From principle to practice: Model Risk Management takes effect

Banks need to identify common requirements to put in place the model risk management principles.

At a glance

• The PRA has published its Policy Statement (PS6/23) on Model Risk Management. The policy and accompanying Supervisory Statement (SS1/23) come into force on May 17, 2024.

The definition of a model and the high-level principles have not changed from the consultation paper (CP6/22). Changes to the detailed content

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