Paragon launches new model risk management tool Focus
Credit risk analytics and decisioning software specialist, Paragon, today announces the launch of regtech product ‘Focus’ to market.
Focus is a single, central tool for model risk management, designed to improve the governance, transparency, efficiency and effectiveness of all models.
In both credit risk and bank-wide, Focus helps lenders to adhere to regulatory requirements through ongoing, active management of the model lifecycle. It features workflow management, model risk reporting and remediation, and a full audit trail.
“Not only does it help lenders to meet regulatory requirements, Focus facilitates better prioritisation and resource planning in a single, practical solution to govern and control model risk.”
Commenting on the launch, Mark Thompson, Product Manager at Paragon, said, “With Focus, we’re helping lenders to take the risk out of managing and using models. Focus provides a best practice approach to model management, ensuring models are performant and current. Not only does it help lenders to meet regulatory requirements, Focus facilitates better prioritisation and resource planning in a single, practical solution to govern and control model risk.
“As with all of our software, it’s geared specifically to modellers and credit experts as well as addressing specific regional regulations. Users can configure it to their needs with ease, and see up to the minute statuses, tasks and actions, ensuring they stay on track in a controlled way at all times. Focus enables the definition of and adherence to policy and process, with comprehensive records available at the touch of a button.
“As one of the first ever providers of credit risk modelling software, Focus is a natural extension of our product suite to cover the whole credit risk management lifecycle. We believe it will continue to make us the credit expert’s choice.”
-ENDS-