finance

Role of Internal Audit in Model Risk Management Process

Role of Internal Audit in Model Risk Management Process

The use of financial models has increased significantly in the financial industry over the last few years. So, auditors need more preparation for risk evaluation associated with them. While top-tier banks have in-house teams to handle this new task, financial institutions with smaller teams need strategic planning to fulfill this requirement. They must realize the role of internal audit in the model risk management process and manage its impact on the institution’s financial models. That is where model risk management services come of the essence. Understanding Internal Audit Internal audit is a typical service many consulting firms provide. Experts in…
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