The SS1/23 Supervisory Statement (published in May 2023, following consultations in 2022) focuses on five core principles to ensure firms identify, assess, and mitigate risks from quantitative models:
Models must undergo rigorous testing during development to ensure they are fit for purpose. Download Ss123 2022 zip
While the statement was finalized in 2023, the foundation was laid in through the CP6/22 Consultation Paper. Most firms were expected to have implemented these principles by May 2024. SS1/23 – Model risk management principles for banks Download Ss123 2022 zip
A designated Senior Management Function (SMF) must be accountable for the MRM framework.
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The SS1/23 Supervisory Statement (published in May 2023, following consultations in 2022) focuses on five core principles to ensure firms identify, assess, and mitigate risks from quantitative models:
Models must undergo rigorous testing during development to ensure they are fit for purpose.
Firms should establish a robust board-level framework for model risk.
While the statement was finalized in 2023, the foundation was laid in through the CP6/22 Consultation Paper. Most firms were expected to have implemented these principles by May 2024. SS1/23 – Model risk management principles for banks
A designated Senior Management Function (SMF) must be accountable for the MRM framework.
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