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.
Models must undergo rigorous testing during development to ensure they are fit for purpose.
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:
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Critical medical care for people who have life-threatening injuries and illnesses. While the statement was finalized in 2023, the
