Exploring the Business Objects within SAS Model Risk Management
There are many business objects within SAS Model Risk Management (SAS MRM) that are consistent across solutions, such as Models, Data Load, Workflow Templates, and so on. These business objects are a key component of the SAS solution system because they represent various tasks within the system. The purpose of this post is to explore some of the various objects within SAS Model Risk Management and their interaction with each other.
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Since there are more than 15 business objects within SAS Model Risk Management, I think it would be best to break each object into 6 categories:
Main
There is not a specific name for these on a broader scale in the user interface, but they are very important for navigating. The first is the Home page, then the Global Search page, and lastly the Dashboard page which is integrated with SAS Visual Analytics.
Fortunately, this solution provides an easy way to view all of your data within each object page using tables. Each table can be customized by column (filtered and sorted), and each table view can be saved.
Model Development
This category is where you will find the process for helping to ensure that models are accurate, effective, and compliant with regulatory requirements. Each page has its own workflow process associated with it.
Models - This page is where you will manage all of your models. It will provide a table of all the models loaded into your inventory. Here you will find the Model ID, Model name, Model status, Materiality assessment, and date created. These are the default columns, but there are plenty more you can add to your table such as Retired by, Vendor, Model version, Primary contact, Peer review, etc.
Change Requests - This page is where you can view when models have modifications or changes needed. Here you can create the change request, analyze it, plan the changes, make the changes, and submit and finalize the request.
Non-Models - This page holds tools or processes that do not meet the criteria of a model but are still useful and necessary for an organization. Some examples could be business rules, simple calculations, or key model assumptions and limitations.
Model Reviews - This page includes comprehensive evaluations of a model to ensure its accuracy and effectiveness. Some model reviews include Full Scope Validation, this is typically for new models, Model Performance Reviews, Annual Reviews, and Other.
Findings - This page is where you will find the results of model reviews or validations. They represent issues or concerns identified during the review process that still need to be addressed.
Model Monitoring
Model monitoring is a crucial part of SAS MRM. It's important for performance tracking, providing alerts when a model's performance deviates from the set thresholds, centralizes model data storage, and with the integration of SAS Visual Analytics, it provides a clear and detailed view of how the models are performing using KPIs and Monitoring Plans. KPIs provide a way to measure model performance against business objectives, while the Model Monitoring page provides a centralized location for tracking and managing model performance, alerting users to any deviations from expected performance. You can upload your KPIs using the data loader page and export monitoring plans within the solution.
Assessments
Candidate Assessments: These are preliminary evaluations that help determine what counts as a model or non-model.
Model Attestations: This is a process where model owners and the model risk management group sign off on the accuracy and integrity of models. This multi-tiered process involves an overall inventory attestation, which consists of many model attestations with results that aggregate upward. The attestation process is a crucial part of maintaining regular oversight over any models under management.
Inventory Attestations: This is a process to confirm the accuracy and completeness of the model inventory.
Model Risk Assessments aren't a business object by its own, but it's an important assessment to be aware of because it's used to evaluate the inherent risk of a model based on factors such as model usage, model criticality, and model materiality. The assessments help determine the model's risk tier, with Tier 1 risks being the most material and critical, and Tier 4 risks being non-material.
Configuration
This category helps to streamline and automate processes, ensure consistency and accuracy, and provide a structured approach to model risk management.
Forms - These are user interfaces that allow users to input and view data. They are used to capture and display information about various business objects such as models, findings, change requests, and more. They are customizable and can be tailored to meet the specific needs of an organization. Some examples of forms include Validation Assessment used for Model Reviews, Candidate Assessment used for Models and Non-Models, Materiality Assessment used for Models, and the Change request checklist.
Scripts - These are pieces of code that automate certain tasks within the system. They can be used to automate processes such as data validation, calculation of metrics, generation of reports, and more. Scripts help to increase efficiency and reduce the possibility of human error.
Workflow Templates - These are predefined processes that guide the progression of tasks associated with various business objects through their lifecycle. Workflow templates in SAS Model Risk Management include processes for model validation, change management, model usage tracking, and more. They ensure that all necessary steps are followed in the correct order, and they can be customized to fit the specific processes of an organization. This is done through SAS Workflow Manager.
Settings
Data Load - This page facilitates the integration and distribution of model-related knowledge. It allows data to be easily loaded from external systems, pre-existing databases, or directly through the user interface. This data persists in a transactional system, making it available for reporting and analysis. The data load function supports the collection and management of various types of data, including model candidate assessment data, model inventory data, model review data, findings-related information, and operational documents.
Position Management - This page is where the administrator can view roles, groups, and users. They can be updated here as well. Some group examples are MRM Administrators, Model Owners, Report Viewers, Model Users, Auditors, and so on. You can also view the Scope of each group and user. This allows for extra security within classifications and dimensions so specific users or groups aren't able to view other classifications' capabilities.
For example, if your organization is using models in multiple countries, but you do not want everyone from those countries to have permissions, you can specify which groups and users can view them.
In summary, it's important to understand the business objects within SAS Model Risk Management and their functions and how they interact with one another. SAS MRM allows for customizable configuration and an easy-to-use user interface. For more information about each of the business objects, please review the documentation within your solution.
How to access the documentation:
- Login to SAS Model Risk Management.
- Click the profile icon in the top right corner of the solution.
- Click the Help Center link. This will open up a new tab to the documentation.
- Expand the User's Guide (Or search for a specific object using the Search icon.)
- View the latest versions of the documentation
