Model Risk Management Policy
The purpose of this Model Risk Management Policy Template is to address 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
- Audit Policy – Topic 12
- Staff Training – Topic 13
- Retention of Documentation – Topic 14
Recent updates to this product:
OCC Bulletin 2021-39 – Model Risk Management: New Comptroller’s Handbook
Joint Release – Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money laundering Compliance
This Model Risk Management Policy Template (approximately 34 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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