FICO, a leading predictive analytics and decision management software company, today announced the availability of FICO® Model Central 5.0, a powerful new version of its unique analytic model management solution.
Model Central 5.0 provides consistent end-to-end model governance, a central repository for all of an organisation’s analytic models, and advanced workflow management.
Analytic models are at the heart of an organisation’s decision-making process, and increased regulatory oversight requires that businesses employ an approved model development and monitoring process, and retain comprehensive documentation of key decisions made throughout the model lifecycle. FICO Model Central can manage analytic models created in any vendor’s tool, ensuring that organisations know the status of all of their models at all times, from data quality testing through model development, implementation, deployment, validation, and updates or replacement. New workflow management features in version 5.0 provide an audit trail for the development, evolution and management of models, enabling easier, more streamlined compliance. Performance monitoring allows organisations to understand model efficacy, enabling them to have their best models in production, and make consistently better decisions.
“Model Central is critical for our financial services clients, who must monitor the performance and stability of their models, detect when models have degraded, and follow an approved process for model development and monitoring,” said David Ross, senior director of product management. “With Model Central 5.0, we’ve extended model governance, and improved workflow management to ensure our clients meet stringent compliance requirements, so they can not only make key decisions, but also avoid hundreds of millions of dollars in potential fines for non-compliance.”
“Organisations today face heavy regulatory pressures, and it can be difficult and time-consuming to provide regulators with all the information needed for compliance audits,” said Peyman Mestchian, Managing Partner at Chartis. “Many companies have limited visibility into how their analytic models are performing. To meet these challenges and mitigate risk, organisations need model management solutions that can reduce resources required to complete compliance audits, and encompass the full model lifecycle and risk-management continuum, from risk identification to risk assessment.”
FICO® Model Central 5.0 is available today from FICO.