Using ​ValidMind for
Model Risk Management

Administrator Fundamentals — Module 3 of 4

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Learning objectives

“As an administrator who has set up user access to the ValidMind Platform and prepared our model inventory for tracking models, I want to maximize the potential of ​ValidMind as a centralized hub for risk management oversight by configuring workflows and attestations in accordance with our organization’s requirements.”

This third module is part of a four-part series:

Administrator Fundamentals

Module 3 — Contents

1. ​ValidMind for model risk management
2. Set up custom workflows
3. Manage model workflows
4. Configure attestations

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Before you begin

• Prerequisite courses
• Log in

To continue, you need to have been onboarded onto ValidMind Academy with the Customer Admin role and completed the first two modules of this course:

Onboarding Your Organization

Customizing Your Model Inventory

Already logged in and refreshed this module? Click to continue.

1. Log in to check your access:

Log in to ​ValidMind

Be sure to return to this page afterwards.

2. After you successfully log in, refresh the page to connect this training module up to the ValidMind Platform:

ValidMind for model risk management

Welcome back to the ValidMind Platform

The ValidMind Platform is more than just a model inventory where your model development and model validation teams collaborate seamlessly and more efficiently — it’s also an indispensable tool for model risk management oversight:

• Configure workflows to match your organizational needs for every part of your model lifecycles.
• Set up attestations to support compliance and governance processes.
• Customize reporting to provide insights tailored to your use cases.

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Let’s continue our journey by learning how to set up workflows for your use case on the next pages.

Set up workflows

Model workflow elements

(Scroll down for the full instructions.)

Learn more …

Learn how to manage model stages on the next page.

Configure workflows to match your organizational needs for overseeing model development, validation, implementation, ongoing monitoring, auditing, or other risk management activities.

• Models in your model inventory transition through your organization’s custom model lifecycles via model stages, which are in turn manipulated via workflows.
• Workflows are comprised of workflow steps, and have their own workflow states discrete from model stages.
• Some step types allow you to define conditional requirements, providing flexible customization.

A workflow is comprised of an interplay of these elements:

• Workflow step types
• Conditional requirements
• Workflow states

Model Stage Change

Transitions a model into another stage.

Workflow State Change

Transitions the workflow into another workflow state.

User Action v2

Creates a button that performs an action on behalf of the user.

Approval

When your workflow reaches the approval step, roles or users in the selected approval group will receive a preconfigured message.

Condition Branch

Allows diverging paths based on conditional requirements.

Wait

Creates a time condition for displaying next available action.

Run Workflow

Triggers another workflow indicated by select workflow to run, allowing you to chain workflows.

End

Designates the end of your workflow.

Configure conditional requirements for the following step types:

• Model Stage Change optional

• User Action v2 optional

• Approval

• Condition Branch

• Wait

Workflow states are statuses unique to a specific workflow, discrete from model stages.

Add workflow states by either while configuring a Workflow State Change step, or via the Settings page.

Manage model stages

(Scroll down for the full instructions.)

Learn more …

Try it live on the next page.

Model stages are manipulated via workflow transitions and are used to track the progress of models through your organization’s model lifecycles.

Add model stages

1. In the left sidebar, click Settings.

2. Under Models, select Model Stages:

   • To add a stage, click Add Model Stage.
   • To edit a stage, click on the stage itself.

3. On the Add New Model Stage modal that appears:

   1. Provide a stage name
   2. Provide a stage description
   3. Assign a color to the stage

4. When you are done, click Save to apply your changes.

Add a model stage

1. Click Add Model Stage.
2. On the Add New Model Stage modal that appears:
   1. Provide a stage name
   2. Provide a stage description
   3. Assign a color to the stage
3. When you are done, click Save to apply your changes.

When you’re done, click to continue.

Configure model workflows

(Scroll down for the full instructions.)

Learn more …

Try it live on the next pages.

For more assistance configuring workflows, refer to our Workflow configuration examples.

Workflows can be as simple or as complex as required, with multiple and discrete workflows supported for unique triggers and scenarios.

