Is Your Model Risk Management Program Mature Yet?

Supervisory guidance on model risk management “SR 11-7” has become a mandate for several banking institutions (national banks and others supervised by Fed, FDIC, and/or OCC) since April 4, 2011, and the coverage of SR 11-7 was extended to federal savings associations starting January 12, 2012. Model risk management has gained a critical role in organizations that are subject to SR 11-7 requirements since April 2011 – January 2012. However, not all of those organizations are in the mature stage in terms of execution of a model risk management program. This paper provides critical elements of a mature model risk management program and aims to help identify gaps in the existing and developing model risk management programs to bring the programs into mature stage.

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