Implement SS1/23 with ease.
Get your financial institution aligned with the Bank of England's Model Risk Management Principles by using Connected Risk®'s Model Risk Management Solution.
Experience the power of Model Risk Management on Connected Risk®, the industry’s leading MRM solution, as it enables your model risk team to effectively implement and complement the Bank of England’s SS1/23 Model Risk Management Principles for Banks. Our solution empowers you to seamlessly create and maintain your model inventory through efficient workflow management.
In today’s dynamic landscape, where new model risks continuously emerge and regulatory obligations evolve, it is crucial to have a deep understanding of the models you employ. With our comprehensive remediation strategy, you can proactively mitigate risks and safeguard against reputational damage and potential fines. Stay ahead of the curve by leveraging the advanced capabilities of Model Risk Management on Connected Risk®.
Alignment with SS1/23 is paramount for any financial institution in the United Kingdom
Regulatory compliance is paramount for maintaining a strong reputation and avoiding potential fines. The Bank of England’s Prudential Regulatory Authority’s Supervisory Statement SS1/23 Model Risk Management Principles for Banks outlines crucial principles that financial institutions must adhere to. At Empowered Systems, we understand the challenges you face in meeting these requirements and offer a comprehensive solution that meets and exceeds the obligatory criteria.
Here’s how we meet the criteria of SS1/23:
Principle 1: MODEL IDENTIFICATION AND MODEL RISK CLASSIFICATION
Accurate identification and classification of models are fundamental to effective risk management. With Model Risk Management on Connected Risk®, our software provides a robust framework for precisely identifying and categorizing models within your institution. Our advanced tools enable you to streamline the process, ensuring models are accurately classified, thus enhancing risk assessment and decision-making capabilities.
Principle 2: Governance
Establishing strong governance practices is essential to effectively manage model risk. Our software solution integrates seamlessly into your existing governance structure, providing a centralized platform for managing model risk. It enables clear accountability, transparent communication, and efficient coordination among stakeholders, ensuring compliance with regulatory obligations and facilitating a proactive risk management approach.
Principle 3: Model Development, Implementation, and Use
Efficient model development, implementation, and usage are critical to the success of any financial institution. Model Risk Management on Connected Risk® offers comprehensive features that support the entire model lifecycle. From model design to implementation and ongoing usage, our software facilitates effective collaboration, version control, and documentation, ensuring compliance with regulatory guidelines and optimizing model performance.
Principle 4: Independent Model Validation
Independent model validation is crucial to ensure the accuracy and reliability of models. Our software provides a robust framework for conducting independent model validation, offering automated processes for data validation, model testing, and benchmarking. With built-in audit trails and reporting capabilities, you can demonstrate compliance and effectively manage model risk throughout its lifecycle.
Principle 5: Model Risk Mitigants
Mitigating model risk is a key objective for financial institutions. Model Risk Management on Connected Risk® empowers you to identify and implement robust risk mitigants. Our software enables you to conduct comprehensive scenario analysis, stress testing, and sensitivity analysis to evaluate the potential impact of model risk and implement appropriate measures to mitigate it effectively.
Model Risk Management on Connected Risk® provides you with a comprehensive approach to model inventory management, enabling your teams to:
Empower your model risk management practices with features designed to expand your Connected Risk® solution
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.
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.
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:
Model risk management doesn't have to be complicated.
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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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"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 Organisation with an annual return of $1-3BN USD
Model Risk Management on Connected Risk® complies with the minimum requirements of SS1/23 from the Bank of England. It is not endorsed by the Bank of England as a product of record. Any use of the Bank of England’s marks are registered trademarks of the Bank of England and subject to Crown Copyright. Empowered Systems has no direct relationship with the Bank of England.</small