INDEPENDENT VALIDATION — CHARTIS RESEARCH
Numerix ranked #1 Overall (81.80) in Chartis Quantitative Analytics50 2026 | QRM: Chartis Category Winner — ALM 2025
Numerix holds the #1 overall position in the Chartis Quantitative Analytics50 2026 ranking. QRM independently holds the Chartis ALM Category Winner award for 2025 — a legitimate recognition for balance sheet ALM. Both credentials are real. The distinction is scope: QRM wins on integrated ALM workflow; Numerix PolyPaths wins on model depth for structured products, private credit, mortgage analytics, and the transparency that lets institutions own and defend their models independently. PolyPaths was also recognized in the Chartis RiskTech Quadrant for Pricing and Valuation Systems — Securitization in 2024.
Open data and model integrations
PARTNER ECOSYSTEM — DATA AND MODEL INTEGRATIONS
PolyPaths integrates directly with the industry's leading data and model providers — giving clients the flexibility to use best-in-class sources for each asset class rather than accepting a single-vendor data bundle.
Andrew Davidson & Co. Leading provider of risk analytics for MBS, ABS, and mortgage whole loans. Industry-standard prepayment and OAS models for agency and non-agency RMBS.
Moody's Analytics Sophisticated structured product analysis combining Moody's breadth of global market coverage with PolyPaths' analytical toolkit.
Black Knight AFT AFT Prepayment and Credit Model — combines default, prepayment, loss, and valuation into a single holistic view of mortgage performance across residential loans, agency/non-agency MBS, multifamily, and HECM.
Intex Solutions The world's leading provider of structured fixed-income cash flow models — the most complete library of RMBS, ABS, CMBS, and CDO deal models for accurate cash flow projections and price/yield analytics.
Trepp Announced partnership bringing Trepp's loan-level CMBS cash flow modeling into PolyPaths — enabling prepayment and default scenario simulation with seamless integration into valuation and risk workflows.
MSCI Newly announced partnership expanding PolyPaths' data and analytics integration ecosystem.
How the platforms compare
| DIMENSION | POLYPATHS BY NUMERIX | COMPETITOR |
|---|---|---|
| Chartis Recognition | Numerix #1 Overall QA50 2026; PolyPaths: Chartis RiskTech Quadrant — Pricing & Valuation Securitization 2024 | Chartis ALM Category Winner 2025; Celent XCelent Advanced Technology Award — CECL |
| Model Ownership | Full model transparency; institutions own, audit, and validate models independently | Models co-developed with QRM consultants; independent validation requires QRM involvement |
| Instrument Coverage | Full structured finance spectrum plus private credit: MBS, CMO, ABS, CMBS, whole loans, MSRs, non-agency, non-QM, private credit loans | Mortgage pipeline analytics focused on TBA hedging; structured product and private credit depth not documented publicly |
| Architecture | On-premises and client-managed cloud instance; integrates with existing infrastructure | Microsoft Windows N-tier, SQL Server, OLAP cubes; no publicly confirmed cloud-native offering as of 2026 |
| Partner Ecosystem | Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, MSCI | nCino integration; market data service bundled; closed ecosystem |
| Commercial Model | Transparent software licensing — platform cost clearly separated from services | Bundled consulting + software; multi-year engagement; opaque fee separation |
Direct comparison across key dimensions
| DIMENSION | POLYPATHS BY NUMERIX | COMPETITOR |
|---|---|---|
| Model Transparency & Ownership | POLYPATHS ADVANTAGE Full model transparency throughout. Institutions can inspect, modify, and validate every assumption — prepayment vectors, default curves, OAS parameterization. When regulators ask for model documentation, teams produce it independently. PolyPaths is built for internal quant teams to own and run their analytics without requiring vendor involvement. | CONSULTING-EMBEDDED MODELS QRM co-develops models with clients through its consulting team. The institutional knowledge concentrates in QRM consultants by design. Independent model validation is structurally more difficult when the model developer is also the software vendor. Regulatory documentation typically requires QRM's involvement. |
