ModelRisk - Risk Analysis Add-In for Excel | Features
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ModelRisk key features


ModelRisk is designed to help you quickly find the features and functions you need. The ModelRisk ribbon has a clear, modern design where functions are organized into groups that follow the risk modelling process from left to right.


ModelRisk incorporates a truly complete range of distributions. Graphical interfaces, categorization by function, fitting to data and a detailed interactive guide on the theory and use of each distribution help ensure that you find the correct distribution for your problem. You can also create your own distribution using the shaper tool.

Time series

ModelRisk has built-in tools for simulating time series, together with graphical interfaces and fitting to data to ensure you understand and select the right time series model. Our time series functions aren’t just for the financial world either – we have created a number of tools that allow a user to quickly describe the evolution of an uncertain quantity over time in intuitive, non-technical ways.


Modelling any correlated behavior between distributions is a critical component in risk analysis. ModelRisk allows the user to visualize and fit correlation structures to data through its copula tools. Any number of distributions can be correlated and nothing is hidden. ModelRisk's own data copula offers a powerful way to replicate any unusual correlation pattern – a tool even NASA uses because of its ability to find complex patterns in data.


ModelRisk allows one to fit a distribution, time series or a copula to spreadsheet data. All fits are performed using Maximum Likelihood Estimation (MLE) methods. Different models fit to a data set are compared using modern, robust statistical methods as well as graphically. For the most sophisticated user, fitted candidate models can be combined using Bayesian averaging, and parameter uncertainty can be automatically included in your model.

Risk management reporting

This Monte Carlo simulation software tool offers a unique method for displaying and sharing the results of your risk analysis spreadsheet models. Once a simulation run is complete, a separate application called the Results Viewer opens. This application shows lists the different random inputs and outputs of the model, and the different simulations that have been run (one typically runs multiple simulations to compare different possible options).

Advanced tools

ModelRisk offers a wide range of unique modelling tools designed to help simplify risk analysis model building. These risk management software tools can reduce a model to just a few cells, greatly simplifying the time needed, the flexibility of the model, the speed it simulates, and reduces the chance of errors.

Help File, Example Models

ModelRisk comes with a comprehensive set of simple example models to help you get up and running quickly, and better understand its capabilities. We also have a huge set of more specific example models available for free on our website. The help file also provides tutorials on best practice in quantitative risk analysis.

Model checking

Select a cell with a ModelRisk function, click the View Function icon, and ModelRisk will immediately open a visual display of precisely what that function is doing. Click on a help icon and the help file opens explaining the function in detail, navigating to one of over 1000 subjects within the help file. Input an invalid value in a ModelRisk function and the function returns an explanation of the error. You can also use all of Excel’s auditing tools with ModelRisk functions.

Convert @RISK models

Users typically choose to switch from @RISK to ModelRisk because of the greater user-friendliness, richer feature set and – above all – the enormous annual savings they can make. We have made this switch as simple as possible by including a conversion tool. You can translate individual @RISK models with a couple of clicks. You can also perform a bulk translation of all models in a folder in one go. ModelRisk does not tamper with the original model, but creates a copy, making the whole process risk-free. It also generates a comprehensive report listing every original @RISK formula and its ModelRisk conversion. @RISK license already expired? No problem! - it is not necessary for @RISK to be running or be installed to perform the conversion.

SWAP tool

When you need to share your risk analysis model with someone who doesn’t use ModelRisk, you simply click on the SWAP tool and ModelRisk will create a new version of your model, replacing every one of its functions with a fixed value. This new version works like any normal Excel model and has discrete annotations to show the user which ModelRisk functions have been replaced.


Pelican is the world’s only fully quantitative enterprise risk management system. It is web-enabled and provides a platform for all your risk-based information. It incorporates risk registers, risk management strategies, issues and incidence logging, dashboards and activities schedule and checking. ModelRisk seamlessly integrates with Pelican to extract risk information from its database and update Pelican with their results. Pelican can also store and deploy ModelRisk models for a wider team to use inside the platform, and allows automatic saving and comparison of results across different models and variations of the same model.