Deloitte: Global Model Practice Survey 2014 - Validation at Risk
Increasing model complexity has given rise to a new type of risk faced by financial institutions: model risk.
Both regulatory regimes and financial institutions have taken steps to address this type of risk. The cornerstone in managing model risk is an independent Model Validation function (hereafter: “Model Validation”).
Model Validation provides an objective review to model development, hence addressing the issue of model risk. Furthermore, Model Validation plays an important role in
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