoints that allow bidirectional integration of your data.
Model risk is as easy as A-B-C with us.
Talk to a model risk expert.
Fill out the form to the right to be connected to one of our Solutions Experts that can assist you with standing up a proof of concept or even working within your parameters to get a demo started for your group today.
Learn more about our Connected Risk® Model Risk Management solution and how it can manage the entire GRC lifecycle within your financial institution.
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Learn more about model risk management from Empowered Systems®
Expand and integrate your solution with
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Compliance Management
Aggregate and streamline compliance programs and reveal an understanding of your risks.
Audit Management
Simplify the workflow and collaboration process of compiling audits.
"Powerful Platform For Compliance With Dynamic Regulatory Environment"
“The product is a powerful platform for regulated firms in the financial industry to comply with the ever-changing regulatory environment. The software helps my organization navigate rules and regulations, internal processes, and regulatory reporting requirements.”
Senior Associate, Finance Organization with an annual return of $1-3BN
Model Risk Management on Connected Risk® complies with the minimum requirements of Guideline E-23 of the Office of the Superintendent of Financial Institutions of the Ministry of Finance of the Government of Canada. It is not endorsed by the Office of the Superintendent of Financial Institutions of the Ministry of Finance of the Government of Canada as a product of record. Any use of the Office of the Superintendent of Financial Institutions of the Ministry of Finance of the Government of Canada’s marks are registered trademarks of the Office of the Superintendent of Financial Institutions of the Ministry of Finance of the Government of Canada and subject to Crown Copyright. Empowered Systems has no direct relationship with the Office of the Superintendent of Financial Institutions of the Ministry of Finance of the Government of Canada.
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La solution de gestion des risques liés aux modèles de Connected Risk® est spécifiquement conçue pour se conformer à la ligne directrice E-23 du BSIF du Canada. En offrant une conformité directe aux exigences énoncées dans la ligne directrice E-23, notre solution garantit aux institutions financières de pouvoir mettre en œuvre efficacement le cadre de risque de modèle du BSIF et de naviguer en toute transparence dans le cycle de gestion des risques liés aux modèles.
Notre solution englobe tous les composants essentiels décrits dans la ligne directrice E-23, en commençant par une solide justification de la modélisation. Nous facilitons le processus de développement des modèles en proposant une gamme complète d’outils et de fonctionnalités qui soutiennent la création et le perfectionnement des modèles conformément aux lignes directrices du BSIF.
Pour répondre à l’exigence d’une évaluation indépendante des modèles, notre solution intègre des processus et des contrôles rigoureux de validation. Nous permettons aux institutions d’évaluer et de valider minutieusement leurs modèles grâce à des méthodologies et des techniques avancées, garantissant ainsi leur précision, leur fiabilité et leur conformité aux normes réglementaires.
L’approbation des modèles est une étape critique dans le cycle de gestion des risques liés aux modèles, et notre solution facilite ce processus en fournissant une documentation complète et des pistes d’audit. Les institutions financières peuvent facilement suivre et démontrer le processus d’approbation, assurant ainsi la transparence et la responsabilité.
La surveillance et l’examen continus pour la validation des modèles sont essentiels pour garantir leur précision et leur efficacité continues. La solution de Connected Risk® offre des capacités de surveillance et de reporting robustes, permettant aux institutions d’identifier et de résoudre de manière proactive tout risque ou toute lacune potentiels liés aux modèles.
En plus de répondre aux exigences fondamentales de la ligne directrice E-23, notre solution de gestion des risques liés aux modèles met également l’accent sur les principes d’audit interne nécessaires à une gestion efficace des risques liés aux modèles. Nous proposons des solutions d’audit interne intégrées au sein de Connected Risk®, permettant aux institutions de rationaliser leurs processus d’audit interne et de garantir la conformité aux lignes directrices du BSIF ainsi qu’aux normes d’audit interne.
En utilisant la solution de gestion des risques liés aux modèles de Connected Risk®, les institutions financières peuvent se conformer en toute confiance à la ligne directrice E-23 du BSIF du Canada. Notre gamme complète de fonctionnalités prend en charge l’ensemble du cycle de gestion des risques liés aux modèles, de la modélisation et du développement à la surveillance continue, à la validation et à l’audit interne. Contactez-nous dès aujourd’hui pour en savoir plus sur la manière dont notre solution peut aider votre organisation à se conformer et à atténuer efficacement les risques liés aux modèles.
La gestion des risques liés aux modèles sur Connected Risk® est conforme aux exigences minimales de la ligne directrice E-23 du Bureau du surintendant des institutions financières du ministère des Finances du gouvernement du Canada. Elle n’est pas approuvée par le Bureau du surintendant des institutions financières du ministère des Finances du gouvernement du Canada en tant que produit officiel. Toute utilisation des marques du Bureau du surintendant des institutions financières du ministère des Finances du gouvernement du Canada est une marque déposée du Bureau du surintendant des institutions financières du ministère des Finances du gouvernement du Canada et est soumise au droit d’auteur de la Couronne. Empowered Systems n’entretient pas de relation directe avec le Bureau du surintendant des institutions financières du ministère des Finances du gouvernement du Canada.
