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PRA’s 4 Key Principles of Model Risk Management
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The regulatory scrutiny being applied to Model Risk Management (MRM) is intensifying and spreading globally:
- 2011 – in the US, the Fed set out MRM principles
- 2016 – the European Central Bank (ECB) kicked off a Targeted Review of Internal Models (TRIM) for banks in countries with the Euro currency
- 2017 – PRA issued consultation paper CP26/17 “Model risk management principles for stress testing”
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