| Instrument Coverage — Structured & Private Credit | POLYPATHS ADVANTAGE MBS, ARM, CMO, ABS, CMBS, CLOs, whole loans, MSRs, non-agency RMBS, non-QM, private credit loans, structured notes, bonds, agency debt, derivatives, CDS. Private credit analytics including loan-level modeling, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios. | PIPELINE-FOCUSED MORTGAGE QRM's mortgage offering focuses on pipeline analytics: TBA evaluation, prepayment model tuning, pipeline hedging, and secondary marketing optimization. Structured product depth beyond vanilla mortgage pipeline — CMOs, non-agency RMBS, ABS — and private credit loan analytics are not documented as primary QRM capabilities in public materials. |
| Data & Model Partner Ecosystem | OPEN ECOSYSTEM Integrates with Andrew Davidson & Co. (MBS/ABS risk analytics), Moody's Analytics (structured product analysis), Black Knight AFT (default, prepayment, loss and valuation across residential loans and MBS), Intex Solutions (RMBS/ABS/CMBS/CDO cash flow models), Trepp (CMBS loan-level modeling), and MSCI (newly announced). Best-in-class data and models for each asset class. | BUNDLED ECOSYSTEM QRM bundles a market data service with the platform and integrates with nCino for CECL and credit lifecycle workflows. The ecosystem is structured around the QRM engagement rather than open integration with independent best-of-breed providers. |
| MSR Valuation & Analytics | POLYPATHS ADVANTAGE Purpose-built MSR valuation and hedging analytics. Load and value whole loan portfolios and MSR books natively within the same platform. Designed for the workflow of mortgage servicers and institutions with material MSR exposure. | NOT A PRIMARY CAPABILITY MSR analytics are not cited as a primary QRM RiskFramework capability in public materials. QRM's mortgage segment is positioned around pipeline hedging and secondary marketing, not MSR portfolio management. |
| ALM Coverage | POLYPATHS ALM PolyPaths ALM unifies accounting and income simulation with market value economics. Handles the full fixed income and structured finance product suite — including private credit and whole loans — across time, scenario, and strategy dimensions. Automated BatchALM, 50+ standard reports, 400+ descriptive fields, multiple balance sheet outlooks. | QRM RISKFRAMEWORK QRM RiskFramework is an integrated balance sheet management platform covering ALM, IRRBB, liquidity, credit (CECL/IFRS 9), and regulatory capital in one framework. Chartis ALM Category Winner 2025. 18 of the top 20 U.S. banking companies are stated clients. Deep incumbency in large commercial banking. |
| Technology Architecture | FLEXIBLE DEPLOYMENT On-premises and client-managed cloud instance. Integrates as a file-based system or into existing infrastructure. Distributed processing supporting grids with thousands of processors for large-scale Monte Carlo workloads. | LEGACY STACK Microsoft Windows N-tier platform with SQL Server, OLAP cubes, ETL data ingestion, and Microsoft Reporting Services. No publicly confirmed cloud-native offering as of mid-2026. |
| Commercial Transparency | POLYPATHS ADVANTAGE Transparent software licensing with a clear separation between platform cost and any implementation services. Institutions know what they are paying for software versus services. | BUNDLED ENGAGEMENT QRM bundles software access, consulting, model development, advisory, and market data into a single long-term engagement. No pricing is publicly disclosed. Isolating the software license fee from the consulting fee is structurally difficult in procurement processes. |
When to use PolyPaths
POLYPATHS BY NUMERIX
Best fit for institutions that want model ownership and open data flexibility
PolyPaths is the right choice for institutions whose internal quant teams want full model transparency, user-controlled prepayment and OAS assumptions, independent validation capability, private credit and structured finance depth, and best-in-class data and model integrations across Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and MSCI — rather than a single-vendor data bundle.
