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Home/Regulation Tracker/Federal Reserve SR 11-7 / OCC 2011-12 — Supervisory Guidance on Model Risk Management

Federal Reserve SR 11-7 / OCC 2011-12 — Supervisory Guidance on Model Risk Management

The 2011 US bank model-risk guidance remains the de facto standard for governing AI and machine-learning models in financial institutions worldwide, requiring independent validation, inventories and board accountability.

sr 11-7model riskbankingvalidation

Required actions

  • Validate models independently before use and on an ongoing basis; document development, assumptions and limitations - Maintain a model inventory and governance framework with board oversight; treat vendor and AI models within the same regime

Sources

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