from DSSResources.comExperian announces Model Risk Governance Services(SM)COSTA MESA, Calif., May 1, 2013 /PRNewswire/ -- Experian®, the leading global information services company, today announced the availability of Model Risk Governance ServicesSM, a comprehensive service that enables financial institutions to meet the Office of the Comptroller of the Currency (OCC) regulatory requirements for model risk evaluation. "All financial institutions that use models in their decisioning processes must ensure that their internal policies and procedures are consistent with the guidance outlined by the OCC regulations," said Shannon Lois , vice president, consulting, Experian Decision Analytics' Global Consulting Practice. "Financial institutions need to mitigate the potential risks arising from the reliance on older models that may be underperforming. With Experian's new service, model risk can be considerably reduced through our rigorous and technically advanced model risk assessments." How it works Additionally, Experian will conduct a series of tests to validate model performance and accuracy that will produce specific performance comparisons to the previous year's performance and to a series of industry benchmark models. Experian also will test a series of attributes within a model for sensitivity to small and significant changes in values, allowing the client to understand how the model will perform under unexpected shifts in consumer behavior in addition to more extreme economic conditions. "Experian's analytical and modeling expertise allows us to provide all required tests to meet model risk governance on several types of models, including credit risk, econometric and pricing models," said Angela Granger , vice president, analytics, Experian Decision Analytics. "This approach to model risk validation brings together Experian's modeling expertise, data assets and regulatory understanding. These elements are critical in helping our clients clearly identify areas of model risk so they can meet the OCC's regulatory requirements for comprehensive, annual model risk evaluation." To find out more about Experian's Model Risk Governance Services, please visit http://ex.pn/13GpyTo. About Experian Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2012, was $4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil. For more information, visit http://www.experianplc.com. Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners. SOURCE Experian |