Model Risk Management Solutions, 2024: Market Update
This report outlines Chartis’ view of the market landscape for model risk management (MRM), and updates our previous research in this area. Our accompanying Quadrant Update provides a detailed evaluation of vendors’ solutions.
Evolving trends in MRM are being shaped by stricter regulatory expectations, technological innovation and shifting vendor landscapes. As hybrid service-product offerings grow more complex, institutions are combining technical rigor with compliance oversight, while automation and AI (including large language models) are transforming workflows and anomaly detection. The complexity of these tools, however, demands specialized validation frameworks to address risks such as bias and overfitting.
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