Auditing Model Risk Management

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Practice Guide (Recommended Guidance)

Managing the Impact of Models

The IIA’s Practice Guide: Auditing Model Risk Management helps ensure that these models are working as effectively as possible for an organization.

This practice guide provides an overview of key areas related to model risk management including business significance, regulatory requirements and expectations, and model components.

It is designed to help chief audit executives and their audit teams understand their roles in assessing model risk management and empower them to implement an audit plan coverage approach and program tailored to the size, scale, and risks facing their organization.