Finextra

Model risk management: not just for risk models

The PRA’s new supervisory statement extends banks’ model risk management obligations “across all models” - not just capital and stress testing. What steps must banks take to comply? Despite last ...
Forbes

Responsible AI With Model Risk Management

The desire among financial institutions to better mitigate risk gained renewed prominence as a result of the financial crisis of 2008. Subsequent regulatory and governance requirements fostered ...
JD Supra

The UK’s Model Risk Management Principles for Banks

Against a background of increasing reliance on models and scenario analysis to assess future risks, the UK’s bank regulator, the Prudential Regulation Authority (“PRA”), has published a supervisory ...
Hosted on MSN

BSP wants banks to adopt model risk management

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is proposing regulations that would help financial institutions manage risks emanating from their reliance on models for critical business ...
JD Supra

FDIC’s Model Risk Management Guidelines Continue to Challenge Institutions

While the Federal Deposit Insurance Corporation (FDIC) updated its model risk management guidelines in June 2017, under FIL-22-2017, it has taken time for the full implications of the changes to ...
Finextra

Navigating Model Risk Management Regulation On A Global Scale

Regulators around the world differ in their approach to model risk management (MRM) regulation – including their definitions of what a model is. While some are more prescriptive, others such as the UK ...