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Firms should establish a robust board-level framework for model risk.

A designated Senior Management Function (SMF) must be accountable for the MRM framework. Download Ss123 2022 zip

A team independent from the model developers must perform a critical review of the model’s performance and assumptions. Firms should establish a robust board-level framework for

Models must undergo rigorous testing during development to ensure they are fit for purpose. Download Ss123 2022 zip

When models have known limitations, firms should use Post-Model Adjustments (PMAs) to account for latent risks. Implementation Timeline

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