Provides GRC Professionals With a Powerful Model Risk Management Solution for Businesses That Rely on Models for Core Business Processes.
Mitratech, a leading provider of legal and compliance software, announced the addition of ClusterSeven MRM to its industry-leading Enterprise Compliance Suite of data privacy and information governance solutions. The Model Risk Management product helps users better understand the capabilities and limitations of their predictive risk models, allowing them to be used more effectively in spotting problems at an early stage and identifying inefficiencies.
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ClusterSeven MRM solves a serious problem that plagues traditional GRC or risk management systems: their lack of flexibility. This leads many businesses to resort to manual model risk management controls, consuming a great deal of time and expense for both users and management. Moreover, manual controls sometimes lack the full transparency required by regulators and auditors, at a time when there’s greater regulatory pressure and complexity than ever to deal with.
To meet that need, ClusterSeven MRM supplies enterprises with a comprehensive, specialized solution for managing model risk, whether to manage the business, develop new products, or complying with regulations like SR11-7, SS3 18, TRIM, or initiatives like the UK’s Operational Resilience. This enables them to create, maintain, and validate an enterprise-wide model inventory for supporting supervisory guidance and business objectives, as well as setting policy and documentation standards and easily sharing auditable information.
As Mark Delgado, Managing Director, GRC for Mitratech, explains, “We’re solving a very real challenge in the marketplace by taking our expertise in EUC management and quickly delivering tangible, impactful results to model managers.”
ClusterSeven, a London-based firm recently acquired by Mitratech, provides unique and innovative tools for discovering, managing and monitoring “Shadow IT” – the hidden, sensitive End User Computer (EUC) applications, spreadsheets, data assets and other applications that lie outside of IT’s control but that an organization relies upon.
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