Effective Model Risk Management involves a lot of processes that require diligent implementation, supervision, and collaboration. Today, we’re excited to introduce Chiron Enterprise’s workflow management tool, a fully-configurable workflow engine that facilitates the smooth execution of your end-to-end model risk management activities.
Designed to manage model risk in an efficient manner
Chiron Enterprise’s workflow orchestrator empowers model developers, model validators, and model governance to configure business processes and automate manual tasks, all without having to write code. Built to support the needs of model risk management, the tool can closely replicate business processes. For example, the approval of steps in model validation is embedded to comply with internal model risk policies and external regulatory requirements, and to support auditability.
A simple fully managed workflow orchestrator
Designed to foster collaboration, Chiron Enterprise’s workflow management tool isolates workflows and tasks within the pipeline allowing teams to collaborate more efficiently without worrying about affecting each other’s work. The task and alert management functionalities make sure you have complete control over the progress and quality of the execution of MRM activities so that you can efficiently plan and prioritise work. Potential model issues can be escalated, assigned and resolved by the relevant stakeholders in compliance with your model risk appetite.
When we built Chiron Enterprise’s workflow management tool we made sure to accommodate the needs of all types of users without having to rely on IT support to configure the platform. With a simple interface, the workflow orchestrator can easily be managed by both business and technical users.
To illustrate how the tool works, here’s an example of a process where we try to replicate the model validation process where different model stakeholders are involved in making decisions and in assigning tasks.
Here, we easily define instances to carry on a process that is run as part of the model validation process in data-science platforms and model validation tools such as the Chiron App. Through Chiron Enterprise, these instances can then be triggered in Chiron Enterprise where validation results and reports can be sent back to.
Operational benefits
Integration with Chiron App
Data science platforms cover steps related to the execution of quantitative analysis of the model validation process. However, most of the time data science platforms do not fully integrate a workflow orchestrator where users can assign model validation activities and include model test results to make them immediately available in the model validation document.
Quantitative tests in Chiron App can be triggered to run from within Chiron Enterprise where test results can then be reviewed and accepted for inclusion in the model documentation.
Would you like to see Chiron Enterprise’s Workflow Orchestrator? Schedule a FREE personalised demo with one of our experts.
