Mitratech’s ClusterSeven Model Risk Management solution delivers comprehensive compliance for the PRA’s SS1/23 standard.
With the compliance date for SS1/23 now set for May 17, 2024; the pressure is on for modelling, risk, and compliance teams to update their Model Risk Management (MRM) frameworks and extend it to encompass the wider Model estate and include Tools, Calculators and EUCs in a proportionate way.
The PRA’s SS1/23 recognizes Models are core to a range of financial, operational,
and commercial processes. If a flawed Model is introduced into production,
this has significant potential to create multiple commercial, reputational,
and regulatory risks.
The SS1/23 further impacts many UK banks and puts a particular emphasis on embedding an MRM framework into the BAU to ensure that business decisions that use the insights provided by Models are underpinned by the PRA’s MRM principles.
Moreover, it also requires that a senior manager takes responsibility for MRM in the business, to ensure there is full management accountability for MRM.
Mitratech’s ClusterSeven helps institutions implement an MRM framework that enables them to meet the PRA’s MRM principles.
Learn all about Mitratech’s ClusterSeven unique value drivers and key business differentiators in this powerful asset. Check out the brochure for more on:
- Assuring Your SS1/23 Compliance
- Streamlining Your MRM Compliance Processes
- Leveraging MRM to Drive Business Agility
- The PRA’s MRM Principles
- Mitratech’s ClusterSeven Key Value Drivers