Compete and win with better model risk management

Relying on sound models is vital for financial success in today's analytics-driven landscape, spanning industries beyond banking. The growing dependence on quantitative models necessitates effective Model Risk Management (MRM) to prevent gradual degradation and hidden biases. MRM acts as digital capital management, ensuring continuous governance, testing, and validation of models. The report emphasises the necessity of MRM, drawing insights from early adopter financial firms and proposing advanced practices to mitigate model risk effectively.