Over time models have grown in variety, complexity, and use within organizations. They have moved from tactical pieces of input to a strategic pillar that provides the infrastructure and backbone for strategy and decisions at all levels of the organization. Time and evolution of models left uncontrolled bring forth loss and potential disaster. Unfortunately, many organizations lack governance and architecture for model risk management. Organizations need to provide a structured approach for model risk management that addresses model governance, lifecycle, and architecture to manage models. A best practice is for the organization to leverage Enterprise Architecture and Business Process Modeling Tools to “model” their models.Read More
Tag: Business Process Modeling
Business is complex; gone are the years of simplicity in business operations. Exponential growth, globalization, distributed operations, changing processes, competitive velocity, complex business relationships, disruptive technology, multiplying regulations, and explosion of business data encumbers organizations of all sizes. Keeping complexity and change in sync is a significant challenge for boards and executives, as well as all levels of business operations.