In the heart of amazing software development, in the city Brno, we launched a blog to share our thoughts.
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.
If you develop a public software product that uses third party code, it's very likely that licenses force you to list them on some visible place. You can find them in your smartphone OS or even in a car if you have one with the onboard computer.
Model inventories start to become more complex when one starts contemplating and later implementing them. They very often become an elementary component for all later model governance/model risk management related efforts. Having a solid foundation is key to smooth sailing in the future.
The Agile method Scrum is a more modern way of helping to eliminate Waterfalls' weaknesses. Its biggest advantage is higher project success, immediate client feedback at regular two-week intervals, higher satisfaction of the development team, etc., and, in close connection with the company's values, creates a powerful tool that takes quality and work to a completely different level.
I would like to discuss a problem with you that I see repeatedly encountered when performing complex, multifarious tasks such as bank stress tests: the lack of ability to concentrate on the "bigger picture" and the consequences this has on the analyst.
Let's say that the ETL tool PDI isn't very suitable for dynamic data processing. But you could probably say something similar about other ETL tools. At the end of the day, you need to tell the software how to transform the data. It is only logical that we also have to define the data structure.
Jira is a popular issue tracking tool and is also used in many businesses as a business process management system (BPM). Sure, there are more suitable tools like jBPM, but Jira is much more user-friendly. And even though it's less feature-rich regarding BPM options, it can be easily extended using plugins written in Java language.
When I started to work in CloseIT, I was eager to understand how the app works. Usually, I try it by trial and fail. On the other hand, each build takes time and it disturbs my workflow. I was wondering if there is a way to make it faster. It was my first work experience with Spring framework, but it didn't take a long time to find people with the same problem, and that's how I found the devtools from Spring.
Automation often represents the process of simulating human activity using computers or machines. It is a current discussion topic in many fields, and model governance is no exception. Our team has successfully implemented several process automations, including automation within the field of model risk governance.
One use-case of our CRM solution is to run custom calculations with custom ETL jobs prepared by the application users. This is a big advantage of CRM because users have better insight to business logic than developers, which are concerned mostly about the technological side of application.
One tricky task came recently out with feature we were implementing. Fetch Java logs in memory and save them to the database. This pretty clear goal turned out to be not as trivial task as we thought. At the same time, it turned out to be realizable in the short time after some research.
The number of models your organization must manage is increasing every year. Models are often registered in tools like Excel that are excellent for a particular type of task but are certainly not ideal as inventory tools to track current status, search for different criteria, or manage a variety of workflows associated with the model's life cycle.