Best Practice: Model Validation & Remediation Guide
Learn how to design and implement a successful model validation program.
Model Validation Program
The goal of this document is to provide methodical guidance to managing a model validation lifecycle. You will learn how to ensure model validation by leveraging technology and MRM best practice.
This document outlines best practice across the four discrete stages that are required to execute on a comprehensive model validation program.
- Phase 1: Prerequisites and Planning
- Phase 2: Model Risk Assessment Process
- Phase 3: Model Validation Program Design
- Phase 4: Execute the Model Validation Solution
The concepts presented herein are supported by real world examples, sample workflows, and conceptual representations when required.
To be clear, this paper does not seek to provide an ‘off the shelf’ guide or task level project plan. Rather, you should gain sufficient confidence to begin the process of designing and implementing a successful model validation program.