RPA for Model Risk Management has become a rising topic in the risk and compliance space, as Model Risk Management (MRM) teams have started to look at the use of robotic process automation (RPA) to help ensure that their models are meeting regulatory requirements and the bank’s financial standards.
After adjusting to a post-Covid world, MRM teams are finding themselves overloaded, due to risk becoming a huge area of concern. Current traditional MRM suffers from slow and error prone processes, time-consuming deep dives, and disjointed workflows. If MRM teams do not get the support they need, more and more costly errors will occur and security will be at risk. These challenges have resulted in many teams looking towards RPA to help them overcome these challenges and emerge stronger.
A large number of the tasks involved in MRM are repetitive in nature and do not require a lot of complex decision-making, which makes it the perfect ecosystem for RPA to come into play. The power of RPA is best used to automate rule-intensive tasks, since it has the ability to perform a large volume of tasks in a shorter amount of time. This ensures that the attention and scrutiny that MRM needs can be fulfilled quickly and consistently.
RPA’s compatibility across model types, ability to optimize workflows and enhance the quality of information helps MRM teams gain the bandwidth needed to look closely at breaches and make decisions that count. To see a breakdown of how RPA works in MRM, contact mrmsolutions@evalueserve.com to get in-touch with an expert.
