Best end-user computing risk management solution: Milliman Mind
Managing model risk has been rising up the agenda for many insurers in recent times, partly due to Solvency II, and the regulatory focus on validation of internal models.
Firms have started to consider model risk its own right due to its unique nature, rather than simply one of many other operational risks.
One area insurers have struggled with is how to set up robust governance processes around models created in Microsoft Excel.
Even when these processes are set up, they are often very manual and can be prone to error.
Milliman Mind is a cloud-based modelling solution that allows firms to benefit from the strengths of Excel, while addressing many of its shortcomings and adding extra features.
It helps to make models more robust and reliable as, for example, links between spreadsheet models are maintained.
Furthermore, all changes to model inputs and assumptions are logged in an automatic audit trail in real time, which is now a requirement for many auditors.
The judges were impressed with Milliman Mind's innovative approach, and the way it blends the ease of use of Excel, with the governance, security and audit trails.
Pierre Miehe, a director at Milliman, says: "With Excel, there is no audit trail and that is unacceptable."
Miehe added that Milliman Mind allows for up to 20 dimensions to be applied by a company, compared to only two when using Excel.
Looking ahead, he said Milliman Mind will embed a fully operational IFRS 17 model in 2019.