Skipton Building Society
Skipton Building Society appoints Jaywing for independent validation of regulatory models
Skipton Building Society appoints us as their independent model validation partner.
The partnership began with Jaywing’s validation of Skipton’s IFRS 9 models in September 2019. Having demonstrated our modelling and regulatory expertise through this initial project, we were then commissioned to extend our work with the validation of the IRB models (including slotting) under the new PRA and EBA regulation, the definition of default and a balance forecast model.
The increasing role of modelling in regulation and decisioning in Financial Services means ever-expanding model infrastructure, underpinned by more sophisticated models. With mounting workloads, a scarcity of experienced personnel and the requirement to demonstrate separation in the lines of defence, firms are increasingly looking to external experts for trusted long-term risk model validation. Recent focus from the regulator and raised awareness of the consequences mean the stakes in managing model risk have never been higher.
Having chosen us, Skipton Building Society can achieve a greater level of independent model assurance ensuring models are fit for purpose whilst adhering to regulatory requirements.
Gareth Pilkington at Skipton Building Society, commented: “It was imperative that we selected a consultancy with the depth and breadth of technical modelling expertise, a comprehensive knowledge of the regulation and a reputation for rigour with the regulators. Jaywing exemplified these attributes from the very beginning of our partnership and were proactive in aligning to our governance practices. Jaywing has exceeded our expectations having fulfilled our model validation requirements and contributed to the continuous improvement of our models. We look forward to working with them on future model validation projects.”
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