Wolters Kluwer Earns Model Risk Management Recognition from Chartis Research
Model Risk Management solution provides superior risk mitigation functionality
Officials from Wolters Kluwer Compliance Solutions are celebrating news of winning a highly coveted “category leader” ranking in Chartis Research’s latest vendor and market landscape report, “Model Risk Management: Validation Services and Tools, and Governance Solutions, 2023.”
A Wolters Kluwer press release states that the report represents a progression in longstanding Chartis research around model risk management (MRM), which uses quadrants that cover both validation and governance solutions to reflect the different types of vendor functionality in the market that have evolved.
Wolters Kluwer’s category leader designation fell within Chartis’ RiskTech Quadrant® for Model Governance Solutions.
“While the expansion of IT infrastructure and digitalization has fueled the broader GRC market, domain expertise has remained a barrier for model risk governance,” wrote 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.”
Chuck Ross, who is Vice President and Segment Leader of Investment Compliance for Wolters Kluwer Compliance Solutions, noted that 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.”
Wolters Kluwer’s OneSumX® for Compliance Program Management solution provides financial institutions with a variety of means to establish the functioning of controls and adherence to policies, That capability includes an 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 noted.
This latest honor for Wolters Kluwer follows on it 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.