Risk Management

PRA’s 4 Key Principles of Model Risk Management

Provided by SAS

Category Risk Management

Type White Paper

Length 14

Publish Date October 06 2017

Date posted October 09 2017

Overview

The Model Risk Management solutions used by banks and insurance organisations around the world has started to come under regulatory scrutiny, with guidance from Prudential Regulatory Authority arriving in the UK earlier this year. However, while the guidelines they issued hold no formal regulatory weight, it is highly likely they will form the basis of much broader UK regulations in the coming months. This paper discusses the importance of having a compliant strategy in place and aims to provide practical guidance for setting up a Model Risk Management solution that is both compliant and low cost.

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