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Improve model validation and tracking practices to prepare for a regulatory audit and boost decision performance.
Regulators worldwide have become increasingly concerned about the soundness of decision making and capital adequacy within financial services. As a result, they are taking an even closer look at how financial institutions manage risk and use scoring models.
Regulations demand rigorous documentation across the model lifecycle, with particular vigilance in monitoring ongoing model performance and use in production. While the Fed/OCC and Basel regulators have recently issued guidelines on what they expect, they are often just that—guidelines.
The onus falls on financial institutions to develop a rigorous model management framework to satisfy audit requirements.
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