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Content preview: Hi, According to the Office of the Comptroller of the Currency
(OCC), "banking organizations should conduct a periodic review-at least annually
but more frequently if warranted-of each model to determine it is working
as intended and if the existing activities are sufficient." This has become
known in the industry as a model validation, system validation, independent
verification and validation (IVV), or just validation. The challenge we've
seen is interpreting this - what is a model, which models, what a "review"
should include, etc. [...]
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Hi,
According to the Office of the Comptroller of the Currency (OCC), "banking organizations should conduct a periodic review-at least annually but more frequently if warranted-of each model to determine it is working as intended and if the existing activities are sufficient." This has become known in the industry as a model validation, system validation, independent verification and validation (IVV), or just validation. The challenge we've seen is interpreting this - what is a model, which models, what a "review" should include, etc.
This training program will discuss the history and origin of a model validation. It will also discuss the requirements by the OCC for a model validation, and what exactly a model validation should include.
The session will also analyze the elements of a model validation to know what to look for in an RFP, and detail the requirements included in Final Rule 504.
Webinar Topic: AML Model Validation: A Critical Need in the New Regulatory Environment
Date: Wednesday 01 November 2017
Time: 01:00 PM EDT / 10:00 AM PDT
Duration: 60 min
Speaker:
Craig Taggart
Managing Director at BCC Capital Partners
Register Now
Attend this webinar to learn:
- The definition of a model validation according to the OCC
- How often a model validation should be completed according to the OCC
- The origin of the term independent verification and validation, and how that relates to today's model validation
- Where the regulatory pressure has been to conduct an AML model validation
- What elements should be reviewed during an AML model validation
- What qualifies as a model validation, and what does not
- What a sample model validation project plan would look like
- Vendor due diligence - selecting a vendor for your AML/BSA projects
- Definition of vendor independence
- Outline the additions in Final Rule 504 as they relate to AML model validations
Register Now
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