2015 GRC Innovation Award for the best technology innovation for risk management
Models are used across industries to analyze, predict, and represent performance and outcomes that impact operations and business strategy. By definition, a model is a mathematical approximation of scenarios that is used to analyze and forecast prices, events, risks, relationships, and future outcomes. The expanding use of models in the organization reflects the extent to which models can improve business decisions, but models come with risks when internal errors or misuse results in bad decisions. Organizations need to provide a structured approach for model risk management that addresses model governance, lifecycle, and architecture to manage models and mitigate the risk they introduce while capitalizing on the significant value of models when properly used.
Read more about GRC 20/20’s report on how model risk management can improve business decisions and discover why MEGA has been granted with an innovation award on this topic for its solutions.
- Why organizations are dependent upon models and how models work
- How inappropriately used and uncontrolled models threaten financial services organizations
- How model risk management architecture supports model governance and the risk management lifecycle
- The benefits of MEGA’s solutions for Model Risk Management
About GRC 20/20
GRC 20/20 Research provides clarity of insight into governance, risk management, and compliance (GRC) solutions and strategies through objective market research, benchmarking, training, and analysis. They provide independent and objective insight into leading GRC practices and processes, including market dynamics and intelligence; risk, regulatory and technology trends; competitive landscapes; market sizing; expenditure priorities; and mergers and acquisitions. www.grc2020.com