SAS: The Future of Model Risk Management for Financial Services Firms

Banks have been using credit scoring models for over five decades, so managing the life cycle of models is nothing new. Most have had some kind of process in place to ensure the models they develop are robust, validated and monitored from a performance perspective and that decision makers have confidence in them.

In recent times, however − partly in response to the credit crisis in 2008 − the discipline of model risk management (MRM) has become more formalized and rigorous, driving the need

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