Model Risk Governance Framework
Model Governance teams are facing growing demands on their time. Among those demands is a need for high-quality Model Risk frameworks, policies and procedures that are capable of meeting regulatory standards and passing regulatory scrutiny. Protiviti’s Model Risk team can assist with assessments, gap analysis and roadmap development to support your organization in these model-related areas.
We can help you create model-related policies and procedures and establish model governance programs sufficient to meet regulatory standards. We have refined the definition of model to segregate complex models from spreadsheets and other end-user tools. We also have programs for model issue risk rating, tracking and resolution.
One key area of focus is model performance monitoring. This involves creation of suitable metrics for a wide variety of models, a framework for measuring performance, and governance around treatment of underperforming models. This is required to satisfy requirements around annual reviews and ongoing monitoring.
With our broad experience across model development, validation, internal audit and model governance, Protiviti’s model risk management team is uniquely suited to support model risk governance program development and improvement.