Innovation In Risk: A Snapshot Through the Lens of Model Risk Manager 2021

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14 April 2021
Arin Ray and Neil Katkov

Innovation in risk functions and operationalizing of next generation technology are well underway despite the challenges presented by the COVID-19 pandemic.

Abstract

In its inaugural year, Celent Model Risk Manager 2021 program received several high-quality nominations from a diverse mix of financial institutions. There were eight winners; they are: Credit Suisse, Fino Payments Bank, Goldman Sachs, HSBC, Standard Bank, State Street Global Advisors, Swedbank, and United Overseas Bank. This report looks at the state of technology-led innovation in the risk function through the lens of the Model Risk Manager 2021 program.

  • This report discusses the leading technology themes based on this year’s submissions and winning initiatives. Detailed case studies of the winning initiatives are published and available as separate reports. We have also recorded in-depth video discussion with individuals from financial institutions who led the respective projects.
  • We have augmented the learnings from the MRM initiatives with additional insights based on Celent’s ongoing research including themes discussed during the presentation of the MRM awards on March 9, 2021, as part of Celent’s annual Innovation and Insight Week.
  • We have also included the results from the four polls that were conducted during the award presentation session which was attended by representatives from financial institutions and solution providers.
  • Furthermore, on the award presentation day Celent held a closed-door session for peer to peer interaction exclusively among senior executives from financial institutions; key ideas discussed during that session have been woven into this report.

Snapshot of Model Risk Manager Award 2021 Winners and Select Non-winners


Source: Celent
Named institutions with logos were Model Risk Manager 2021 award winners


The COVID-19 pandemic did not slow down innovation in risk; instead it is driving the need for investments in more automation and flexible and agile deployment. Risk operations can benefit greatly by adopting solutions powered by next generation technology many of which are emerging from the regtech ecosystem. Optimal data management will be imperative in realizing the maximum benefits of advanced technology.

We hope that best practices and the additional insights described in this report will be a helpful guidance to financial institutions and solution providers navigating technology modernization in the risk function.

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Insight details

Industry
Retail Banking
Subscription(s) required to access this Insight:
Risk & Compliance, Financial Risk, Operational Risk
Insight Format
Reports
Geographic Focus
Asia-Pacific, EMEA, LATAM, North America