Regulatory Alerts2023-01-01
Prudential Standard 02-2023/BSD: Model Risk Management
The Reserve Bank of Zimbabwe issued Prudential Standard No. 02-2023/BSD to mandate comprehensive model risk management frameworks across all licensed banking and microfinance institutions. The Standard requires boards and senior management to establish robust governance, clear policy manuals, and defined roles for model development, validation, and independent review. It further obligates institutions to implement proportionate risk assessment practices, maintain accurate model registers and logs, and submit annual validation reports by March 31 to ensure financial stability and regulatory compliance.
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