To set up a new custom workflow, you’ll need to complete these three steps in sequence:

• 1. Add workflow
• 2. Configure workflow steps
• 3. Link workflow together

To add a new blank workflow:

1. In the left sidebar, click Settings.

2. Under Workspace, select Workflows.

3. Click Add Workflow.

4. On the Add New Workflow modal, enter in a title and a description the workflow.

5. Under workflow start, select when the workflow should be initiated:

   • Manually — Start this workflow manually.
   • On Model Registration — Start this workflow when a model is registered in your model inventory.
   • On Model Field Change — Start this workflow on a change to a specific model inventory field.

6. Under workflow expected duration, define the SLA for the workflow based on the start date in days, weeks, months, or years.

7. Click Add Workflow to save your blank workflow, and then configure your workflow steps.

To add or edit workflow steps:

1. In the left sidebar, click Settings.

2. Under Workspace, select Workflows.

3. Click on the workflow you’d like to modify, then:

   • To add a step, drag and drop a new step onto the canvas.
   • Double-click the new step to open up the configuration modal.

4. After you’re finished with step configuration, click Update Step to apply your changes.

5. After you’ve configured a step, you can then link your workflow together.

Start the workflow

To initiate the beginning of your workflow:

1. Locate the Start of your workflow.

2. Drag from the at the bottom of Start to the top on the first step of your workflow.

3. Continue with linking the rest your steps together.

Link steps together

To link subsequent steps together:

• Click the below or to the right or left of the earlier step and drag it to connect to the top on the subsequent step.
• You’re also able to link several different steps together at various points in the workflow, including stages that may circle back to previous steps.

End the workflow

When all your workflow steps have been linked together:

1. Designate the end of your workflow by dragging an End step onto the canvas.

2. Link relevant previous steps to the End step by clicking on the bottom of those steps, and dragging to the top of the End step.

3. When you are finished configuring your workflow, click Save Workflow to apply your changes.

Add a model workflow

1. Click Add Workflow.
2. On the Add New Workflow modal, enter in a title and a description the workflow.
3. Under workflow start, select Manually.
4. Under workflow expected duration, define the SLA for the workflow.
5. Click Add Workflow to save your blank workflow.

When you’re done, click to continue.

Configure & link workflow steps

1. Click on the workflow you’d added earlier, then:
   • To add a step, drag and drop a new step onto the canvas. For example: User Action v2
   • Double-click the new step to open up the configuration modal.
2. After you’re finished with step configuration, click Update Step to apply your changes.
3. After you’ve configured a step, link your example workflow together:
   • Locate the Start of your workflow.
   • Drag from the at the bottom of Start to the top on the step you added previously.
4. Designate the end of your workflow by dragging an End step onto the canvas.
5. Link your previous step to the End step by clicking on the bottom of that step, and dragging to the top of the End step.
6. Click Save Workflow to apply your changes.

When you’re done, click to continue.

Manage model workflows

Run model workflows

(Scroll down for the full instructions.)

Learn more …

Try it live on the next page.

Now, let’s initiate our sample workflow manually:

1. In the left sidebar, click Inventory.

2. Select a model or find your model by applying a filter or searching for it.

3. On the landing page of your model, locate the active workflows section.

4. Click See All Workflows.

5. Select Run Workflow for the workflow you’d like to initiate, then select your desired workflow start option:

   • Run Now — Workflow starts instantly.
   • Scheduled Run — Set a future date to run the workflow.

6. Click Run Workflow Now to confirm.

Initiate a model workflow

1. Select the name of your model you registered for this course to open up the model details page.
2. On the landing page of your model, locate the active workflows section.
3. Click See All Workflows.
4. Select Run Workflow for the workflow you configured earlier, then select Run Now under workflow start.
5. Click Run Workflow Now to confirm.

When you’re done, click to continue.

Reset & abort model workflows

(Scroll down for the full instructions.)

Learn more …

Try it live on the next page.

