Model Governance
Oxonia’s senior advisors and consultants have extensive experience in the area of Model Governance Frameworks and Model Risk Management (MRM). Our advisors completed a two-year engagement to oversee the remediation of specific CFTC & FINRA recommendations for our client, to ensure that a baseline model governance framework was developed to document, test and tune all AML models within scope (transaction monitoring, trade surveillance, sanctions and PEP screening), and that accounted for: data quality, data completeness, business definitions and glossaries, data lineage, audit requirements, and data profiling tools.
Oxonia leveraged a proprietary methodology using the following structure:
Sound Modeling Practices
Model Risk Management
Governance & Oversight
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End Result
The end result served to strengthen the organization’s effectiveness and oversight of its financial crime risk models and systems, while ensuring that the Regulatory stakeholders were fully informed of the client’s efforts to remediate identified gaps in previous Model Governance and MRM effort, while developing a roadmap for testing, tuning and optimization of trade surveillance and transaction monitoring systems over the next several years.
