Model risk manager


The Model Risk Manager Awards recognize best practices use of technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime.

There are three Model Risk Manager Nomination Categories, as below. Submissions to these categories may focus on any function or functions within financial and operational risk management and multiple winners are possible for each category.

Nominations for our 2024 program are now closed.

We announced our Model Risk Manager winners at our annual Innovation & Insight event, which took place on March 21, 2024. Watch our Model Risk Manager Overview session on-demand today and gain valuable insights from our industry experts.


Data, Analytics and AI

Data is now a critical source for managing risk. Previously unused internal data as well as external data sources, data derived from devices, and new techniques for interpreting data are pushing the boundaries of risk management at an accelerated rate. This theme recognizes projects such as:

  • New or alternative sources of data for risk management
  • Data analytical techniques such as artificial intelligence, machine learning, natural language processing (NLP), and natural language generation (NLG)
  • Big data analysis tools, processes, and infrastructure
  • Visual analytics

Digital and Emerging Technologies

Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed business lines and operational processes will be critical in managing risk efficiently. This theme recognizes projects such as:

  • Automation and robotic process automation (RPA)
  • Cloud
  • Modern APIs
  • Open platforms
  • Blockchain and distributed ledger technology (DLT)

Legacy and Ecosystem Transformation

Legacy technology can hinder innovation, since risk managers must typically offer backward compatibility. They must not only modernize, but also transform their internal systems and how they interact with internal users and stakeholders, customers and counterparties, and regulators. This theme recognizes projects related to system replacement or transformation including:

  • Financial crime – fraud, AML, trade surveillance
  • Financial risk management
  • GRC and integrated risk management
  • Cybersecurity


Examples of risk management functions are indicated below; this is not an exhaustive list.

Financial Risk Management

Areas such as:

  • ALM and liquidity risk
  • Investment portfolio and risk analysis
  • Market risk
  • Credit risk

Operational Risk Management

Areas such as:

  • Governance, risk, and compliance (GRC)
  • Enterprise risk management (ERM)
  • Third-party risk
  • IT risk
  • Regulatory change management

Cross Risk

Areas such as:

  • Enterprise-wide stress testing
  • Regulatory reporting

Financial Crime

Areas such as:

  • Fraud
  • Anti-money laundering (AML) and Know Your Customer (KYC)
  • Trade and communication surveillance
  • Cybersecurity

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