About this role
Model Risk Management, MRM is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, and implementation and use of models. Per the Federal Reserve Supervision and Regulator guidance (SR 11-7), Model Validation is the set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses. Effective validation helps to ensure that models are sound, identifying potential limitations and assumptions and assessing their possible impact. All model components, inputs, processing, outputs, and reports, are subject to validation and applies equally to models developed in-house and to those purchased from or developed by vendors or consultants.