CP6/22- How do you solve a problem like Excel?

12 May 2023

The recent Advanced Model Risk Management conference highlighted that the upcoming PRA rules based on the CP6/22 Principles will increase the number of spreadsheets considered as models and will also increase regulations for smaller banking organisations.  

How ready are you for the expected deadline for the implementation of H1 2024? 

With an influx of spreadsheets that will be considered models, banks need to consider how the Model Risk Register and the End User Computing (EUC/EUDA) registers will operate together and the impact on their processes, systems, and reporting. Additionally, how banks can support the core model risk management principles for those Excel models. 

How can Schematiq help with the five CP6/22 principles?            

Schematiq converts Excel models automatically into cloud APIs in a controlled and well-governed environment, allowing the model to be run at scale and integrated into any system. Schematiq also lifts all data and range constraints from desktop Excel allowing access to all your data without any VBA. 

 

Given the scale of the task and the deadline, banks must start considering the technology they can use to control, and govern their models, mindful of the opportunity to scale, reduce operational risk and integrate these Excel models with other systems and data sources within the bank. To learn more, please get in touch with the Schematiq team.