OCC issues new guidance on risk management
The Office of the Comptroller of the Currency (OCC) along with other federal financial regulators issued updated model risk management guidance for OCC-supervised institutions. The updated guidance clarifies that model risk management practices should be risk-based, tailored, and commensurate with a banking organization’s size, complexity, and extent of model use. It rescinds prior model risk management guidance. However, the guidance does not set forth enforceable standards or prescrip...
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