This model risk management session will cover the model validation process and the importance of validating third-party models. Our trusted advisors will share helpful insight on these questions:
- What types of models do banks use?
- Why do third-party models need validation?
- What are examiners' pain points?
- What does the model validation process look like?
- What is expected of you and your team and how do findings affect the bank?
Upon completion of this program, participants will be able to:
- Discuss how banks leverage models, specifically for BSA/AML compliance
- Describe why it’s important to validate a third-party model independently
- Explain the level of commitment BSA officers and other bank personnel need to perform a validation
- Identify examiners’ expectations