Benefits of Chiron App
The time spent on the repetitive tasks has been reduced by a factor of 10. Therefore they now have time to perform more in-depth analyses, deep dive into the data and validate other types of models.
Through versioning and keeping the linkage between Model Risk Management objects in Chiron App, the internal validation unit can easily go back in time, reproduce results, and respond to questions from regulators.
Chiron App facilitates collaboration within the validation team and allows controlling access rights for other members within the organization.
Because of the shorter validation cycle, additional time can be allocated to more in-depth quantitative analyses and a more thorough investigation can be performed in case of identified model issues. With Chiron App, the bank can now source data independently (from the first line) and have control over the full cycle.
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