Model workflows

Can I customize workflows within ValidMind?

• Yes, you can create custom workflows for the review and approval of models throughout their lifecycles with ValidMind Platform,¹ enabling you to more easily oversee your organization’s unique model risk management process.
• For example, workflows can be configured to include any number of review stages involving different sets of stakeholders — at any point in the process.

¹ Accessing ValidMind

² Manage permissions

By default, the Customer Admin role² has sufficient permissions to manage workflows.

What statuses are available for use in workflows?

• Lifecycle statuses are manipulated via workflow transitions and can also be fully customized within the ValidMind Platform.
• Default statuses are provided for you as suggestions. You can add, edit, remove, and define your own custom statuses.

By default, the Customer Admin role has sufficient permissions to manage lifecycle statuses.

How do I progress a model along in its lifecycle within ValidMind?

Transition a model along in the workflow, for example for review with the next set of stakeholders, by changing a model’s status.

While your lifecycle statuses and workflows are custom to your organization, some examples are:

• To submit model documentation for validation — Click Ready for Validation to indicate that a model developer has completed the initial model documentation and is ready to have it validated. Add any notes that need to be included and then click Ready for Validation.
• To submit validation reports for review and approval — Click Ready for Review to indicate that you have completed your initial model validation report, fill in the mandatory notes, and submit.
• To request revisions to model documentation or validation reports — Click Request Revision, fill in the mandatory notes to explain the changes that are required, and submit.
• To have your model documentation and validation report approved — Click Ready for Approval, fill in the mandatory notes, and submit.

Can we work with disconnected workflows?

Yes, ValidMind supports disconnected workflows natively at the data-collection level since the ValidMind Library³ creates individual test runs every time a new test iteration is executed.

³ Get started with the ValidMind Library

• This allows for running parallel/disconnected tests that individually send results to the ValidMind Platform.
• Visualizing the disconnected workflow in terms of model testing and documentation will depend on requirements at the use-case level.

You can also leverage the ValidMind Library once you are ready to document a specific model for review and validation.

You do not need to use the ValidMind Platform while you are in the exploration or R&D phase of model development.

Can I use ValidMind to track milestone dates?

• Yes, the ValidMind Platform includes support for custom inventory fields, including those for dates and date time — allowing you to track important dates throughout the model risk management lifecycle unique to your workflow.
• In addition, calculation type custom inventory fields can draw upon date and date time values, allowing you to automatically calculate next review, revalidation, ongoing monitoring deadlines, or any other desired date.

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