Best Web-Based Model Risk Management Software of 2024

Risk Cloud™, LogicGate's most popular GRC process automation platform Risk Cloud™, allows organizations to transform disorganized compliance and risk operations into agile process apps without having to write a single line code. LogicGate believes that enterprise technology can make a significant difference in the lives of employees and their organizations. We aim to transform the way companies manage governance, risk, compliance (GRC), programs so that they can manage risk with confidence. LogicGate's Risk Cloud platform, cloud-based applications, and raving fan service, combined with expertly crafted content, allow organizations to transform disorganized compliance operations into agile processes without writing a line of code.

Quantivate has been helping organizations efficiently manage their governance, risk, and compliance (GRC) initiatives since 2005. Quantivate’s scalable technology and service solutions equip organizations of all sizes to make more strategic decisions, improve performance, and reduce costs. Learn about how Quantivate’s integrated platform can simplify GRC management at quantivate.com.

Datatron provides tools and features that are built from scratch to help you make machine learning in production a reality. Many teams realize that there is more to deploying models than just the manual task. Datatron provides a single platform that manages all your ML, AI and Data Science models in production. We can help you automate, optimize and accelerate your ML model production to ensure they run smoothly and efficiently. Data Scientists can use a variety frameworks to create the best models. We support any framework you use to build a model (e.g. TensorFlow and H2O, Scikit-Learn and SAS are supported. Explore models that were created and uploaded by your data scientists, all from one central repository. In just a few clicks, you can create scalable model deployments. You can deploy models using any language or framework. Your model performance will help you make better decisions.

Krista is an intelligent automation platform that does not require any programming knowledge. It orchestrates your people and apps to optimize business results. Krista integrates machine learning and other apps faster than you could imagine. Krista was designed to automate business outcomes and not back-office tasks. Optimizing outcomes requires that you span departments and apps, deploy AI/ML for autonomous decision making, leverage your existing task automation, and enable constant change. Krista digitizes entire processes to deliver organization-wide, bottom line impact. Automating your business faster and reducing the IT backlog is a good idea. Krista significantly reduces TCO when compared to your existing automation platform.

Every model requires governance to ensure ethical and responsible decision-making in the business. IBM® watsonx.governance™ toolkit for AI governance allows you to direct, manage and monitor your organization's AI activities. It uses software automation to enhance your ability to mitigate risk, manage regulatory requirements, and address ethical concerns when it comes to both generative AI (ML) and machine learning models. Access automated and scalable compliance, governance and risk tools that cover financial management, IT governance, IT governance, operational risk and policy management. Proactively detect model risks and mitigate them while translating AI regulations to enforceable policies that can be enforced automatically.

Mitratech's PolicyHub is a policy management platform that solves difficult policy and procedure problems. PolicyHub is cost-effective and complete. It includes features like policy management, automated knowledge assessments and audit, as well as reporting. PolicyHub gives organizations the edge they need to demonstrate corporate responsibility and implement a defensible compliance program. PolicyHub allows users to instantly respond to audits or investigations by creating detailed reporting.

See the risks. Seize the opportunities. While others fear risk, we embrace it. For over 20 years, Protecht has redefined the way people think about risk management. We help companies increase performance and achieve strategic objectives by enabling you to better understand, monitor and manage risk. Protecht ERM is a single, integrated no-code SaaS platform that provides you with all the tools you need to dynamically manage all aspects of enterprise risk management and GRC. That includes risk assessments, key risk indicators (KRIs) and key performance indicators (KPIs), compliance, incidents, vendor and cyber/IT risk, operational resilience and business continuity, internal audit, and so much more. We’re with you for your full risk journey. Let’s transform the way you understand your risk appetite and manage your risk portfolio to create exciting opportunities for growth for your organization. Founded in 1999, Protecht is a leading provider of complete, cutting-edge and cost-effective enterprise risk management software, training and advisory solution, with headquarters in Sydney and offices in London and Los Angeles.

