Vendor Management Program: How Model Risk Fits In
Starting with the core system and following with all the banking products you offer to your clients that depend on technology, how in-depth should your due diligence be?
Along with Vendor Management, which includes all the third-party providers of systems and software, comes yet another risk – Model Risk. This session will explain step by step the OCC SR Letter 11-7 following their guidance on Model Risk Management. You will walk away with a clearer understanding of where Vendor Management and Model Risk Management fit within your ERM program.
The session will cover best practices to help you develop a simple, yet comprehensive Vendor Management Program and a Model Risk Management Program based on the speaker’s experience, the FFIEC IT Examination Handbook, and OCC’s guidance on Model Risk Management.