COMPLEMENTARY DEPLOYMENT
PolyPaths integrates alongside existing platforms
PolyPaths is designed to integrate as the specialist analytical depth layer alongside existing ALM systems, bond analytics platforms, and data environments. Many institutions run PolyPaths for the structured finance, private credit, and mortgage analytics where model transparency and specialist coverage are non-negotiable.
Frequently asked questions
What is the difference between PolyPaths and QRM RiskFramework?
QRM RiskFramework is an integrated balance sheet management platform delivered through a consulting-software hybrid model. QRM co-develops models with clients, bundles advisory services into the engagement, and has deep incumbency in large U.S. commercial banking ALM. PolyPaths is an analytical software platform built for institutions whose internal quant teams want to own and control their models — with full transparency, independent validation capability, deeper structured product and private credit coverage, and an open data partner ecosystem including Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and MSCI.
Does PolyPaths cover private credit?
Yes. PolyPaths covers private credit through loan-level analytics, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios — alongside its full structured finance coverage of MBS, ABS, CMBS, CLOs, whole loans, MSRs, and non-agency RMBS. The Trepp partnership further extends loan-level CMBS modeling capabilities directly into the PolyPaths workflow.
Can PolyPaths handle ALM like QRM?
Yes. PolyPaths ALM unifies accounting and income simulation with market value economics and risk management. It handles the full fixed income and structured finance product suite including private credit and whole loans, with automated BatchALM, 50+ standard reports, 400+ descriptive fields, and multiple balance sheet outlooks. The difference is model ownership: PolyPaths ALM gives the institution's internal team full control and transparency. QRM's ALM framework concentrates institutional knowledge in the consulting relationship.
Does PolyPaths allow independent model validation?
Yes. PolyPaths is built for model transparency — institutions inspect, modify, and validate every assumption independently without requiring Numerix involvement. When regulators request model documentation, PolyPaths clients produce it entirely in-house. This contrasts directly with QRM's model, where the consulting team is structurally embedded in model development and validation.
What data and model partners does PolyPaths integrate with?
PolyPaths integrates with Andrew Davidson & Co. for MBS and ABS risk analytics and prepayment models; Moody's Analytics for structured product analysis; Black Knight AFT for its comprehensive prepayment, default, loss, and valuation model across residential loans and MBS; Intex Solutions for RMBS, ABS, CMBS, and CDO cash flow models; Trepp for loan-level CMBS cash flow modeling; and MSCI (newly announced). This open partner ecosystem gives institutions the flexibility to use best-in-class sources for each asset class rather than accepting a bundled vendor ecosystem.
What is QRM's technology architecture?
QRM RiskFramework runs on a Microsoft Windows N-tier platform with Microsoft SQL Server as the primary data store, ETL-based data ingestion, OLAP cubes for results storage, and Microsoft Reporting Services for reporting. No publicly confirmed cloud-native offering has been announced as of mid-2026. PolyPaths offers both on-premises and client-managed cloud instance deployment.
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QRM owns the ALM consulting relationship. PolyPaths owns the model — and the partner ecosystem to power it across structured finance, private credit, and mortgage analytics.
QRM's consulting-software model creates genuine stickiness at large U.S. banking institutions — 18 of the top 20 U.S. banks and the Chartis ALM Category Winner 2025 award reflect real market presence in balance sheet management. The structural limitation is that QRM's value is inseparable from QRM's consultants. Institutions that want to own and evolve their analytical models independently — across structured finance, private credit, and mortgage analytics — need PolyPaths. The open partner ecosystem, with Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and the newly announced MSCI integration, gives PolyPaths clients access to the industry's best data and models for each asset class without vendor lock-in.
QRM information derived from publicly available product materials, Chartis Research, Celent, and third-party analyst sources as of May 2026. PolyPaths capabilities and partner integrations sourced from numerix.com and polypaths.com. Chartis Quantitative Analytics50 2026 ranking data from the published Chartis STORM 2026 report series. This page is produced by Numerix for informational purposes.