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New RMA Model Risk Survey to Examine Third-Party Transparency, Model Definitions, and More

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In 2021, the RMA Model Validation Consortium conducted its first Survey of Model Risk Management, Vendor Model Validation, and Third-Party Model Risk Management. The effort assessed the state of the industry a decade after the 2011 Supervisory Guidance for Model Risk Management, and drew responses from 62 financial institutions. To look back at the survey findings and discuss the follow-up survey underway, The RMA Journal recently spoke with Will Kutteh, RMA …

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