Source: [Risk and Actuarial Operations](https://fireflysoftware.io/services/riskos/) Description: RiskOS: Firefly prepares data, coordinates IFRS 9, CECL, and reserving runs on your models, and assembles evidence your experts sign off. Language: en Firefly RiskOS · Risk and Actuarial Operations # We run the close cycle through to your experts’ sign-off. Every cycle, we prepare the data, coordinate runs on your approved models, reconcile the results, and assemble the review pack. [Scope your risk operation](https://fireflysoftware.io/contact/) [Request a demo](https://fireflysoftware.io/contact/?request=demo) RiskOS · Risk and Actuarial Operations, as a line of five stages. Prepare: deterministic code applies your approved rules. Run: the work is done in your systems. Reconcile: an AI agent works the case within the limits you approve. Review: your team decides. Deliver: deterministic code applies your approved rules. Unit of work · A completed close or model cycle [Scroll to explore](https://fireflysoftware.io/services/riskos/#operation) The problem ## The ECL or reserve figure is the easy part. Then finance and the reviewers ask what went in, what moved, and who signed it, and the answers sit in email. Who it serves CRO offices, chief actuaries, controllers, and model-management teams What the service includes ## We do the work within the limits of your policy. Your service schedule lists the tasks your operation includes. 01 ### Data preparation and controls We collect the agreed exposure, policy, claims, and finance inputs, run quality checks, and freeze a versioned snapshot. 02 ### SICR and IFRS 9 staging Under your criteria for a significant increase in credit risk (SICR), we allocate stages by rule and list each transfer. 03 ### ECL and CECL runs We coordinate expected credit loss (ECL) or CECL runs on your PD, LGD, and EAD models and approved scenarios. 04 ### Reconciliation, movements, and overlays Once the runs finish, we reconcile results to source and ledger, explain movements by stage, and prepare management overlay proposals for your approvers. 05 ### Reserving triangles and IBNR For insurers, we build reserving triangles and prepare incurred-but-not-reported (IBNR) runs on your methods. 06 ### Model monitoring and IFRS 17 data We run the back-testing you approve and prepare inputs for your IFRS 17 and Solvency II engines. How the service works ## Five stages, and who does each one. Each stage runs on the method that fits the cost of an error. 1. 01 ### Prepare Approved rules We validate and freeze the input set under your approved data-quality rules. Input Source data and requirements Output A controlled data snapshot 2. 02 ### Run Your systems Your approved engine executes the model; we coordinate the run and record its context. Input Approved model and parameters Output Versioned model outputs 3. 03 ### Reconcile AI agent Between runs, an AI agent traces each difference and drafts the explanation. Input Outputs and comparisons Output An analytical review package 4. 04 ### Review Your team decides Your experts challenge the package and sign it off or ask for a rerun. Input Package and questions Output An approved result or a rerun 5. 05 ### Deliver Approved rules We pass the approved figures to finance and reporting under your rules. Input Approved figures and evidence Output A completed cycle with its evidence What you receive ## The finished work and the evidence behind it. Unit of work **A completed close or model cycle** - Controlled inputs and run context - Stage allocation, with transfers and exceptions - Reconciliation and movement analysis - Expert sign-off history and cycle evidence Authority ## The decisions stay with your institution. ### You decide - Model approval - Assumptions and overlays - Actuarial judgments - Independent validation - Final sign-off ### We do - Data preparation - Run coordination - Reconciliation - Evidence packs - Result delivery Systems and technology ## We work in your systems, on open-source modules. ### Connected to your systems Risk and actuarial engines, data warehouses, loan and policy records, claims systems, ledgers, and model inventories. ### Built on Firefly OpenPlatform Your teams can read the code of each module. - [Risk and compliance operations](https://fireflysoftware.io/openplatform/modules/#risk) - [The lending lifecycle](https://fireflysoftware.io/openplatform/modules/#lending) - [Accounts and financial records](https://fireflysoftware.io/openplatform/modules/#accounts) - [Agreements and documents](https://fireflysoftware.io/openplatform/modules/#agreements) Measures ## We measure the work you receive. - Cycle completion against calendar - Input and reconciliation exceptions - Reproducibility of run evidence - Review rework and unresolved findings - Model-monitoring breaches reported on schedule Scope, pricing, and growth ## Start small and expand on evidence. 01 ### A focused starting point One recurring cycle on an engine you already use. 02 ### How the service is priced Per close cycle, portfolio cycle, or model-monitoring service, with a recurring commitment. 03 ### Where the service can grow Add portfolios, reporting cycles, monitoring services, or ReconcileOS. Operating model ## All ten services run the same way. [See how we operate](https://fireflysoftware.io/how-we-operate/) [See service levels and control](https://fireflysoftware.io/service-levels-and-control/) Questions ## What buyers ask before they scope. Does RiskOS replace our actuarial or risk engine? No. We coordinate runs on the engines and models you approve. Is this independent model validation? No. Independent validation is separate work. Running your models and documenting the runs does not validate them. Can one service cover banking and insurance? Yes, as two services. A bank’s IFRS 9 close and an insurer’s reserving cycle each have their own experts, inputs, and acceptance criteria. Your first operation ## Bring us one operation. Tell us the process, the volume, and what “done” looks like. We will come back with a scope, a deployment plan, and a proposal. [Scope your risk operation](https://fireflysoftware.io/contact/) [Request a demo](https://fireflysoftware.io/contact/?request=demo)