Model Audit Support | Protiviti - Australia

Model Audit Support

Model Audit Support

Model Audit Support

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Financial institution management has become more and more quantitative over time. Many Internal Audit teams find themselves facing the challenge of auditing an ever-growing number of quantitative areas. 

 

Audits must address complex models for a wide variety of purposes, focusing on not only the first line of defence (Model Development implementation and use), but also on the second line of defence (model governance including model validation). Audits include the entire model lifecycle from model selection or development to model retirement. Processes under review include: data selection and processing, the model conceptual soundness review and performance testing, reporting and model use, and other complex areas.

 

Additionally, Internal Audit teams are usually charged with assessing the programmatic quality and compliance of model risk management. This includes model identification and tracking, model validation, and monitoring model performance.  

 

Protiviti’s Model Risk and Data Governance teams have extensive quantitative expertise, and are highly qualified and experience in assisting Internal Audit teams with all of these areas. We have conducted a large number of audits with successful results. Our performance is well-regarded in the industry.