Model Risk Management Policy
This Model Risk Management Policy addresses how a bank, credit union, fintech company, or other type of financial institution utilizes quantitative analysis and models in most aspects of its financial decision making processes that are routinely used for a broad range of activities.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Model Risk Definition and Overview – Topic 4
- Risk Identification and Mitigation – Topic 5
- Duties and Responsibilities – Topic 6
- Model Development, Implementation and Use – Topic 7
- Model Validation – Topic 8
- External Resources – Topic 9
- Model Inventory – Topic 10
- Bank Secrecy Act Applicability – Topic 11
- Quality Control Standards for Mortgage Originators and Secondary Market Issuers – Topic 12
- Audit Policy – Topic 13
- Staff Training – Topic 14
- Retention of Documentation – Topic 15
Recent updates to this product:
07/15/24 Update
Joint Release – Quality Control Standards for Automated Valuation Models
This Model Risk Management Policy (approximately 37 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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