The PRA has released the long anticipated Policy document SS1/23 in response to CP6/22. The principles aim to assist firms in enhancing their policies, procedures, and practices to effectively recognize, handle, and mitigate the risks linked to model usage.
Watch this webinar on-demand to gain access to industry experts from UK Finance, SMBC, KPMG and Mitratech as they share their insights on the 5 principles of the SS1/23 Policy and anticipated challenges that firms are likely to encounter. Including:
- The increased scope of the Model Definition
- Developing a comprehensive model inventory that encompasses all models, including EUC’s.
- Strengthening the existing Model Governance framework to align with the requirements set forth in the policy
The panel also delve into strategies for quick wins and offer practical tips, along with exploring how to effectively utilize technology for maximum leverage to meet the May 2024 deadline.