Welcome to the Paragon resources hub
Here you’ll find a collection of useful materials on the techniques and considerations when it comes to developing, implementing, using and managing credit risk models, as well as the latest Paragon opinion and industry developments.
Paragon releases Modeller 6.0
We are very pleased to announce that our latest major release of Modeller, version 6.0, was recently made available to all new and existing users. A new Model Explainer and reporting suite is included in this latest release. This enables users to run suites of model-agnostic reports on multiple models and/or populations simultaneously, driving efficiencies in the production and interpretation of reports.
Building a Robust Model Risk Management Culture: Overcoming Common Challenges
Model Risk Management (MRM) plays a pivotal role in safeguarding an organization's decision-making processes and ensuring the reliability of financial models. However, many businesses face substantial challenges in establishing a strong and adequate MRM culture. Recently, at the Credit Scoring and Credit Control conference in Edinburgh, Dan Hensel from 4most and I discussed the vital aspects of Model Risk Management and how to foster a robust MRM culture within an organization. In this article, I'll summarize our insights and share common hurdles organizations encounter on this journey.
Paragon releases Modeller 5.0
Our latest release of Modeller, version 5.0, is now available to all new and existing users. We are really excited about the advances brought to our users. The major addition is the “Open source node”. This enables users to run Python scripts and packages directly within Modeller, enabling greater flexibility, efficiencies and ease of use along with the vast amount of choice and data science capabilities that Python offers.
Blame the Process, Not the Person: Enhancing Model Risk Management in Banks
“Don’t blame the person, blame the process.” I always remember hearing this said by the leader of the first analytics team I worked for in the late 1990s. Looking back now, this manager was instilling better model risk management before the discipline had been defined. Errors, mistakes and oversights can happen throughout the model lifecycle stages, but with strong process can be reduced and minimised. Ultimately this is the backbone of better Model Risk Management (MRM) practices.
Using technology to help meet model risk management requirements
Technology has a key role to play in advancing the model risk management frameworks and capabilities within Banks and Building Societies, and help meet SS1/23 regulations. As firms are using more and more models to automate insights, actions and decisions there is a need to efficiently and effectively manage those models, which is now being demanded by the PRA. This is paramount given the limited resources available with the required skills and expertise in this specialised and sort after area. The increase in regulatory expectations in combination with the explosion in the number of models being developed and used is having a multiplicative effect on model risk management workloads.
Focus is awarded Best Regulation Technology Solution
We are delighted to announce that Focus was awarded the Best Regulation Technology Solution at the recent MEA Finance Magazine Banking Technology Summit and Awards, held at Burj Khalifa Dubai on 11 May 2023.
Introducing Focus for model risk management
Our Focus solution enables strong Model Risk Management. Take a look at our new animated video to see how Focus minimises model related issues and enables the implementation and use of sound, robust and value-add analytic models across your organisation. Find and play the video here
Model Risk Management - focus on the benefits not just compliance
Model Risk Management (MRM) is the practice of identifying and mitigating the potential of model error or wrongful model usage. Where models are used by organisations to make or inform decisions, many industry regulators are demanding effective MRM practices to protect organisations, and their customers, prospects and partners.
Paragon launches new model risk management tool Focus
Today, we announce the launch of new regtech product, Focus. Focus is a single, central tool for model risk management, designed to improve the governance, transparency, efficiency and effectiveness of all models.
Paragon: the credit expert’s choice
“We get value from Modeller due to its efficiency, time saving and auditing features.”
CARLIEN KRUGER, SENIOR MODELLER, WESTPAC
Find out why credit risk analytics experts choose Paragon software.
Our software
Whether you’re building and deploying models, automating decisions or managing model risk and governance, Paragon’s software comes with our no compromise, valued engineering built in.