Model risk management involves many moving parts, and internal audit can easily spend effort where it adds little. This 60-minute webinar helps auditors find the right level of contribution.
You'll revisit how to define a model and model risk, why model risk occurs, and how governance affects different operational processes. The session covers the best audit scope for model risk reviews, aligning audit coverage with model risk, understanding black-box models, defining roles for integrated model risk management, and explaining the limits of what audit can assure.
WHY SHOULD YOU ATTEND?
Assuring that model risks are known, understood and managed is hard, and the auditor's value proposition is different from what many expect. This session gives auditors guidelines on what matters most and a holistic approach to auditing model risk.
It suits auditors and audit leaders, risk managers, model risk staff, compliance officers, executives, external auditors and consultants.
AREA COVERED
- How to define a model
- Why model risk occurs
- The best audit scope for model risk reviews
- Aligning audit coverage with model risk
- Understanding the black box
- Governance and why it matters
LEARNING OBJECTIVES
- Update and rationalize your definition of model risk
- Explain how model risk governance affects operational processes
- Communicate audit's limits in assuring that model risk is mitigated
- Use role definitions to support integrated model risk management
- Address real or perceived expectations that affect audit's ability to add value
- Design a holistic approach to auditing model risk
WHO WILL BENEFIT?
- Auditors
- Audit managers
- Audit leaders
- Risk managers
- Model risk staff
- Compliance officers
- Business executives
- External auditors
- Consultants
Assuring that model risks are known, understood and managed is hard, and the auditor's value proposition is different from what many expect. This session gives auditors guidelines on what matters most and a holistic approach to auditing model risk.
It suits auditors and audit leaders, risk managers, model risk staff, compliance officers, executives, external auditors and consultants.
- How to define a model
- Why model risk occurs
- The best audit scope for model risk reviews
- Aligning audit coverage with model risk
- Understanding the black box
- Governance and why it matters
- Update and rationalize your definition of model risk
- Explain how model risk governance affects operational processes
- Communicate audit's limits in assuring that model risk is mitigated
- Use role definitions to support integrated model risk management
- Address real or perceived expectations that affect audit's ability to add value
- Design a holistic approach to auditing model risk
- Auditors
- Audit managers
- Audit leaders
- Risk managers
- Model risk staff
- Compliance officers
- Business executives
- External auditors
- Consultants