Many banks do not document failure plans for Tier 1 models
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Risk Benchmarking: Strong predeployment validation gives way to ad hoc escalation of breaches, even at some large lenders
This piece is part of a series benchmarking bank model risk management practices. Risk Management subscribers can view selected cuts of the underlying data here. Sign up for Risk Benchmarking emails here.
Control frameworks for recognising and responding to instances of model failure post-deployment remain inconsistent among banks, even for critical models, Risk.net’s Model Risk Benchmarking study
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