The PwC Model Risk Manager serves your institution as a control framework around the management of models. With this application, your financial institution can organise, evaluate and monitor all the models used across the organisation in a user-friendly environment.
All-in-one box
The MRM platform combines the Model Inventory, Model Workflow and Reporting functionalities all-in-one box.
Easily accessible
The user connects to the MRM through an interactive web application.
Efficient
The MRM saves you time and resources by automating the governance processes surrounding your models.
Compliant
The MRM tool complies with regulatory requirements, follows market practices, and the information stored in the tool has an auditable track.
All-in-one box
1. Model Inventory
The Model Inventory serves as a structured and powerful database of your models with more than 200 attributes in the off-theshelf version and the possibility of customisation per your specific needs. Its main purpose is to assist banks, insurance companies and other financial institutions in storing, supervising and documenting their models using a user-friendly dashboard.
2. Model Workflow
The Model Workflow provides the key functionality to support the whole model lifecycle, including the flexibility to be adjusted per individual models. Workflow enables multiple user roles to be set up and supports a four-eyes principle.
3. Reporting
The MRM tool visualises the distribution of attributes across a bank’s portfolio of models either in the form of build-in reporting functionality, customisable reports or usage of third-party reporting platforms.
Model Risk Manager tool
Main functionalities
- Model Inventory
- Model Workflow
- Reporting
Model Inventory
Model Typology
- A structured database of all models available in your institution
- Stores key model information with regard to model risk management
User Roles
- For each model, the inventory supports multiple roles such as model owners, developers and validators
Finding Tracker
- List of key findings and resolutions from audits and validations
Auditability
- All relevant actions performed on models are stored
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Model Workflow
- Essential logic of the model lifecycle is enforced through core phases in predefined relationships
- Possibility to set up a simpler workflow by omitting certain phases in the tool’s standard settings
- Automatic notifications and a four-eyes principle (key actions reviewed by particular independent users)
Click to see full sized screenshots
Reporting
- The tool provides management with a standardised report on the aggregated level
- Summary of predefined subsets of models
- High-level information regarding model risk and model lifecycle phase
- For custom reporting, the tool is linkable with third-party reporting tools such as PowerBI or Tableau
