---
sourceDocument: Australia Governance, Risk, and Compliance
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/governance-risk-compliance

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Governance, Risk, and Compliance

ft:clusterId :

    - grc

bundleId :

    - grc

workflow :

    - Technology


---

# Use

# Using Model Risk Management {#ariaid-title1}

* Release version: Australia
* 
* Updated March 12, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

Use the Model Risk Management to identify, assess, and mitigate risks related to the quantitative models.
* **[Request a new model](https://servicenow-prod.fluidtopics.net/_5BiyHbrrW92vOoI0CW9ZA)**   
  Request a new model in the Employee Center to initiate the model intake process and capture all required details for review and approval.
* **[Initiate a model risk assessment](https://servicenow-prod.fluidtopics.net/WE37fKYzM9IX9lmFLSRFig)**   
  Initiate a model risk assessment by verifying the details, assigning stakeholders, and create an assessment using the Model Risk Management application.
* **[Perform model risk assessment](https://servicenow-prod.fluidtopics.net/2Fkv4rkRYuQjIuhRCTgNpg)**   
  Perform the model risk assessment initiated by the Model Governance team to identify and assess the risks related to a quantitative model using the Model Risk Management application.
* **[Create a validation task](https://servicenow-prod.fluidtopics.net/PchI4si9FLrP9m3KeUUSdg)**   
  Create a validation task by selecting a predefined validation template, assigning a validator, and setting a due date. This task defines the validation scope and responsibilities, preparing the model for formal validation and deployment.
* **[Perform model validation](https://servicenow-prod.fluidtopics.net/chzC1xGV_y~LNZEZjLgJFw)**   
  Perform model validation to assess and validate the model, collect required documents, report any issues, and determine if the model is fit for use. This process confirms that the model meets required standards and is ready for deployment.
* **[Approve or reject model assessment and validation tasks](https://servicenow-prod.fluidtopics.net/orZpXJIdd6B9KIoC_~ryXA)**   
  Approve or reject the model assessment and validation tasks either from the Employee Center or Model Risk Workspace.
* **[Create an issue for model](https://servicenow-prod.fluidtopics.net/A4qc1IaNnnewTyUMEPpDlA)**   
  Add or create model issues and their remediation actions. Capture validation findings or performance problems and follow them through to resolution.
* **[Create assessment in the Pre-deployment stage](https://servicenow-prod.fluidtopics.net/BZSmS03xB18MLLHbXR~24w)**   
  Create a model risk assessment by verifying the details, assigning stakeholders, and create an assessment using the Model Risk Management application in the Pre-deployment stage.
* **[Schedule assessment and validation tasks](https://servicenow-prod.fluidtopics.net/jir_D_f6NKAh0gDWxnlaKw)**   
  Schedule assessment and validation tasks for model risks in the Monitor stage to ensure regulatory compliance and effective risk management.
* **[Reassign model assessments and validations](https://servicenow-prod.fluidtopics.net/x7pfOKpa11upxANqANfFsg)**   
  Reassign an model risk assessment or validation to another assignee from the stakeholder list of the model risk record when the task is in the In-progress state. It ensures that the task continues without delay if the original assignee is unavailable.
* **[Copy assessment responses](https://servicenow-prod.fluidtopics.net/vWVo5ZthxiVopKILXMwQ4A)**   
  Enable the option to 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.
* **[Override model ratings](https://servicenow-prod.fluidtopics.net/BpNLfNQ2ynP5HQ4Jo5ERQw)**   
  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.
* **[Link existing documents to a model record](https://servicenow-prod.fluidtopics.net/5ZY4jvlq9nX~6cEPLowNww)**   
  Link documents from your repository to a model record. This feature helps you manage all model-related documents in one place, ensuring version control, audit readiness, and traceability.