Hello RiskbOWl community,
Oliver Wyman recently conducted a Model Risk Management Survey with 10+ GSIBs participating (thank you to the onces who participated). One of the questions we asked in this survey was "what are your current priorities for MRM?". The top answers were:
100% said: Expand the scope of MRM (i.e. adding new model types such as AI but also more and more non-models entering MRM)
92% said: Increase resource productivity via simplification, streamlining, etc.
92% said: Increase usage of AI tools to support validators
66% said: Increase validation quality
less frequent answers: reduce validation frequency, change to event-based validation, increase offshoring or outsourcing
What are your current strategic priorities? Where do you see current challenges?
