2017-09-30

Enterprise-Wide Model Risk Management for Deposit-Taking Institutions Guideline (2017)

OSFI issued this guideline to establish enterprise-wide expectations for deposit-taking institutions regarding the governance, development, and validation of models used across regulatory capital, risk management, pricing, and stress testing. The framework mandates clear role assignments, independent model review and ongoing validation processes, and a materiality classification scheme that scales proportionally with an institution's size and complexity. Internal Models Approved Institutions must fully comply with all lifecycle components, while Standardized Institutions are required to maintain a comprehensive model inventory and assess their most material models against minimum governance standards.

Canada

Office of the Superintendent of Financial Institutions

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