When the model is ready, you can forward it to the validation team for review.
A notification email is automatically generated and sent to the validation team, informing them of the recent changes or updates that require their review.
The validator assigns risk ratings across various categories: model complexity, model uncertainty, model materiality, regulatory impact, and frequency of use.
These induvial ratings are then used to calculate an overall risk rating, which is determined as a weighted average of the assigned categories. Both the calculation formula and the category weightings can be customized and programmed.
Add your validation document and upload it to SharePoint. The integration is configurable, and you also have the option to set up a more advanced SharePoint integration. This process is decoupled from the client’s system, ensuring flexibility and independent configuration.
This is the model validation document that was uploaded earlier. Now you can submit a finding to the validation process.
You can enter details for a finding, such as the finding type, finding owner (the person responsible for resolving the issue), finding due date, category, and finding creation date.
To complete the validation, provide details on the approved model uses, specifying when the model can be applied, as well as any model restrictions and conditions.
After the model validator completes the technical review, the model approver steps in to provide the final endorsement, ensuring all validation and risk management procedures are thoroughly met before the model is approved for production.
The model approver enters the approval date and provides an necessary comments. Next, the model approver uploads the approval document. Then the model approver can give their approval.
Before granting approval, you can schedule dates for revalidation or attestation, or opt for a limited approval with an expiration, indicating that the model is approved but only for a short duration.
The model developer is required to address the identified finding, and implement any necessary adjustments or corrections.
The model developer uploads the remediation document for the finding. Afterward, the model developer can submit a request for closure of the finding and request for an extension if needed.
In the final step, the model validator conducts a model validation assessment to address this finding.
The model validator submits their final comments and uploads the Model Validation (MV) assessment document.
With the validation status marked as closed, this finalizes the validation process.
