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Regulations and governance and compliance, oh my!

Baker Tilly's Jim Jarrett recently presented on finding the keys to implementing an effective model risk management program. In his engaging session "Regulations, Governance and Compliance, oh my!" Jim spoke about one of the most commonly cited areas of examiner criticism, sound model risk management.

Financial institutions should consistently review examiner guidance on model risk management programs to help learn how to implement an effective program. Improving the efficiency of implemented models is an ongoing regulator and compliance exercise. In his informative session Jim walked through the keys to effective model risk management and the components of model validation, including:

  • Reviewing regulatory requirements for a model risk management program
  • Understanding best practices for model system validation
  • Learning about tuning and optimizing models
  • Gaining an understanding of structuring an appropriate governance program
James Jarrett
Firm Director
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