The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Thomson Reuters Adds Model Risk Management to Connected Risk Platform

Thomson Reuters is building out its Connected Risk platform with the addition of a Model Risk Management (MRM) solution that allows financial institutions to demonstrate real-time understanding of their model risk landscape and report on model governance status and sign-offs from a single platform source.

The solution provides risk professionals with a holistic understanding of how each model in the business is derived, validated and applied. It includes a simple, yet powerful, approach to model governance, allowing the capture of updates and additions to the model inventory with real-time reporting to regulators. Changes are managed with an audit trail of supporting documentation, issues resolution and sign-off.

Regulations for which the MRM solution is a good fit include the Comprehensive Capital Analysis and Review (CCAR), Fundamental Review of the Trading Book (FRTB), Targeted Review of Internal Models (TRIM), International Financial Reporting Standard 9 (IFRS 9) and Basel III.

Gareth Evans, managing director, Enterprise Risk Management at Thomson Reuters, says: “Model transparency and efficiency continue to be challenges for many of our global customers. The MRM solution not only helps save time and costs, but also evidences a robust framework for internal and external stakeholders, while mitigating the risk of model failure, regulatory fines and operational losses.”

As well as supporting regulatory compliance, the MRM solution enables governance, risk and compliance teams to track all models across all risk themes using a single inventory store, helping to reveal potential redundancy and duplication within the inventory. Issues with models can be identified and tracked through to resolution, with supporting documentation showing methodology and results.

The Thomson Reuters Connected Risk compliance platform was introduced early this year and offers institutions ready-to-go risk and compliance functionality, as well as the option to integrate third-party RegTech and legacy technologies into a complete enterprise risk management solution. It includes technology that can translate internal and external data to a common standard, and provides user defined dashboards that show all risk data required by specific business strategies or regulators. The ultimate aim is an automated solution that gives firms a true and timely understanding of their risk profile and the information they need to make informed decisions.

Related content

WEBINAR

Recorded Webinar: Moving Regulatory Data to the Cloud: A Use Case Discussion

Migrating risk and regulatory reporting data to the cloud is turning out to be one of the hottest trends for 2020 – but not everyone is getting it right, and there are pitfalls to be avoided as well positive outcomes to be achieved. Especially in today’s remote working world, financial firms are facing the challenge...

BLOG

CubeLogic Launches New Risk-as-a-Service Solution

Enterprise risk management specialist CubeLogic this week launched a brand new risk analytics solution in partnership with capital markets technology firm Numerix and London-based IOWArocks (formerly MDX Technology), a global marketplace for data, technology and services. The Risk-as-a-Service (Raas) platform provides advanced risk analytics as a fully managed solution, targeting both capital markets firms and...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...