Model Risk Governance: A Best Practice Approach
Regulators are taking more interest in the models, systems and processes utilized by banks, with SS3/18 the latest in a line of regulations focused on model risk management. However the banks continue to look to their modelling teams in order to meet new opportunities emerging in the market.
More recently, operational resilience has become an important topic, as the Bank of England, the PRA and FCA have united to propose a framework that raises the bar on how financial institutions manage, report and audit their operational resilience. Model risk management will be a core area covered by this framework.
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- The challenges of model risk management
- The expectations of the auditors and regulators of a model risk governance framework, including quantitative and qualitative elements as well as the operational issues
- A best practice approach to implement a model risk management framework