Delta Capita, the financial services division of Prytek, announces an alliance between Yields.io, a Belgium based fast-growing tech company that aims to empower organisations to trust their algorithms and lead them to responsible data-driven decision-making.
Through the new collaboration, Delta Capita will guide and support clients to establish and enhance their model risk management processes and framework.
The advent Model Risk Management (MRM) in financial services firms has caused several challenges such as ever growing model inventories, continuous monitoring, model owners adhering to documentation requirements, limiting technology solutions and lack of talent.
Model Risk management like any other risk type, must be managed under an Enterprise Risk Management Framework, a comprehensive approach to identifying, capturing, and assessing model risk subject to an overall risk appetite set at board level.
Delta Capita’s clients will benefit from the technology as they will be able to manage model risk, streamline model development and validation in one platform thus reducing resource demand while extracting business value from a resource hungry MRM department.
Yields.io’s technology was created by practitioners in the field with intricate knowledge of the problems faced by MRM departments. The technology not only allows for an enterprise management of Model Risk, it also standardise the model lifecycle by allowing collaboration across model developers and model validators.
The technology can link up with analytics libraries, data sources, manage model inventory, produce, and store documentation thus offering an end-to-end solution for the management of model risk.
George Petropoulos, Chief Product Officer – Pricing & Risk, Delta Capita said “The rise of the strategic importance of model risk management in financial services led us to search for an end-to-end platform that standardises the model lifecycle for our clients. Using the Yields technology, our clients will be able to streamline model development and validation, reduce resource demand and industrialise their management of model risk.”
Simon Vanooteghem, Director of Sales, Yields.io commented “We are proud to be partnering with Delta Capita to help financial services enhance and streamline their model risk management processes. We believe this partnership brings the best capabilities together; award-winning technology from Yields.io supported by Delta Capita’s unique combination of deep domain knowledge and experience in bringing technology innovations to the market.”