Firms must maintain a complete inventory of all "models" in use.
While the statement was finalized in 2023, the foundation was laid in through the CP6/22 Consultation Paper. Most firms were expected to have implemented these principles by May 2024. SS1/23 – Model risk management principles for banks Download Ss123 2022 zip
Firms should establish a robust board-level framework for model risk. Firms must maintain a complete inventory of all
A designated Senior Management Function (SMF) must be accountable for the MRM framework. Download Ss123 2022 zip