It requires close collaboration between model commissioners, developers, users, and reviewers. Good modeling requires its users and commissioners to understand more about the whole process, including the different kinds of purpose a model can have and the different technical bases.

Unfortunately, decisions about policies and systems, which are supposed to align with the policies, are made in the C-suite of organizations and enforced on the workforce who must adhere and execute these policies using the implemented systems. The effects of these decisions on the workforce are rarely considered when output is affected by input. Collaboration appears to end at the C-suite and corrective actions, alternatives and re-modeling become prone to profit margin-based decision making after initial implementation.

2020 would see the beginning of the implosion of standardized systems with increased growth in customized, self-developed systems and applications within organizations. With programming languages such as Code, Python and Java now being available to the general public, as opposed to a selected few in the past, the future will see more and more organizations developing their own IT systems which will meet their policy needs instead of enforcing pre-existing licensed software (which only meets certain criteria of the business output) onto existing business policies. Policies will hence be contextualized within the parameters of the regulatory and operational landscape instead of attempting a “force fit” of policies to pre-determined system parameters and vice versa. This will also eliminate the limited output of “this is the only way it can be done” to a wider scope of decision making and alternative output options in terms of operational systems and policies.

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The future of 2020: Predictions from our faculty

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