Building on its impressive showings in several recent industry analyst reports,Wolters Kluwer Compliance Solutions has earned the prestigious ranking of Category Leader in Chartis Research’s recently published vendor and market landscape report, “Model Risk Management: Validation Services and Tools, and Governance Solutions, 2023.”
The category leader designation won by Wolters Kluwer falls in Chartis’s RiskTech Quadrant® for Model Governance Solutions. Chartis report authors state that the quadrant has changed considerably since its previous MRM analysis in 2021, with many vendors “having dropped from the space” or chosen not to focus efforts in this space.
“While the expansion of IT infrastructure and digitalization has fueled the broader GRC market, domain expertise has remained a barrier for model risk governance,” writes report co-author Sidhartha Dash. “To stay active in [this] space, GRC firms can continue to offer compliance management and regulatory intelligence, alongside the core set of functionalities that has emerged.”
Wolters Kluwer notes that this latest honor follows on being named #1 in four solution areas—and among the Top 10 firms globally—in the widely followed and highly respected Chartis RiskTech100® ranking for 2023, including a top ranking in Regulatory Intelligence capabilities for a second year running. Model risk management is a key area of focus for financial institutions.
“Recent events in the banking market have shown the importance of having robust, sound models—from helping demonstrate compliance, to ensuring the solvency of an organization. As part of this effort, managing the models that a financial institution uses in meeting those objectives is absolutely crucial,” said Chuck Ross, VP and Segment Leader, Investment Compliance, Wolters Kluwer Compliance Solutions.
Wolters Kluwer offerings, including its OneSumX® for Compliance Program Management solution, provide financial institutions with a variety of means to establish the functioning of controls and adherence to polices, including, for example, its array of risk controls and self-assessments, attestations and test program functionality, to help foster model risk management.
“There are increasing expectations around firms to ably manage model risks from both a quality and qualitative standpoint. Central to this capability is the ability to demonstrate a good, solid governance model process to an auditor, a regulator, or any other stakeholder, showing that the institution is managing its various risk models with effective policies, procedures and controls,” Ross adds.