In the heart of software development, in the city Brno, we launched a blog about IT.
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.
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.