View reports

Review reports to gain quick insights into your model validation efforts. Reports detail critical findings, risk exposure, and compliance status to ensure effective oversight and management of model-related risks.

Typical uses for reports

• Executive summaries — Gain a high-level overview of model validation activities, focusing on critical findings and risk exposure.
• Model tracking — Get quick insights into each model’s validation findings, highlighting any major issues or deficiencies.
• Compliance review — Find information on compliance with relevant regulatory requirements and internal policies.
• Remediation tracking — See the status of actions taken or proposed to address validation findings and mitigate identified risks.
• Risk assessment — Find summaries of the risks associated with each model, including model limitations, model stability and robustness issues, needed model adjustments, and much more.

Reports are primarily designed for model validators or Chief Risk Officers (CROs) who require an understanding of findings related to model validation activities.

Prerequisites

• You are logged in to ValidMind.
• There are models registered in the model inventory.¹

¹ Register models in the inventory

Reports overview

Reports are broken down by data on models and data on findings:

Reports page showing several bar charts with model data

Reports page showing several bar charts with findings data

Reports will not include data or findings from archived models.²

² Archive and delete models

Reports on models

Total Models

Count of your total models registered with ValidMind.

Number of Models by Business Unit and Tier

Count of your model volume by business unit³ further broken down by risk tier. Assists you in pinpointing where in the organization resources should be concentrated on, along with the materiality of risk that unit may pose based on the models they are responsible for.

³ Manage business units

Number of Models by Status and Business Unit

Count of your model volume by status further broken down by business unit. Assists you in pinpointing where in the organization resources may need to be focused, based on the progress and severity of findings.

Avg. Number of Days Models Spend in a Status

Average count of days your models spend in a certain status further broken down by business unit. Assists you in pinpointing what point of your model risk management process resources should be concentrated on, along with where in the organization your resources should be allotted to.

Reports on findings

Total Findings, Open Findings, Past Due Findings, Closed Findings

Count of your total findings, currently open findings, currently past due findings, and previous findings now closed.

Findings by Risk Area

Identifies issues based on the type of risk they pose to the organization, such as model limitations, data quality issues, regulatory compliance, and more. Helps in understanding the risk landscape for your models and risk areas requiring attention or improvement.

Findings by Status

Sorts findings based on their resolution status, such as open, closed, or past due. Provides a snapshot of the validation process, highlighting which issues have been addressed, which are currently being worked on, and which are yet to be tackled.

Findings by Business Unit

Segmented according to different divisions or departments within your organization, such as Finance, Marketing, and more. Assists you in pinpointing where in the organization model-related issues are occurring, facilitating more targeted resolution, if necessary.

Findings by Model

Specific to individual models, details the findings for each model, including any errors, limitations, or assumptions that may affect the model’s performance. This helps in assessing the reliability and accuracy of each model.

View report data

1. In the left sidebar, click Reports.

2. Click on the tab for the type of reports you want to review:

   • Models
   • Findings

3. For each of the bar charts, you can hover for numerical breakdowns or click on individual bars to get a more detailed view.

For example, to see all findings related to data quality:

1. Click on the Findings tab.
2. Under Findings by Risk Area, click on Data Quality.
3. On the page that opens, the applicable findings are listed:
   • Filter this list of findings⁴
   • Or customize column headers that display on this findings view⁵
4. To get more details on the finding itself, click on the title of the finding to take you to the Model Findings section for the specific model the finding applies to.

⁴ Filter model findings

⁵ All model findings

You can also add any of the report widgets to your dashboard.⁶

⁶ Customize your dashboard

What’s next

Viewing reports in the ValidMind Platform UI is closely related to working with model findings. For example, you can drill down into specific model findings which will take you to the Model Findings page.