Nowadays many companies (e.g. banks, energy, telco, automotive etc.) use different mathematical, statistical as well as expert models to support their business. The models may not only increase efficiency through quicker decisions, cost reduction and simplification of complex problems, but also increase objectivity of decisions.
On the other hand, application of models may potentially incur loss as a consequence of decisions based on incorrect or misused outputs of these models. The potential loss connected with models is usually denoted as model risk.
Due to the increasing influence of models on many various processes, model risk, its identification, measurement and management are topics of growing importance. The requirements for implementation of a model risk management system are often formulated by owners or management of a company, or in banking industry by regulators.
ARM would like to offer you consultancy services aimed at model risk management and related areas.
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