What is AI model risk management under PRA SS1/23?
Answers from the sources
Verity AI Ltd
“PRA SS1/23 sets the supervisory expectations for model risk management at UK banks and insurers, built on five principles covering model identification and a model inventory, governance, development and validation, independent review, and the management of model risk from third parties. It took effect on 17 May 2024 for firms with internal model approval.”
Sourceverityai.co
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