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November 15, 2011

FICO announced the general availability of FICO Model Central Solution—a comprehensive offering to help banks and other organizations, including insurance, retail and health care companies, maximize the power of their predictive models and meet stricter regulations for model management.

Regulators such as the Office of the Comptroller of the Currency and the international Basel Committee on Banking Supervision have been issuing more stringent analytic model mandates, trying to improve banks’ chances of long-term viability and success by demanding that existing and new models deliver the maximum predictive power to better manage credit risk. Banks are struggling to satisfy the volume of new regulatory requests and the demands for increased rigor around tracking and audit requirements. With limited IT and analytic resources, many are under pressure to improve overall financial performance while ensuring compliance with these new provisions.

FICO Model Central Solution provides a complete environment for managing predictive models in a reliable, automated, and integrated way, the company says. The solution presents a management dashboard of overall model health, alerting personnel to performance degradation so they can take action before business decisions are impacted. It also creates a standardized process for management and monitoring of models, which can number in the thousands for large lenders, and deploys new models quickly and efficiently—up to 50% faster—for improved time to value and return on investment.

Furthermore, FICO states that the Model Central Solution coordinates model validation, task tracking, and management reporting, storing complete and annotated audit trails to satisfy compliance requirements. It integrates models from various programming languages into one environment, further saving time and IT resources.

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