Brussels – Belgium (October 2021) KPMG, a leading provider of consulting services in Risk and Compliance, partners with Yields to guide organizations through their Model Risk Management journey.
Financial institutions are heavily dependent on models of all kinds in nearly all functions within the organization. Models are being used to assess creditworthiness, to detect money laundering, to understand customer behaviour, to make investment decisions and manage capital adequacy.
Following the financial crisis, regulatory scrutiny of this topic has increased considerably, and it has become imperative for banks to manage and monitor their Model Risk Management activities.
Today, almost every sector is considering or actively working on introducing models. The reliance of organizations on models is only set to grow as the introduction of advanced-analytics techniques – such as Machine Learning – increases the scope and complexity of models even more. Because some of these applications are high-risk (i.e., they have a material impact on security or well-being), regulators across the globe are working on introducing guidelines for these applications. Most notably, the EU published a draft regulation on Trustworthy AI earlier this year. Using correct models that are fit-for-purpose is key for organizations to foster effective and responsible decision-making.
The partnership between KPMG and Yields will guide organizations through this new era in model risk management. With KPMG and Yields joining forces, organizations can rely on extensive expertise in model risk management to help meet regulatory standards, and trust on award-winning technology to streamline their model risk management journey.
“Partnering up with Yields made perfect sense to us: Their award-winning data science platform perfectly complements our own in-house expertise in risk consulting, allowing us to help our clients streamline their model lifecycle and transform model risk management into a value driver.”
Matthias Degen, Partner KPMG Switzerland
Koen De Loose, Partner KPMG Belgium
“As the complexity of analytics is always on the rise, institutions are looking for ways to make model risk management more efficient through standardization and automation. Introducing technology means that the analytics business lines undergo strategic transformation. Managing this in large and complex organizations requires a combination of deep consulting expertise and customizable technology. This is why we have built this alliance between KPMG and Yields.”
Jos Gheerardyn, CEO Yields
