IRM releases new risk management model guide

Entitled The Journey from Model Validation to Model Risk Management and produced by a team of industry practitioners led by Philip Whittingham, head of model validation and risk governance at XL Catlin, and Marc Taymans, managing partner at Risk Dynamics, the guidance document has been developed to help insurers improve and adapt their modelling capability using the best of their data.  Offering a framework for model risk management, the document sets out a risk-based approach, which needs to be tailored specifically to a firm's risk and culture, and looks at all models used by the firm,...