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OCC Significant Deviation Policy Form

OCC Significant Deviation Policy Form

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a model is a quantitative method system or approach that applies statistical economic and financial mathematical theories techniques and assumptions to process input data into quantitative estimates it is stressed that the importance of a model risk management is due to that without proper risk management model input errors inaccurate assumptions and untimely or missing valuations could increase due to board and management decisions being based on inaccurate or incomplete model outputs in this context the office of the comptroller of currency has published the model risk management handbook which outlines key roles and responsibilities within the model life cycle the following is a summary of the main aspects of the model risk management handbook it first describes models other quantitative tools and their usage in banking activities including discussion of risks arising from model use broken down into eight different types strategic risk operational risk compliance risk credit risk li

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