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New approaches to model risk governance

Author

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  • Gregory, Brian

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.

Suggested Citation

  • Gregory, Brian, 2018. "New approaches to model risk governance," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 11(4), pages 296-300, September.
    • Handle: RePEc:aza:rmfi00:y:2018:v:11:i:4:p:296-300
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    More about this item

    Keywords

    model risk governance; operational risk; senior managers personally responsible; SR11-7;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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