The attachment to this SR letter describes in more detail the key aspects of an effective model risk management framework, including robust model development, implementation, and use; effective validation; and sound governance, policies, and controls.

The Federal Reserve issued SR Letter 09-01, "Application of the Market Risk Rule in Bank Holding Companies and State Member Banks," which highlights various concepts pertinent to model risk management, including standards for validation and review, model validation documentation, and back-testing.

2011年5月25日 · The Federal Reserve and Office of the Comptroller of the Currency (OCC) have issued the attached Supervisory Guidance on Model Risk Management, which is intended for use by banking organizations and supervisors as they …

Ninety-four percent of banks have a definition of a model, and in the majority of cases it is based on SR 11-7. The main reason for changing a model definition is to keep in line with regulatory requirements (circa 80 percent).

2022年10月17日 · SR 11-7 provides supervisory guidance on model risk management (MRM). Initially published in April 2011, the Supervisory Guidance on Model Risk Management applies to banks supervised by the US Federal Reserve Board (the Fed) and the Office of the Comptroller of the Currency (OCC).

1 Supervisory Guidance on Model Risk Management, FIL-22-2017 (June 7, 2017) Model Risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports.

2023年9月25日 · In 2011, the Federal Reserve System (FED) and the Office of the Comptroller of the Currency (OCC) jointly published SR 11-7 which was related to guidance on model risk management and model validations. The guidance is intended for use by banking organizations to assess their organization’s management of model risk.

2018年10月18日 · An SR 11-7 compliant validation framework includes 3 core elements: an evaluation of conceptual soundness, ongoing monitoring, and outcomes analysis.

2011年4月4日 · Practical application of this guidance should be commensurate with a bank’s risk exposures and business activities, and with the extent and complexity of model use. For further information, contact Market Risk (202) 649-6360.

2011年4月4日 · The attachment to this SR letter describes in more detail the key aspects of an effective model risk management framework, including robust model development, implementation, and use; effective validation; and sound governance, policies, and controls.