The rise of RPA for Model Risk Management
Covid-19 has augmented the traditional weaknesses faced by model risk management (MRM) teams, such as error-prone test evidence collection processes and time-consuming deep dives, as well as an increased workload. RPA provides MRM teams with the ability to:
- Perform a wide range of use cases: RPA bots are able to automate time-consuming tasks such as creating tables, forming audit trails, and pasting screenshots.
- Automate tasks around the clock: RPA bots can run tests and perform tasks up to 24 hours, seven days a week, ensuring that models are updated and maintained.
- Scan tolerances and flash breaches: RPA bots can pinpoint specific areas that need analysts’ attention, ensuring MRM teams can resolve issues and protect sensitive data.
At Evalueserve, we have also explored how introducing reusability to basic RPA bots can lower the cost of ownership.
To learn more about how RPA can empower your MRM processes, please contact us here to speak to an expert.