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Notes from the RiskMinds Conference..Boston

Posted by Sohayla Fitzpatrick on June 20, 2013 at 14:09
Notes from the presentation by Elizabeth Mays PNC Financial on Running an Efficient Model Risk Management:Creation of a MRM Framework:Roles responsibilitiesPolicies proceduresGovernance oversight, risk appetite1. Roles of MRM: risk Identification2. Identify tier models3.Identify Sources of model-related risk:Faulty modelsMisuse of modelsModels operating in an uncontrolled environment4. Identify mofdel-specific risk throughRisk communication1. Communicate roles responsibilities for model risk management2. Independent model review report, include the version number3. Summary risk reports to Bank's:Business leadersOversight committeesBoardEnsure risk mitigation:Impose conservatism by making adjustments to models. Overlays to output to compare.
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