Model risk management - Principle one
In PS6/23 and SS1/23 – ‘Model risk management principles for banks’, the PRA outlines five Principles designed to support effective model risk management. In this article, we outline the key elements of the third principle, model development, implementation and use.
In SS1/23 Model Risk Management (MRM) principles, the purpose of the Governance principle is to ensure firms have strong governance oversight with a board that promotes an MRM culture from the top through setting clear model risk appetite and clear accountability for model risk management.
In this instalment of the FS regulatory affairs newsletter, we look back at our experts’ analysis of the regulatory developments announced in the second quarter of 2024. Our comprehensive overview covers topics relevant to firms across all sectors of Financial Services, as well as focused pieces for Banking and Insurance organisations.
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