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New approaches to model risk governance
Journal of Risk Management in Financial Institutions,
11
(4),
296-300
(2018)
Abstract
Financial models are woven into the fabric of the financial services industry. Whether they are being used to evaluate the best use of capital or measure current risks, modelling informs a broad range of decisions in this sector. Failure to manage the models can result in significant losses. This paper looks at what the risks are and what the key elements required to manage the risk are. What the regulators have stated as the requirements, together with strategies to meet them, are reviewed. Also, the need for a centralised and standardised approach to model risk governance and the crucial role that the operational risk team should play is proposed.
Keywords: model risk governance; operational risk; senior managers personally responsible; SR11-7
The full article is available to subscribers to the journal.
Author's Biography
Brian Gregory is a qualified chartered accountant with extensive experience in the external audit and IT software industries. In his role at Wolters Kluwer, Brian uses his in-depth business knowledge to help global customers address their governance, risk and compliance needs in a sustainable, repeatable manner. Brian is also responsible for analysing market conditions, the competitive landscape and our customer needs to optimise the company’s go-to-market strategy for its OneSumX GRC solution in Europe, Middle East and Africa (EMEA).
Citation
Gregory, Brian (2018, September 1). New approaches to model risk governance. In the Journal of Risk Management in Financial Institutions, Volume 11, Issue 4. https://doi.org/10.69554/DDZY2126.
© Henry Stewart
Publications LLP
Publications LLP