Model Governance

It is clear that model governance and mitigation of model risk is a critical issue for insurers, with interest by the modeling actuaries all the way to the Board of Directors.  This session will provide an overview of the existing guidance on model governance, and then cover case studies on how companies are developing a model governance framework to meet that guidance and mitigate model risk within the organization.  This will include information regarding the organizational structure of model risk management, roles and responsibilities, model inventory and risk ranking, model documentation, and model validation approaches.

  • Date:Tuesday, March 10
  • Time:2:35 PM - 3:25 PM
  • Location:Oasis II
  • Session Type:Concurrent Session
  • Session Code:CS11
  • Audience Level:2
  • Learning Objective 1::Identify underlying drivers of model risk
  • Learning Objective 2::Describe steps the industry is taking to address model risk, including model governance, inventory, documentation, and validation
  • Learning Objective 3::Recognize requirements applicable to the financial services industry regarding model risk management, including the newly adopted actuarial standard of practice, Modeling.
  • Moderator:Florian Richard
Tricia Matson
Risk & Regulatory Consulting, LLC.
Clifford Lau
Munich Re America, Inc.