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Articles


AUTOMATED MODEL DOCUMENTATION WITH THE YIELDS MRM PLATFORM

Efrem Bonfiglioli

April 13, 2022



Financial institutions around the world are strengthening their model governance
to manage their exposure to model risk. This often translates into extensive and
transparent model documentation requirements. Model documentation provides model
users, validation teams, and regulators with a thorough understanding of how
models work and how they should be used. In practice, each model should have the
appropriate documentation that explains the model’s purpose, intended design,
complexity, limitations and assumptions, and historical observed performance for
stakeholders to make informed and timely decisions.

Despite the emphasis regulators and senior management teams place on adopting
and implementing a thorough documentation process throughout the model
lifecycle, many model development and validation teams struggle to keep
documentation up to date and sufficiently detailed, typically due to a lack of
resources.  

Ideally, the process of generating model documentation should be centrally
managed and automated. However, given that most of the time only generic
(internal) guidelines (e.g. via templates) on acceptable formats and content of
the documentation exists, organizations tend to adopt a decentralized
documentation approach that often leads to inconsistencies and poor quality.

Incomplete documentation is considered one of the largest barriers to respecting
validation timelines. While model documentation is critical for effective model
risk management, the process has evolved into a time-consuming and cumbersome
process that is challenging to standardize.



Our technologies, Chiron Enterprise & Chiron App, address these industry
challenges and include functionalities to automate and standardise the model
documentation process.


Chiron Enterprises standardises the structure and the layout of all model
documentation, while Chiron App automatically populates the documentation
templates as part of the execution of quantitative tests in the tool.

By automating the model documentation process, we free up time for model
development teams to focus on the development of new models and the maintenance
of existing ones. Furthermore, the improved consistency and accuracy of the
documentation enables model validation teams to perform their independent review
with greater efficiency.

CHIRON ENTERPRISE’S MODEL DOCUMENTATION BUILDER

Chiron Enterprise’s new model documentation builder is equipped with the
following features to ease and standardise model documentation:

 * Unlike manual documentation, Chiron Enterprise allows you to build documents
   by creating templates using placeholders that allow users for instance to
   dynamically embed info such as ‘upstream and downstream dependencies, test
   results, etc.’ This enables all model users to select content instead of
   writing it, eliminating any risk arising from omittance or human error. 
 * Customizable templates to fit unique business & regulatory requirements so
   you can always stay compliant and control the quality of your model
   documentation process. 
 * Pre-designed and populated templates are included in the module to help you
   build a strong foundation for your model documentation process.
 * Chiron Enterprise’s Model Documentation Builder is model agnostic.

INTEGRATION WITH CHIRON APP’S AUTOMATION ENGINE

Through the native integration of Chiron Enterprise with Chiron App, we combine
standardisation and automation capabilities to enable financial institutions to
bring their model documentation process to a higher level, and thereby reduce
the opportunity for model risk to arise.

BENEFITS OF THE AUTOMATED DOCUMENTATION CAPABILITIES IN CHIRON APP:

 * Automated population of documentation templates: by automatically populating
   the model documentation templates, we reduce the model documentation process
   that could take several months, down to seconds. Model development teams can
   focus again on what they do best: developing new models.
 * Increased efficiency and consistency. As model documentation is automatically
   created as part of model testing, model developers no longer need to write
   content from scratch. This way, you won’t have to scramble to verify if all
   information within your documentation is free from human error. Furthermore,
   the consistency and quality of the documentation is guaranteed, and ensures a
   streamlined model review process. Simplifying and automating the model
   documentation process minimises errors from potential omission of
   data/information.





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