The Auditor and Model Risk Management

Website https://goo.gl/cPTDBF | Edit Freely

Category enterprise risk management process, enterprise risk management system

Deadline: March 06, 2018 | Date: March 06, 2018

Venue/Country: CO, U.S.A

Updated: 2018-02-20 16:03:42 (GMT+9)

Call For Papers - CFP

The increasing use of models that facilitate analysis and strategic decisioning has added additional risk to many organizations risk profile. Specifically, Financial Institutions are seeing increased regulator coverage over model risk management in examinations. Additionally, Boards of Directors are taking a more robust interest in how an organization defines and manages model risk. The proliferation of models within an organization also provides a real opportunity for internal audit to provide value. That being said, it is harder than one thinks to understand the full ramifications of model risk and what auditor’s role should really be. This webinar provides guidance on how auditors can best contribute to mitigation of model risk, whether the organization is a beginner or expert in the use of models.

Of the many dynamics involved in model risk, internal audit should not get caught up in areas where they can add little value. This webinar provides auditor’s guidelines on what is really important for them in this area. The value proposition for auditors is very different than what many may think as being able to assure model risks are known, understood and managed is not an easy task. This webinar helps the auditor navigate the field and arrive at the right contribution level.

WHY SHOULD YOU ATTEND

By attending this training auditors gain a new perspective on how to add value to their organizations management of model risk. Rather than sit on the outside or outsource the auditing of risk processes, this webinar will provide the auditor a detailed program of contribution and value add to any organization that utilizes models in their day to day business.

AREAS COVERED

• How to ‘define” a model

• Reasons that model risk occurs

• The best audit scope for model risk reviews

• Aligning audit coverage to model risk

• Understanding the “Black Box”

• Governance and why it is important

LEARNING OBJECTIVES

• Update and rationalize the definition of model risk

• Better understand model risk governance impact on diverse operational processes

• Learn how to explain audit’s limitations in providing assurance that model risk is mitigated

• Gain a better approach to integrated model risk management through role definitions

• Discuss expectation, real or perceived, that impact auditors abilities to add value

• Design a holistic approach to auditing model risks

WHO WILL BENEFIT

• Auditors,

• Audit Managers,

• Audit Leaders

• Risk Managers

• Model Risk staff

• Compliance officers

• Business executives

• External auditors

• Consultants

For more detail please click on this below link:

https://goo.gl/dxENTR

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