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9/29/17 - Is Your Bank Ready for New Model Risk Guidance?

Promontory Managing Director Mark Levonian, Director Nick Kiritz, and Principal Miles Ravitz published an article in ABA Banking Journal about how the Federal Deposit Insurance Corporation has adopted the guidance on model risk management issued by the Office of the Comptroller of the Currency and the Federal Reserve Board in 2011.

“The FDIC had already been applying the guidance for some time to the larger and more complex institutions under its regulatory purview,” they wrote. “But with the agency’s formal adoption of the guidance, all FDIC-supervised banks with assets greater than $1 billion are now covered, a sign that the agency will soon increase its scrutiny of MRM at a broader set of banks.”

Click here to read the full article.