Model Risk Management Review overview

Reviews model risk across the organization per SR 11-7 / SS1/23 supervisory guidance -- maintaining the model inventory with tiering by materiality, conducting independent validation of pricing, risk, and credit models against benchmark outputs and conceptual soundness criteria, tracking validation findings through remediation to closure, assessing model limitations and compensating controls, reviewing model performance monitoring backtests for degradation, and preparing model risk reports for the model risk committee. Produces model inventory updates, validation findings log, and remediation tracking dashboard. Excludes model development and production deployment.