Combined Model Risk Management release notes for upgrades from Zurich to Australia

How to use this page

To help you prepare for your upgrade, we have combined the cross-family Model Risk Management release notes onto one page. Read this summary of the new features, changes, and updated information for your product from Zurich to Australia.

Tip:

If there were no updates for a release notes section in a certain family release, we included a short note for your reference. For example, if a product did not have any updates in Tokyo, the row says "No updates for this release."

Important information for upgrading Model Risk Management to Australia

Before you upgrade to Australia, review these pre- and post-upgrade tasks and complete the tasks as needed.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

New features

Between your current release family and Australia, new features were introduced for Model Risk Management.


Release	Release notes
Zurich	Manage model risks Manage the risks associated with the use of models using the Model Risk Management application. It offers a structured approach to identify, assess, validate, and address model risks throughout the model life cycle. This approach reduces operational and compliance risks caused by inconsistent or inadequate model oversight. Model Risk Workspace Get a comprehensive overview of all items requiring attention from Model Risk Management governance and model validators. The Model Risk Workspace gives model risk governance team and model validators a centralized location to monitor, track, and act on model-related tasks and issues. It organizes information into tabs, making it easier to prioritize tasks. Request a new model Request a new model by providing details such as the purpose, owner, model complexity, and expected outputs. It helps streamline the model onboarding process and confirms that all required information is captured upfront for the Model Governance team to review. Perform model risk assessment Perform model risk assessments initiated by the Model Governance team to identify and evaluate risks associated with quantitative models using the Model Risk Management application. It helps Model Owners to assess potential risks early and supports the Model Governance team in ensuring model compliance and reliability. Note: You can perform model risk assessment in the Initiation, Pre-deployment, and Monitor stages of a model. Perform model validation Perform model validation to assess and validate models, collect required documents, report issues, and determine whether a model is fit for use. This process confirms that models meet required standards and are ready for deployment. Note: You can perform model risk validation in the Pre-deployment and Monitor stages of a model. Schedule assessment and validation tasks Schedule assessments and validations for models in the Monitor stage either manually or automatically. Schedule model risk assessment and validation directly from the model risk record to ensure regulatory compliance and effective risk management. For more information, refer to Schedule assessment and validation tasks. Configure frequency and filter conditions in model workflow settings to create model risk assessments and validations automatically for models that meet the defined criteria. For more information, refer to Schedule assessment and validation tasks automatically. Reassign model assessments and validations Reassign a model risk assessment and validation to another stakeholder from the model risk record when the task is in progress state. It confirms that the task continues without delay when the original assignee is unavailable. Copy assessment responses Copy responses from the most recent completed assessment into new assessments. Respondents can review and edit the pre-filled responses before submission to save time and ensure consistency. Note: You can copy responses only from model risk assessments, not from model validations. Create an issue for model Add or create model issues and their remediation actions. Capture validation findings or performance problems and follow them through to resolution. Override model ratings Override the risk rating and materiality tier of a model manually at any stages of its life-cycle. This helps maintain data accuracy, transparency, and governance when business context or expert judgment requires adjustments to system-calculated values. Centralized model documentation Store and manage all model-related documents in one place with version control, audit readiness, and traceability. Create, share, upload, and track documents throughout the model life cycle.
Australia	No updates for this release.

Changes

Between your current release family and Australia, some changes were made to existing Model Risk Management features.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Removed

Between your current release family and Australia, some Model Risk Management features or functionality were removed.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Deprecations

Between your current release family and Australia, some Model Risk Management features or functionality were deprecated.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Activation information

Review information on how to activate Model Risk Management.


Release	Release notes
Zurich	Install Model Risk Management by requesting it from the ServiceNow Store. Visit the ServiceNow Store website to view all the available apps and for information about submitting requests to the store. For cumulative release notes information for all released apps, see the ServiceNow Store version history release notes.
Australia	No updates for this release.

Additional requirements

If any additional requirements were introduced or changed for Model Risk Management we have noted them here.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Browser requirements

If any specific browser requirements were introduced or changed for Model Risk Management we have noted them here.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Accessibility information

Review details on accessibility information for Model Risk Management, such as specific requirements or compliance levels.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Localization information

If there are specific localization considerations for Model Risk Management we have noted them here.


Release	Release notes
Zurich	No updates for this release.
Australia	No updates for this release.

Highlight information

If there are specific highlight considerations for Model Risk Management we have noted them here.


Release	Release notes
Zurich	Maintain a centralized repository of all models, capturing key details such as ownership, status, model tier, and risk rating. Manage the complete model life cycle by tracking models from initiation to monitoring through defined governance stages. Evaluate model risks based on their usage, complexity, and impact. Perform validation of model design, performance, and implementation. Capture, track, and resolve validation findings or performance issues, ensuring timely remediation and continuous risk mitigation. See Model Risk Management for more information.
Australia	No updates for this release.