Quant Congress Europe: Test models as you build them, says BAML expert

Test tubes

Risk models should be tested, fixed and validated as they are being developed, rather than corrected after implementation – an approach that is not uniform across the banking industry – according to Julian Phillips, chief model risk officer and global head of model risk management at Bank of America Merrill Lynch (BAML).

"Are you going to rely solely on the business to decide when a model is ready to use, and then go along afterwards to check it is being used properly? Is that a reasonable way

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