Model Risk Management Diagnostic Tool

2/13 Definitions and Scope

Does your institution have a definition of model?

3/13 Model risk measures

Has your institution defined a tolerance for model risk?

4/13 Governance

Is there a dedicated team or function with responsibility for model risk management?

5/13 Organisation

Does your institution outsource MRM activities?

6/13 Regulatory assessment

Have you carried out any assessment (with or without 3rd party involvement) of your compliance to regulation or supervisory expectations of MRM?

7/13 Model Development and Implementation

Does your institution have a framework document for model development (e.g. model development standards)?

8/13 Model validation

Does your institution have a framework document for model validation (e.g. model validation standards)?

9/13 Model documentation

Does your institution have a register of model documentation?

10/13 Model Use

Is the use of each model clearly documented (including secondary uses)?

11/13 Internal audit

Does your internal audit function review any aspect of MRM?

12/13 Model inventory

Does your institutions have a model inventory / register?

13/13 Technological environment

In which areas do you use an automated solution (excluding VBA macros)