BPI says SR 11-7 should go; bank model risk chiefs say ‘no’
Lobby group wants US guidance repealed; practitioners want consistent model supervision and audit
Senior model risk executives at US banks are at odds with a leading industry trading association over the future of cornerstone guidance issued by the US Federal Reserve more than a decade ago.
Last April, the Bank Policy Institute called for the repeal of SR 11-7, the Fed’s groundbreaking supervisory letter on model risk management, and by last November had garnered support from some Republican
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