OCC's Comptroller's Handbook booklet "Model Risk Management"

Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC

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Show Notes: Model Risk Management (OCC Comptroller's Handbook)

In this episode, Samantha Shares discusses the OCC's "Model Risk Management" handbook (Version 1.0, August 2021). This comprehensive handbook provides guidance on how financial institutions should manage risks associated with their use of models.

Key topics covered:

• Definition of models and model risk
• Types of risk associated with model use
• Governance framework requirements
• Three lines of defense in model risk management
• Model development, testing and implementation
• Validation process and requirements
• Third-party model risk management
• Documentation and inventory requirements

This handbook is essential knowledge for anyone dealing with model risk management in financial institutions, particularly those subject to OCC supervision.

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