Top 10 op risks 2018: model risk
Model risk re-enters top 10 amid avalanche of validation regulations
Model risk has returned to the top 10 this year, for the first time since 2015 – a reflection of the growing regulatory burdens placed on banks’ modelling and validation teams in a number of key jurisdictions. It also hints at the potential cost of errors should banks make a mistake.
This year saw the European Central Bank roll out the inspection phase of its Targeted Review of Internal Models
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