European banks pressed to boost model risk management

US model risk management guidelines being increasingly used by banks and regulators elsewhere

models
SR 11-7 rules are being adopted outside the US as a form of global standard

European banks are following their US counterparts by beefing up their model risk management efforts, in response to heightened scrutiny from regulators.

In 2011, the US Federal Reserve Board and Office of the Comptroller of the Currency issued their Supervisory guidance on model risk management for banks, informally known as SR 11-7. More recently, European supervisors such as the Bank of England’s Prudential Regulation Authority (PRA) and Switzerland’s Finma have been holding the firms they

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