ClusterSeven Shadow IT manager gives you control over hidden spreadsheets and other data assets that could put your business at risk. Manage the sensitive, hidden spreadsheets, apps, and data assets that are not under IT's control. This can create risk. You can now quickly and efficiently take inventory of files that your organization relies on and monitor who is making changes. This will help you to meet compliance and audit requirements, and prevent potential problems from affecting your enterprise.

Are you aware of how secure your spreadsheets are? Are you able to locate all of your spreadsheets? Do you know who is using them? Are they a risk to your business? If you know the answers to these questions, you are doing well. Most companies don't know the answers. Many companies don't have a plan for tracking down the spreadsheets that could lead to trouble. How can you avoid getting into trouble? It's very easy. Apparity is what you use. Apparity can find any spreadsheet you use and tell you what to do. Do you need to keep it in an inventory? Is it necessary to keep track of it? Can it be ignored? It is not easy to keep your company safe from costly errors. Apparity was created to help you do this. Apparity is simple to use for both users and managers. Apparity will alert you when there is a problem, from the moment you create your spreadsheet to the time it is modified or deleted. Apparity makes spreadsheets safe, secure, and tracks them.

Focus is a central tool that improves model governance transparency, efficiency, effectiveness, and transparency. Focus helps you to adhere to the best practices for regulatory requirements in a controlled and systematic way. To ensure you are on the right track, define and follow policy and processes. Keep detailed records, report and remediate to ensure that you do not forget. It allows for easy, controlled access of all models, reports, documents, and up-to-the minute status, tasks, and actions dashboards. This facilitates better prioritization, resource planning, and a single, practical solution. - Model dependencies, taxonomy and defined data - Centralised model inventory - Model risks identified and remediation plans tracked - Model lifecycle events, workflow management - Full audit trail, tracking, and reporting - User configurable reporting/querying - Flexibility in implementation

AI Cloud is a new approach that addresses the challenges and opportunities presented by AI today. A single system of records that accelerates the delivery of AI to production in every organization. All users can collaborate in a single environment that optimizes the entire AI lifecycle. The AI Catalog facilitates seamlessly finding, sharing and tagging data. This helps to increase collaboration and speed up time to production. The catalog makes it easy to find the data you need to solve a business problem. It also ensures security, compliance, consistency, and consistency. Contact Support if your database is protected by a network rule that allows connections only from certain IP addresses. An administrator will need to add addresses to your whitelist.

Our risk management platform and consulting empower you to predict what's coming, protect your reputation, and improve business performance by strong governance. All your risks are interconnected. Our governance area and point solutions packages are built on a taxonomy platform. They can be easily integrated into every department and supported throughout your organization's entire risk journey. To identify the bank risk themes in your branches and to determine gaps in controls or processes, you can use a risk assessment. It is also important to understand the location-specific risks (such as susceptibility to natural catastrophes, number or departments of employees, etc.). To fully understand your enterprise-level risks. Our risk management consultants work with customers to help them move forward. You can choose from a variety of customized training sessions or best practice consulting services.

Our AI-driven model risk management technology, the Chiron MRM Platform, will streamline your model lifecycle and automate model validation and monitoring. Model validation can be costly and time-consuming. Our enterprise risk management technology allows our clients to reduce the cost for model validation by a factor 10. Monitoring functionality in Chiron allows for early detection of model failures, which can lead to better models and lower capital requirements. You need to be able to see and audit all models within your organization in order for models to be trusted as decision-makers. Chiron Enterprise provides a configurable model inventory that allows you to track all models throughout their livescycle. It also offers a workflow engine that streamlines processes. You can scale your model risk activities and enforce consistent workflows within your team.

Model Edge allows you to manage, develop, validate, and govern your entire portfolio (including AI) from one central location. Model Edge simplifies operations and gives you confidence in your program. It provides the tools to show model effectiveness (and explainability to external and internal stakeholders). Model Edge offers extensive model recording and documentation capabilities in a single, central environment. An audit trail and model inventory that is comprehensive and holistic tracks all changes and updates made to models, both historical and current. A single cloud-based environment can manage every model's entire lifecycle, from conception to implementation. Track your progress within and across programs and manage your model validation and development workflows.

