A-Team Insight Blogs

Share article

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.

Leave a comment

Your email address will not be published. Required fields are marked *

*

Related content

WEBINAR

Recorded Webinar: Managing data for the Fundamental Review of the Trading Book (FRTB)

You can listen to the recording of this webinar by registering on this page. The January 1, 2022 compliance deadline for Fundamental Review of the Trading Book (FRTB) regulation may be three years out, but if your organisation is within scope of the rules, the time to address their data management challenges is now. Will...

BLOG

Datactics Details 2019 Plans Including Public Cloud Solutions, a Sanctions Matching Engine and a Data Quality Clinic

Datactics has made plans for 2019 that will move selected solutions into the public cloud, extend implementation of innovative technologies, create a data quality clinic, and add a matching engine for sanctions screening to its open data projects. The company is also working with clients on data-quality-as-a-service. The company’s commitment to cloud technology, initially private...

EVENT

Data Management Summit London

Now in its 8th year, the Data Management Summit (DMS) in London explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

RegTech Suppliers Guide 2019

Welcome to our brand new RegTech Suppliers Guide. This unique guide provides detailed data profiles on close to 100 suppliers in the RegTech world, offering you an unrivalled selection of solutions for your most pressing financial regulatory challenges. The aim of the A-Team’s RegTech Suppliers Guide is to steer you through this complex marketplace, offering...