Chennai, 12th February, 2025: BCT Digital, a global risk technology and compliance products company, has been recognized as a category leader in Chartis Research’s 2024 Model Governance Solutions Quadrant. The company’s rt360 Model Risk Management (MRM) solution was highlighted for its comprehensive capabilities in model coverage, governance framework, model inventory management and model risk analytics.
The Chartis Research report evaluated BCT Digital’s rt360 MRM solution across several criteria, including its ability to manage the lifecycle of financial models, mitigate model risks, and ensure compliance with regulatory requirements.
Jaya Vaidhyanathan, CEO of BCT Digital, commented, “Being named a category leader in the Chartis Model Governance Solutions Quadrant reflects the strength and impact of our approach to model risk management. Our focus is on delivering solutions that simplify complex model governance challenges, enabling financial institutions to maintain robust control over their models while adapting to an increasingly dynamic regulatory environment.”
The solution automates model governance processes, including model validation, monitoring, and risk assessment streamlining collaboration between departments. Features such as centralized Model Register acts as the single source of truth for all model-related activities, improving transparency and traceability. The Workflow Engine automates tasks and facilitates cross-departmental collaboration for improved efficiency. The MRM solution also enables financial institutions to reduce reliance on external validation services, streamline model risk management processes, and scale operations with minimal added cost.
In recent years, banks and financial institutions have prioritized MRM solutions. They are seeking robust and sophisticated software to automate model monitoring and quarterly assessments. This focus on automation ensures compliance with the guidance and standards set by their respective central banks. For instance, the Central Bank of UAE published new regulations and standards on Model Management Standard (MMS), applicable to all models used by banks, and the Model Management Guidance (MMG), specifically focused on Expected Credit Loss (ECL) models.
