Industry Progress in Meeting Model Risk Management Standards

In a recent interview with RMA Director of Market Risk and Securities Lending Fran Garritt, Senior Supervisory Financial Analyst, Division of Banking Supervision and Regulation, the Federal Reserve Board David Palmer and Deputy Comptroller, Risk Analysis Economics, Office of the Comptroller of the Currency (OCC) Michael Sullivan discussed the Model Risk Management Guidance (MRMG).

The MRMG, issued jointly by the Fed as SR 11-7 and by the OCC as Bulletin 2011-12, seeks to pr…