Many banks thought that they could achieve compliance by upgrading their Model Risk Management (MRM) policies. However, most have now recognised that they need a new policy, a central MRM team and systems to support them.
The experience of banks in countries already subject to MRM regulation has shown that compliance creates a significant burden and adds additional costs for an organisation. Done badly, MRM compliance can add millions in terms of direct and indirect costs.
Download this white paper for guidance on setting up an MRM operating model that is both compliant and low costing.