The evolving regulatory landscape presents ongoing challenges for financial institutions in managing model risk effectively. The PRA’s Supervisory Statement SS1/23 offers essential guidance on strategic governance, model lifecycle management, and data integrity to ensure compliance and resilience.
Recent regulatory reviews, including s166, have highlighted significant areas for improvement in firms’ Model Risk Management (MRM) practices, making it crucial to address these findings for enhanced compliance and risk management.
Our insights paper explores the key principles and recommendations from the PRA’s SS1/23, providing a detailed roadmap for firms to enhance their MRM frameworks and ensure robust risk management.
Download and read the full paper, or find out more about our Insurance, Regulatory & Risk team and get in touch.
