Model Risk Assessment

Model Risk Assessment Template for Switzerland

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Key Requirements PROMPT example:

"I need a Model Risk Assessment document for a new credit scoring model being implemented at our Swiss private bank in March 2025, with particular focus on FINMA compliance and data protection requirements for processing high-net-worth individual data."

Document background

The Model Risk Assessment is a critical document required for organizations operating under Swiss jurisdiction that utilize quantitative models in their business operations. It serves as a comprehensive evaluation tool to identify, assess, and mitigate risks associated with model usage, ensuring compliance with FINMA regulations and Swiss banking laws. This document is typically required when implementing new models, conducting periodic reviews of existing models, or responding to regulatory requirements. It encompasses detailed analysis of model methodology, validation procedures, control frameworks, and governance structures, while providing actionable recommendations for risk mitigation. The assessment is particularly crucial in the context of Swiss financial regulations, which emphasize robust risk management practices and regulatory compliance.

Suggested Sections

1. Executive Summary: High-level overview of the model risk assessment findings, key risks identified, and critical recommendations

2. Model Overview: Description of the model's purpose, scope, and business context

3. Model Development Assessment: Evaluation of model design, methodology, assumptions, and development process

4. Data Quality and Validation: Assessment of input data quality, data processing, and validation procedures

5. Model Performance Analysis: Analysis of model accuracy, reliability, and historical performance metrics

6. Risk Assessment: Detailed evaluation of identified risks, their potential impact, and likelihood

7. Control Environment: Review of existing controls, governance structure, and risk mitigation measures

8. Compliance Assessment: Evaluation of compliance with relevant regulations and internal policies

9. Recommendations: Specific actions needed to address identified risks and improve model performance

Optional Sections

1. Vendor Assessment: Evaluation of third-party vendor risks and controls, included when the model involves external vendors or components

2. IT Infrastructure Review: Assessment of technical infrastructure supporting the model, included for complex computational models

3. Cost-Benefit Analysis: Analysis of model implementation and maintenance costs versus benefits, included for new or significantly modified models

4. Change Management: Review of model changes and version control processes, included for models with frequent updates

5. Business Continuity Assessment: Evaluation of backup and recovery procedures, included for business-critical models

Suggested Schedules

1. Appendix A: Technical Documentation: Detailed technical specifications, algorithms, and methodological documentation

2. Appendix B: Test Results: Comprehensive testing results and validation statistics

3. Appendix C: Data Dictionary: Detailed description of all data fields and sources used in the model

4. Appendix D: Control Matrix: Detailed mapping of risks to controls and testing results

5. Appendix E: Regulatory Requirements Matrix: Mapping of model components to specific regulatory requirements

6. Schedule 1: Model Validation Plan: Detailed timeline and methodology for ongoing model validation

7. Schedule 2: Issue Remediation Plan: Timeline and responsibility matrix for addressing identified issues

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Insurance

Asset Management

Investment Banking

Wealth Management

FinTech

Healthcare

Manufacturing

Energy Trading

Telecommunications

Pharmaceutical

Transportation and Logistics

Relevant Teams

Risk Management

Model Validation

Compliance

Internal Audit

Quantitative Analytics

Data Science

Business Analytics

Financial Control

Regulatory Reporting

Model Development

IT Infrastructure

Quality Assurance

Relevant Roles

Chief Risk Officer

Model Risk Manager

Quantitative Analyst

Risk Analyst

Compliance Officer

Model Validator

Data Scientist

Business Analyst

Internal Auditor

Risk Control Officer

Model Development Manager

Regulatory Reporting Specialist

Chief Financial Officer

Head of Analytics

Model Governance Officer

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