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A designated Senior Management Function (SMF) must be accountable for the MRM framework.

The SS1/23 Supervisory Statement (published in May 2023, following consultations in 2022) focuses on five core principles to ensure firms identify, assess, and mitigate risks from quantitative models: Download Ss123 2022 zip

A team independent from the model developers must perform a critical review of the model’s performance and assumptions. A designated Senior Management Function (SMF) must be

The PRA defines a as any quantitative method or system that applies theories and assumptions to process input data into output. Principle 2: Governance Download Ss123 2022 zip