AML Model Validation in Compliance with OCC 11 …

AML Model Validation in Compliance with OCC 11-12: Supervisory Guidance on Model Risk Management Abstract: Supervisory Guidance on Model Risk Management (OCC SR 11-7 establishes requirements for Model validations. Model validations verify that models are performing as intended to meet the defined business objectives. The guidance states that Model validations should be performed at least annually to help reduce the Model risk. This white paper describes Validation approaches and methodologies used to comply with the guidance with an emphasis on Model Validation . By: Susan Devine, CPA, CAMS Table of Contents 1 Supervisory Guidance on Model Risk Management ..1 OCC 11-12 and AML Models ..2 Vendor Model Validation ..2 Model Validation Core Elements ..3 2 Role of AML Risk Assessment in AML Model Validation ..4 Model Risk ..4 3 Validating the Conceptual Soundness of AML Models.)

AML Model Validation in Compliance with OCC 11-12: Supervisory Guidance on Model Risk Management Abstract: Supervisory Guidance on Model Risk Management (OCC SR 11-7 establishes

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