Description
Covers the importance of building and maintaining a strong risk model management framework and the principles of model development. Explains conducting the model validation and how to validate results. Explores types of model controls, maintaining appropriate change controls and how documentation supports an effective model risk framework.
After completing this course, students will be able to:
• Describe the guidance available on model risk management and the role of the board in model risk policy and oversight
• Describe the types of models that are covered under model risk management guidance
• Identify areas of a financial institution where models are typically found and information that should be included in an inventory of models
• Recognize the factors that should be considered when assessing model risk
• Describe the principles of model development and training that should be provided prior to model implementation