In today’s financial landscape, models play a critical role in decision-making, risk assessment, and regulatory compliance. However, with increased reliance on models comes the inherent risk of inaccuracies, misinterpretations, and operational failures. This is where Model Risk Appetite becomes crucial. What is Model Risk Appetite? Model Risk Appetite refers to the level of risk...
What is Model Risk Governance (MRG)? Model Risk Governance is a critical framework that manages the risks associated with mathematical models used in organizational decision-making. It emerged as a crucial discipline following the 2008 financial crisis, designed to prevent potential adverse consequences from incorrect or misused predictive models. The History of Model Risk Governance...
In the dynamic and highly regulated landscape of financial services, managing model risk is critical for ensuring compliance, mitigating risks, and achieving strategic goals. IBM OpenPages offers a comprehensive solution with its Model Risk Governance (MRG) module, designed to help organizations manage and govern their models effectively. Let’s explore the key aspects of Model Risk...
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