Vendor Management - How Model Risk Fits In (MP4)

Learn how to develop a simple yet comprehensive Vendor Management Program based on best practices from the FFIEC IT Examination Handbook. Go beyond the basics, with a step-by-step analysis of guidance outlined in the OCC SR Letter 11-7 on Model Risk Management to understand how Vendor Management and Model Risk Management fit within your overall Enterprise Risk Management (ERM) program.

In addition, along with Vendor Management, which includes all the third-party providers of systems and software, comes yet another risk—Model Risk. The presenter will explain step by step the OCC SR Letter 11-7 following their guidance on Model Risk Management. You will walk away with a clearer understanding of where Vendor Management and Model Risk Management fit within your ERM program.

Learning Objectives:

• Increase overall knowledge of Vendor Management and what it means to have a Vendor Management Program.

• Understand how Vendor Management is part of your ERM Program.

• Understand how to complete the Model Risk Assessment which is part of the ERM Risk Assessment.

• Learn about the benefits of having a Vendor Management Program established.

• Learn about the benefits of having a Model Risk Management Program in place.
  

Recorded June 20, 2023.