Download Ss123 2022 Zip 〈480p — 720p〉

The PRA defines a as any quantitative method or system that applies theories and assumptions to process input data into output. Principle 2: Governance

The SS1/23 Supervisory Statement (published in May 2023, following consultations in 2022) focuses on five core principles to ensure firms identify, assess, and mitigate risks from quantitative models: Download Ss123 2022 zip

A team independent from the model developers must perform a critical review of the model’s performance and assumptions. The PRA defines a as any quantitative method

Firms must maintain a complete inventory of all "models" in use. While the statement was finalized in 2023, the

While the statement was finalized in 2023, the foundation was laid in through the CP6/22 Consultation Paper. Most firms were expected to have implemented these principles by May 2024. SS1/23 – Model risk management principles for banks

Models must undergo rigorous testing during development to ensure they are fit for purpose.