Model Risk Management (MRM) Solutions
Reduce model risk and improve decision-making with industry-leading model risk management solutions for model discovery, validation, monitoring, reporting, and more.
What is Model Risk? (And Why Should You Care?)
When an organization uses a financial model, the term ‘model risk’ simply refers to the potential losses it may incur due to errors in development or use of the model in question.
And why should you care about monitoring model risk?
Financial models — whether based on economic theories, statistical calculations, or predictive analytics — often rely on assumptions that can be flawed or incomplete. Factor in risks tied to inaccurate data inputs, human error, and technical or programming issues, and that risk can get costly (especially at scale).
New MRM Rules Are Reshaping Risk Strategy
Financial institutions have come under increasing scrutiny from regulatory bodies about their use of models.
The UK’s SS1/23 from the Bank of England’s PRA, OSFI Canada’s E23, and the OCC’s renewed focus on model risk management — all are emphasizing the critical need for board-level oversight and the establishment of robust model risk frameworks.
Enter Model Risk Management Frameworks
As reliance on models (particularly AI-driven ones) accelerates, businesses must adopt stringent safeguards to ensure accuracy and compliance. Neglecting these controls isn’t just a technical oversight — it’s a strategic and regulatory risk.
With a strong model risk framework in place, institutions can vastly improve the efficiency and governance of financial models, helping to avoid errors, losses and reputational harm. But, how are businesses ensuring their risk management processes are up to the test?
Manual Processes Are No Longer Enough for Model Governance
Model environments are typically varied, using a range of platforms – SAS, Python, R, even Excel spreadsheets – to provide an enterprise with a modeling platform. While this delivers value… the realities of sustaining multiple, often informal modeling environments presents huge hurdles.
Model Risk Management is usually managed manually, pressuring staff to verify accuracy and manage change documentation, generate reports, and provide the transparency that management and regulators increasingly demand.
With limited resources, time, and budget, modeling teams are hard-pressed to deliver, maintain, and enhance service, reduce model risk, and comply with enhanced regulatory scrutiny.
The Mitratech Difference – What Sets Mitratech Apart in Model Risk Management?
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Fast Implementation
Leverage ready-to-deploy templates to implement your model risk management solution quickly. Be ready in weeks, not months.
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Cost-Effective Deployment
Utilise our templates and no code configuration to make implementing your MRM cost-effective, with no need for lengthy IT projects to configure and deploy the solution.
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Unique Discovery, Change Control, and More
Mitratech Model Risk Management Solutions encompasses all modeling environments at financial Institutions and beyond with the unique Discovery capability to test the veracity of the Model inventory, as well as offering version and change control for models, tools & calculators developed and maintained outside of IT’s control (e.g. using Python, R, Excel, Access)
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Pressure-Tested Performance
Mitratech’s solution is used by financial institutions and other organizations across the world to enhance their model risk management, compliance, and business performance.
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Customizable Interface
With elegant, configurable dashboards, dynamic workflows, and integrations to third-party BI tools, Mitratech Model Risk Management can meet all of your reporting, audit, and analysis needs.
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Lighten the Pressures and Cut Your Costs
Model applications are often managed manually, placing significant pressure on teams to verify accuracy, manage change documentation, generate reports, and meet regulatory transparency requirements—often within tight budgets and timelines. As highlighted in our white paper with Chartis Research, the demand for greater model transparency is only set to grow, and organizations must adapt. ClusterSeven’s Model Risk Management (MRM) solution automates model governance, helping mitigate risk, ensure compliance, and deliver unmatched efficiency and precision—far beyond the capabilities of manual processes.
“[Mitratech MRM Solution]: the only conceivable way that we can comply and mitigate spreadsheet risk.”
“With the pressure of regulation and demands for auditable model governance, automating spreadsheet management is the only conceivable way that we can comply and mitigate spreadsheet risk.”
©2025 Mitratech, Inc. All rights reserved.
©2025 Mitratech, Inc. All rights reserved.