Covers the importance of building and maintaining a strong model risk management framework and the principles of model development.

Explains conducting the model validation and the actions to take regarding validation results. Explores types of model controls and maintaining appropriate change controls. Describes how documentation supports an effective model risk framework.What You'll Learn:After completing this course, students will be able to:

• Describe the guidance available on model risk management and the role of the board in model risk policy and oversight
  
• Describe the types of models that are covered under model risk management guidance
  
• Identify areas of a financial institution where models are typically found and information that should be included in an inventory of models
  
• Recognize the factors that should be considered when assessing model risk
  
• Describe the principles of model development and training that should be provided prior to model implementation
  
• Identify considerations for selecting personnel to conduct the model validation
  
• Describe the types of controls used to manage model risk
  
• Identify the documentation that should be maintained for all models and the outcomes expected from a periodic model review

You have 6 months to complete the course and gain your printable certificate. Course Length: 1 hour