COVID-19 has challenged the robustness of banks’ model risk management and EUC policies. In a context where market behaviors are uncertain and changing rapidly, banks need to adapt their approach to model risk management in order to keep business running as usual, whilst maintaining the quality of their pre-pandemic controls.
In Europe, the US Federal Reserve (FED) and the US Office of the Comptroller of the Currency (OCC)’s Supervisory Guidance on Model Risk Management (SR 11-7) is accepted as the global standard for the application of model risk management (MRM).
In Europe, the US Federal Reserve (FED) and the US Office of the Comptroller of the Currency (OCC)’s Supervisory Guidance on Model Risk Management (SR 11-7) is accepted as the global standard for the application of model risk management (MRM).
