IDENTIFYING TRENDS AND DIVERGENCES IN FRAMEWORKS AND LIFE CYCLE IMPLEMENTATION

In a two-part series, the author discusses the results of a survey that sought to identify emerging model risk management (MRM) best practices and key implementation challenges in a more demanding regulatory environment. Part 1, in this issue, discusses model risk scope and definitions as well as the MRM framework. Part 2, coming in the November issue, will focus on the MRM life cycle and its im…