As financial institutions increase their reliance on automated systems and software to drive key business decisions and financial reporting activities, a well-defined model risk management program is essential to ensure accurate decision-making in a cost-efficient and valuable way. During this on-demand virtual discussion, Plante Moran experts Scott Phillips and Bryan Johnson share strategies to develop, enhance, and maintain a strong framework that defines, inventories, and risk rates existing models and tools utilized across the organization. These strategies can be used to demonstrate an appropriate model risk management governance structure given their institutions’ complexity, incorporating regulatory expectations on model validation activities into their risk management practices.
