Implementing A Model Risk Management Framework
Model Risk Management (MRM) frameworks are increasingly attracting the attention of auditors and regulators. Frameworks such as SS3 18 in the UK, TRIM in the EU and SR11-7 in the US have collectively raised the bar that stakeholders, management and regulators expect institutions to work towards. Historically, MRM has focused on model validation, however regulators now expect an MRM program to manage the entire model lifecycle, as well as the tools and calculators that the models rely on.
Watch this webinar from KPMG and ClusterSeven to understand the practical steps firms can take in setting up a MRM framework including:
- MRM policy, roles and responsibilities.
- Building a model inventory.
- Managing the model lifecycle and attestation processes.
- Model risk reporting.