This training program will detail why SR Letter 11-7 has become the gold standard for model risk management, with its principle being adopted not only by banks but also virtually all U.S. financial institutions.
Financial institutions rely on models and quantitative analysis to perform key activities such as investment valuations, risk management and liquidity and capital management. A sound management of the risks inherent in the use of mathematical models is imperative to reduce the risk of reliance on flawed or misapplied models. SR Letter 11-7, issued jointly by the Federal Reserve and OCC, provides comprehensive guidance for banks on effective model risk management.
This webinar will offer attendees an understanding of the background behind SR Letter 11-7. It will further discuss the purpose and scope behind the supervisory guidance on model risk management.
Areas Covered in the Session :
Background and objective of SDR 11-7
Summary review of types of risk management models
Defining model risk
Purpose and scope of the guidance
Model Risk Management
Development
Implementation
Use
Model Validation
Governance
Management oversight
Policies and Control
Roles and Responsibilities
Who Should Attend:
Model Developers
Model Evaluators
Business Managers Utilizing Models
Financial Managers Utilizing Models
Risk Managers
Auditors
Board of Director Members
Executive and Senior Managers
CFOs
COOs
CROs
CIOs
Regulators
Risk Educators