In the heart of amazing software development, in the city Brno, we launched a blog to share our thoughts.
The MRM methodology is relatively well-defined, including the concept of model monitoring for particular model types. But how can we take these mostly manual procedures and deploy them at scale for the entire portfolio?
End User Computing (EUC) items exist in every bigger organization and are a potential source of headaches and significant loses. So, what are EUCs and how do we save ourselves this trouble? Here’s my point of view based on our recent case.
The software during the development cycle will go through many stages. It usually starts as a source code in IDE, different pars will be executed in unit tests, maybe even whole components will be tested. It’s somehow packaged (compiled) and deployed to some server (staging, production,…). That is a very rough lifecycle which is not applicable in all cases, but at least during my time in CloseIT, many projects followed it.
When I started putting together my first AWS SAM project, I was confused with the project structure - as always, when I’m starting new project with new technology. You can easily make a bloated project where code is duplicated in each lambda function.
The current pandemic has revealed the importance of remote work. While this might be a seamless process for professions like programmers, with their setup already prepared for remote work, the situation may have been a bit different for professionals involved in model governance and model risk management.
Here we go again. The last day of June and you can read interesting topics from the development world that we have read this month.
A few days ago, our first company hackathon finished successfully. But in order to define success, we have to define goals. With every new project, we evaluate what technologies to use.
The end of the month is marked by devtips recommended by developers from CloseIT. Look at interesting blog posts and website that we found during May.
In CloseIT, we have a channel on Slack where we share interesting development YouTube channels, blog posts, articles, etc. with each other. Here are our DevTips from last month.
Models used by financial institutions (FIs) are not defined only by their source code, datasets, and documentation, but also by the entire model lifecycle, which can typically be broken down into a set of workflows. Therefore, FIs often acquire workflow management systems, typically standalone, or the processes are "defined and maintained" in good old Excel sheets. While this might have seemed like a sufficient solution, there are much more advanced approaches, with an incomparably higher value for the business.
Almost out of nowhere, the whole internet is full of advice on how to cooperate within your team remotely. Well, for us, nothing really changes. In CloseIT we are used to working remotely, we are used to solving problems not only onsite with the team but also with clients remotely. So we maybe miss three small ones...
Model governance regulators are moving their focus closer and closer to the qualitative elements of a model – the model governance process. Unfortunately, the regulator also often asks the bank to explain their internal risk mitigation process without the providing the specific guidelines necessary to match the model to the bank’s methodology.