Enhancing Model Governance and Accountability with Optalitix Models
Managing premium calculations in any model can be challenging but spreadsheet usage is especially hard to track. Companies need to track who input the data, when the calculations were made, and how the premium results evolve over time. This lack of oversight can make model governance a complex task for any organisation. Optalitix Models offers a solution that simplifies model governance by providing a comprehensive record of every calculation, every user interaction, and every version update whatever the model type used, including spreadsheets. This blog highlights how Optalitix Models can enhance control, transparency, and accuracy in your modelling processes.
Key Features of Optalitix Models for Improved Model Governance
Optalitix Models goes beyond basic modelling by offering built-in tracking and monitoring tools. With these capabilities, your team can manage model use and performance across the business, ensuring that calculations are accurate, accountable, and optimally efficient. Here’s how Optalitix Models makes a difference:
1. Improved Model Governance with Comprehensive Tracking
Every time a model is used in Optalitix Models, the system records essential details: who used the model, the date and time of the calculation, the model version, and the calculation outcome. This level of tracking creates a secure audit trail, allowing you to review model interactions and ensure adherence to governance standards. This visibility is invaluable for compliance and for understanding how models are used across your business.
2. Centralised Control of Model Versions and Usage
Version control is vital for ensuring consistency and accuracy in modelling. Optalitix Models centralises control over model versions, allowing you to see which version was used in each calculation. This centralisation minimises the risk of outdated or inconsistent models being used, helping to maintain data integrity and ensuring that all users are working with the latest model updates.
3. Auditing Capabilities for Outcome Verification
Optalitix Models retains the original calculation, enabling easy auditing of outcomes to verify accuracy and spot potential errors. With this function, you can review past calculations, compare outcomes, and identify areas for improvement. This auditability is crucial in identifying model errors, understanding historical outcomes, and refining your modelling process over time.
4. Enhanced Control with Version Tracking for Model Updates
With Optalitix Models, every model update and change is tracked, ensuring that your team has complete visibility into version histories. This allows you to see precisely when updates were made and by whom, enhancing control over model usage. By monitoring version changes, you can avoid discrepancies and maintain a high level of accuracy and accountability across your modelling environment.
5. Improved Model Health Monitoring with Key Metrics
Optalitix Models includes tools for monitoring model health, using metrics such as API response times, validation outcomes, and error messages. These metrics allow you to track model performance and quickly identify any operational issues, helping you optimise performance and ensure that models run smoothly. Improved model health leads to better accuracy and a more reliable modelling environment.
Conclusion
Optalitix Models transforms model governance by providing a robust framework for tracking, auditing, and controlling your models across the business. With features such as user tracking, version control, auditing capabilities, and health monitoring metrics, Optalitix Models makes model governance simpler, more transparent, and more reliable.
For organisations looking to strengthen model accountability and ensure consistent outcomes, Optalitix Models offers the tools needed to maintain rigorous standards and avoid costly errors.
