The Business Analytics Model Risk Management Diagnostic Tool examines 13 dimensions that are significant for successfully evaluating your model risks:
Start the Business Analytics preview. It contains an overview of all dimensions of the analysis and offers you a first insight into the question structure at hand with one of many response scales.
1/13 MRM Framework and Policies
Does your institution have a model risk management policy or framework?
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?
Is there a dedicated team or function with responsibility for model risk management?
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)
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