The COVID-19 pandemic has revealed unexpected flaws in the business models that banks rely upon. How can they best address this challenge?
Look closer at model risk management since SR11-7 and understand the main themes shaping the MRM space.
The added risk brought on by the complexity of machine-learning models can be mitigated by making well-targeted modifications to existing validation frameworks.
The answer is yes - but only if leaders start embracing technological social responsibility (TSR) as a new business imperative for the AI era.
An increasing reliance on models, regulatory challenges, and talent scarcity is driving banks toward a model risk management organization that is both more effective and value-centric.
As cybersecurity threats compound the risks of financial crime and fraud, institutions are crossing functional boundaries to enable collaborative resistance.
The European Banking Authority’s (EBA) January 2020 report on the increasing use of Big Data and Advanced Analytics (BD&AA) in the banking sector provides guidance for banks on improving controls in their BD&AA implementation.