As an administrator, you may need to reset or abort model workflows as required:

• Reset workflows
• Abort workflows

To reset a model’s workflow to the beginning:

1. In the left sidebar, click Inventory.

2. Select a model or find your model by applying a filter or searching for it.

3. On the landing page of your model, locate the active workflows section.

4. Click on the name of the workflow you’d like to reset to open that specific workflow’s details.

5. On the workflow’s detail modal, click on the in the top-right hand corner and select Abort Workflow.

6. On the confirmation page, toggle restart workflow after aborting on, then click Yes, Abort Workflow to restart your workflow.

To cancel a run of a workflow on a model:

1. In the left sidebar, click Inventory.

2. Select a model or find your model by applying a filter or searching for it.

3. On the landing page of your model, locate the active workflows section.

4. Click on the name of the workflow you’d like to abort to open that specific workflow’s details.

5. On the workflow’s detail modal, click on the in the top-right hand corner and select Abort Workflow.

6. On the confirmation page, make sure restart workflow after aborting is untoggled, then click Yes, Abort Workflow to abort your workflow.

Reset a model workflow

1. Select the name of your model you registered for this course to open up the model details page.
2. On the landing page of your model, locate the active workflows section.
3. Click on the name of the workflow you manually initiated earlier to open that workflow’s details.
4. Click on the in the top-right hand corner and select Abort Workflow.
5. Toggle restart workflow after aborting on, then click Yes, Abort Workflow to restart your workflow.

When you’re done, click to continue.

Configure attestations

Work with attestations

(Scroll down for the full instructions.)

Learn more …

Attestation enables model owners and validators to formally certify, review, and sign off on model attributes at specific points in time, supporting compliance and governance processes.

• Attestation periods
• Attestation fields
• Questionnaires

Attestation periods are typically scheduled quarterly or annually and should be configured to align with regulatory or internal review cycles.

By default, attestations include the model name. Add additional model inventory fields as needed.

Attestation questionnaires should confirm that key controls, governance processes, and documentation requirements have been followed.

Learn how to set up attestations on the next page.

Set up attestations

(Scroll down for the full instructions.)

Learn more …

Try it live on the next page.

• 1. Add attestations
• 2. Configure attestations

1. In the left sidebar, click Settings.

2. Under Workspace, select Attestations.

3. Click Add Attestation.

4. Enter a name and description for the attestation.

5. Click Add Attestation.

6. Configure the attestation.

Add attestation periods

1. Click Add Attestation Period.

2. Enter a name for the attestation period, such as Quarterly attestation.

3. Set the start date for the attestation period.

4. Set the end date when the attestation period ends.

5. Click Add Period.

Add attestation fields

1. Under Relevant Attestation Fields, drag model inventory fields between columns:

   • Model Inventory Fields — Available fields from the model inventory
   • Relevant Attestation Fields — Selected fields to display in model snapshots

2. Optional: Reorder the fields to change how they display in the attestation.

Edit questionnaire templates

1. Under Questionnaire Template, click the template area to edit. You can add rich text fields such as:

   • Instructions
   • Links to guidelines
   • Checkboxes
   • Lists
   • Other custom elements

2. After you complete your edits, click Save.

Add an attestation

1. Click Add Attestation.
2. Enter a name and description for the attestation.

When you’re done, click to continue.

Configure an attestation

Click on the name of the attestation you added previously to configure it:

1. Click Add Attestation Period and add a period.
   • Enter in the name, start date, and end date.
   • Click Add Period.
2. Under Relevant Attestation Fields, drag fields into the Relevant Attestation Fields column to display in model snapshots.
3. Under Questionnaire Template, click the template area to edit, then click Save to apply your changes.

When you’re done, click to continue.

In summary

​ValidMind for model risk management

In this third module, you learned how to:

• Use ​ValidMind to oversee your entire MRM lifecycle
• Set up model stages and custom workflows
• Manage and review workflows on models
• Set up and schedule attestations

Continue your platform administration journey with:

Organizational Oversight & Reporting