CIMCON Software reduces the operational risks associated with EUC files. Non-compliance, cyber risks, and fraud are all possible risks. EUCs can include models, spreadsheets, Access databases, scripted apps using VBScript and R, Python, and self-service analytics tools like Tableau and QlikView. End-user computing applications (EUCs), such as Excel spreadsheets or scripts, are a key component of banks' day-to-day operations. They allow users to quickly react to changes in market conditions and regulations. They are essential for financial modeling, accounting, and compliance with regulatory requirements. CIMCON Software provides solutions to create an inventory of all EUCs within your organization, identify critical files, detect errors, provide a visual map showing data dependencies, and provide ongoing monitoring and control over your most important EUCs.

The EY Trusted AI Platform gives organizations insights on the sources and drivers for risk, and guides an AI team in quantifying AI risk. The EY Trusted AI Platform builds a risk profile for an AI system using interactive, web-based assessment and schematic tools. It uses an advanced analytical tool to convert user responses into a composite score that includes technical risk, stakeholder impacts, and control effectiveness for an AI system. The platform measures risk drivers such as the underlying technologies of an AI system and its level of autonomy to help determine technical risks. The platform takes into account the goals and objectives set by the AI system to help determine stakeholder risks. It also takes into account the financial, emotional and physical impact of the AI system on external and internal users as well as reputational, regulatory and legal risks.

AI and non AI models require risk management and oversight. Fairly is a continuous monitoring tool for advanced model governance. With Fairly, data science and cyber-security teams can easily collaborate with risk and compliance teams to ensure that models are reliable and secured. Fairly makes it simple to stay up to date with policies and regulations regarding procurement, validation, and audit of non AI, predictive AI, and generative AI. Fairly simplifies model validation and auditing by providing direct access to ground truth within a controlled environment, for both in-house models and third-party ones, without adding additional overhead to development or IT teams. Fairly's platform guarantees compliant, ethical, and secure models. Fairly helps teams identify compliance, operational, and model risks and mitigate them according to internal policies, external regulations, and monitor, report, and assess them.

ValidMind is an efficient solution that allows organizations to automate the testing, documentation and risk management of AI and statistical models. ValidMind is a platform of tools that helps data scientists, businesses and risk/compliance stakeholder identify and document risks in their AI model and ensure they deliver expected regulatory outcomes. Our integrated platform allows you to easily review and prioritize risk areas across your team's models. ValidMind helps organizations break down information silos, reduce the complexity of sharing and collaborating model documentation, validation report, and risk findings throughout the model lifecycle, and reduce the cost associated with doing so.

Connected Risk is a single solution that allows your team to meet all of their governance, risk and compliance (GRC), needs. Connected Risk is built on EmpoweredNEXT's next-generation low-code/no code platform. This powerful backbone allows your team to expand the solution with practical applications tailored specifically for their needs. Holistic and connected management is designed to manage governance, risk and compliance programs within an integrated lifecycle that is specific to your organization. Top global organizations trust us to manage their governance and risk needs. Enterprise risk management provides your organization with tools to take advantage of both disruption and risk. Regulatory change management allows your compliance team manage change in an organized and connected manner. Model risk management empowers you to create and maintain a model inventory through workflow management.

You are only one flaw away from missing critical risk. As banks link sophisticated calculations with businesswide models and model owners, risk models become more complex. Model disconnects could hide hazards. But organizations do not have to watch their programs break down. Crowe Model Risk Manager is a software platform that can link model risk management beginning to end. Software with real-time visualisation makes it easy to manage workflows, track problems, generate reports and demonstrate compliance. Banks can move beyond spreadsheets and email to a comprehensive and connected view. Our software solution makes it easy to understand and access each aspect of model risk management. Model owners will be able to see their responsibilities, as well as clear next steps and activity tracking. Banks can automate actions and workflows in order to improve efficiency and keep programs moving.