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Auditing Model Risk Management

Course Description
Organizations across various sectors of the economy recognize the benefit of utilizing mathematical models to validate decisions. With large amounts of data coming from a myriad of dynamic sources, organizations need to develop models to review, evaluate, validate, and transform data with the purpose of optimizing strategic forecasting and tactical actions. This course provides an overview of model development, testing and validation, as well as practical applications of model risk management (MRM). It describes the important role of the three lines of defense in the MRM process, and defines the internal audit activity’s responsibilities related to MRM. Additionally, this course identifies methods and processes internal auditors can use to review the design, implementation, and operation of their organization’s MRM framework.
Learning Objective(s):
  • Recognize the drivers, scope, roles, and components within MRM.
  • Discern the sources of model risk.
  • Distinguish the elements that determine the policies and procures that will support MRM.
  • Recognize the criteria of assessing MRM and of performing a timely and effective risk level assessment.
  • Discern the steps in testing and validating the model's functionality.
  • Differentiate the types of data inputs and their applications.
  • Recognize the requirements of documenting and reporting the engagement management results.
Course Duration: 1 day(s)
CPEs Available: 1
Knowledge Level: Basic
Field of Study: Auditing
Advance Preparation: 
Delivery Method: QAS Self-Study