Getting started with Model Risk Management (MRM) Validator

The MRM Validator holds your model inventory and runs the validation and ongoing monitoring tests that SR 11-7 expects, from performance and stability to drift and fair lending bias analysis, on credit scoring, AI and other models. Validators review the results, record findings and their conclusions, and model owners track remediation. Every test, finding and approval keeps its data, code version and reasoning, ready for model risk committees, auditors and examiners.

What it is for

Most model risk teams keep the inventory in a spreadsheet, validation reports in shared folders, and monitoring results in whatever each model developer produced. Validators rebuild the same tests for every model, drift is noticed at the annual review rather than when it starts, and bias testing is done differently by each team. When examiners ask for the evidence behind a validation conclusion, or how a finding was closed, the team assembles it by hand from documents, emails and code that may have changed since.

• The model inventory is incomplete, out of date or held in several places
• Validation tests are rebuilt by hand for each model and are hard to reproduce
• Performance drift and population shifts are found late, at periodic review
• Findings, remediation and approvals are tracked in documents and email

Who uses it

• Model risk management teams at banks, credit unions and lenders
• Model validators who provide effective challenge
• Model owners and developers of credit scoring, fraud, AML, CECL, stress testing and AI models
• Fair lending and compliance teams who test models for disparate impact
• Model risk committees, internal audit and examiners

Before you start

• Your organization licenses Model Risk Management (MRM) Validator from Moraph.
• A Moraph client account in that organization, signed in.
• Access to Model Risk Management (MRM) Validator in Moraph Apps, given by an administrator in the Moraph Portal under People and access.
• For setup: the product administrator role.

Steps to get started

1. Sign in at app.moraph.com with your Moraph account.

2. Open Model Risk Management (MRM) Validator from the launcher. The first time anyone opens it, its workspace is created from the default described in Workspace reference.

3. Check your role: what you can see and do depends on it. See Roles and permissions.

4. Product administrators: work through Set up Model Risk Management (MRM) Validator before your team starts.

5. Everyone else: start with Everyday tasks.

Where to go next

• Set up Model Risk Management (MRM) Validator
• Everyday tasks
• Connect your systems
• Security, data and compliance
• Troubleshooting and the support guide
• Product overview on moraph.com