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One inventory - complete control of your model risk management
The EY Model Risk Management Workspace helps banks and financial institutions meet today’s regulatory and operational demands for model risk management.
It provides a centralized model inventory that connects traditional, AI and machine learning models with their data, documentation and workflows – enabling teams to maintain a single, authoritative source of truth.
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Whatever your process, our platform can manage it
One platform to manage, monitor and evidence your model risk across traditional and AI models
The Model Risk Management Workspace combines EY’s regulatory experience with proven technology to help institutions efficiently manage the entire model lifecycle, including traditional statistical and AI-based models. It enables organizations to streamline model risk management through automation, configurable workflows and integrated reporting – without the need to develop or maintain custom tools.
What value does it bring to you?
Built for day-to-day use by business users, the workspace automates processes, manages approvals and tracks findings or actions across the model lifecycle – making model risk management simpler, faster and more transparent.
Key capabilities include:
- Model inventory management – maintain a single repository of models, metadata and documentation, ensuring consistency and traceability across the lifecycle.
- AI & advanced analytics coverage – include machine learning and advanced analytics models in the same inventory, capturing key attributes such as model purpose, risk classification, training data references, versions, validation outcomes, and monitoring results.
Platform built to manage model risk end-to-end
Manage, monitor, and evidence model risk in one place.
- Model inventory
- Lifecycle and change management
- Performance and monitoring
Access all essential model information — including ownership, classification, documentation, validation status, and risk indicators — in a single, centralized dashboard. The real‑time view ensures full transparency across models, responsibilities, and governance activities, helping users efficiently identify actions and monitor progress throughout the model lifecycle.
Effective model risk management requires structured control over the full model lifecycle and all related changes. Our application supports a standardized, end‑to‑end lifecycle framework covering model development, validation, implementation, and change management. By embedding approvals, traceability, and real‑time status tracking directly into the workflow, users gain full visibility into model progression and changes, ensuring controlled execution, accountability, and regulatory‑aligned model governance.
Ongoing performance and monitoring are essential to ensure models remain fit for purpose throughout their use. Our application provides continuous oversight of model performance, validation activities, findings, and governance actions, supported by real‑time status tracking and a complete audit trail. This enables timely identification of issues, clear accountability, and transparent monitoring across the full model lifecycle, including models in production.
Other related solutions
The solution is part of a family of EY BPM-based workspaces designed for banks and financial institutions – including the Model Validation and Outsourcing Management Workspaces. Each addresses a distinct area of governance, while operating on the same technological foundation.
This shared platform ensures compatibility, consistent design principles and the ability to connect processes across risk, validation and third-party management – all within a unified user experience.