Effective model and spreadsheet risk management is not just a technology problem. It requires the right combination of technical expertise, change management, policy knowledge and project management as well as the best technology.
Our consulting team provides expert advisory and delivery services in:
Model risk management and validation
Spreadsheet Control implementation
Spreadsheet development and remediation
Training and coaching
CFR 21 Part 11 compliance and spreadsheet validation
We integrate with your teams and where appropriate we help manage
Model Risk Management and validation
Model risk was a major contributor to the financial crisis. As a result regulators are focusing on Model Risk Management (MRM). Financial institutions need to demonstrate effective management of the entire development and use of models. This includes compliance with standards such SR11-7, PS7/18, SS3/18 and OSFI E-23.
We work with customers to design and build MRM processes including model inventory, development and implementation processes. This includes offshore model management capabilities and EXChecker Advanced Validation for validating the 60%+ of models that are spreadsheet based.
Spreadsheet Control Implementation
Many organisations struggle with spreadsheet control policies. Our experience is that lack of effective governance, training and focusing on the wrong areas makes effective spreadsheet control much harder than it needs to be. If you are new to spreadsheet control, we can work with you to design a project that will be effective and substantially reduce risk.
Achieving effective spreadsheet control should be just the first step. Many companies are in “spreadsheet hell” and are looking for a way to reduce the reduce the complexity of their spreadsheet processes. Supported by the Finsbury spreadsheet analysis toolset and decades of experience we work with you to create a step by step plan that reduces risk and substantially reduces costs.
Training and coaching
Most spreadsheet users are self taught and often do not have the skills to effectively manage critical spreadsheets. We can assist you to evaluate your training gap and provide bespoke courses in both spreadsheet development, review and validation of spreadsheets.
CFR 21 Part 11 compliance
Pharmaceutical, medical device and some other healthcare companies need to comply with requirements for electronic records under CFR 21 Part 11. This includes spreadsheets which should be validated and controlled. We have a dedicated team of FDA validation experts and the DaCs spreadsheet control software to provide a complete solution to FDA requirements for spreadsheets.