Significant new release moves beyond analytic model monitoring to deliver advanced workflow and end-to-end model management
SAN JOSE, Calif.—October 9, 2014—FICO (NYSE: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 organization's analytic models, and advanced workflow management.
Analytic models are at the heart of an organization'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 organizations 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 organizations 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."
"Organizations 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, organizations 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.
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
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