Streamlined Documentation: Transparency in Model Updates
In the world of insurance and banking, maintaining a clear record of model changes is essential. Regulations demand transparency, and for any model, this means documenting updates meticulously so future users can understand past changes. Traditionally, using Excel spreadsheets for model updates poses significant challenges: documentation isn’t enforced, and tracking changes is often overlooked.
Optalitix Models is designed to tackle this problem by automatically documenting every new model version, reducing the burden on the modeller. Each update logs crucial information, including who made the changes, the date of modification, and a description of the change. This level of documentation provides users with a clear view of who has used the model, when it was used, and what impact the changes had on their business.
Benefits to Users:
- Comprehensive Change Tracking: All model changes are automatically documented, creating an audit trail that can be traced back to the individual who made the modification.
- Track Calculations Across Model Versions: Calculations made with specific model versions can be easily traced, giving users a better understanding of the model's evolution.
- Enhanced Troubleshooting: With detailed descriptions for each update, troubleshooting issues becomes more manageable and effective.
- Improved Governance and Audit Control: Optalitix Models ensures better compliance, giving users peace of mind with a documented history of every change made.
Documentation Improves Model Oversight
By simplifying model update documentation, Optalitix Models helps professionals maintain regulatory compliance and fosters a transparent, accountable modelling environment.
