OVERVIEW

The Model Risk Manager Awards recognize best practices use of technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime.

There are three Model Risk Manager Nomination Categories, as below. Submissions to these categories may focus on any function or functions within financial and operational risk management and multiple winners are possible for each category.

Nominations for our 2025 program are now open, and will close on January 17, 2025.

We will announce our Model Risk Manager winners at our annual Innovation & Insight event on June 18, 2025.

Please be sure to read our FAQs carefully before submitting your nomination. Should you have any questions, please don't hesitate to reach out to modelriskmanager@celent.com.

NOMINATION CATEGORIES AND WINNERS

Data, Analytics and AI

Data is now a critical source for managing risk. Previously unused internal data as well as external data sources, data derived from devices, and new techniques for interpreting data are pushing the boundaries of risk management at an accelerated rate. This theme recognizes projects such as:

• New or alternative sources of data for risk management
• Data analytical techniques such as artificial intelligence, machine learning, natural language processing (NLP), and natural language generation (NLG)
• Big data analysis tools, processes, and infrastructure
• Visual analytics

Digital and Emerging Technologies

Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed business lines and operational processes will be critical in managing risk efficiently. This theme recognizes projects such as:

• Automation and robotic process automation (RPA)
• Cloud
• Modern APIs
• Open platforms
• Blockchain and distributed ledger technology (DLT)

Legacy and Ecosystem Transformation

Legacy technology can hinder innovation, since risk managers must typically offer backward compatibility. They must not only modernize, but also transform their internal systems and how they interact with internal users and stakeholders, customers and counterparties, and regulators. This theme recognizes projects related to system replacement or transformation including:

• Financial crime – fraud, AML, trade surveillance
• Financial risk management
• GRC and integrated risk management
• Cybersecurity

EXAMPLES

Examples of risk management functions are indicated below; this is not an exhaustive list.

Financial Risk Management

Areas such as:

• ALM and liquidity risk
• Investment portfolio and risk analysis
• Market risk
• Credit risk

Operational Risk Management

Areas such as:

• Governance, risk, and compliance (GRC)
• Enterprise risk management (ERM)
• Third-party risk
• IT risk
• Regulatory change management

Enterprise Risk

Areas such as:

• Enterprise-wide stress testing
• Regulatory reporting

Financial Crime

Areas such as:

• Fraud
• Anti-money laundering (AML) and Know Your Customer (KYC)
• Trade and communication surveillance
• Cybersecurity

INNOVATION & INSIGHT DAY 2024

Interested in learning more about the program?

Visit our I&I Day 2024 hub page where you can watch interviews with last year's winners, hear from our team on the key trends and themes from the 2024 program, and watch our fireside chat between Zilvinas Bareisis, Head of Retail Banking and Payments, and Chunka Mui. They discuss many topics, from AI to climate change to trust, and how financial institutions can embrace, navigate, and shape the changing world.