https://www.taxtmi.com/news?id=27750 RBI's draft circular requires Regulated Entities to implement a Board approved model risk management framework for credit models covering the full model life cycle, including a Model Inventory, Board/Risk Management Committee approval for deployments and material changes, and detailed documentation. Independent validation-before deployment and at least annually or after material events-must assess assumptions, data accuracy, compliance, documentation and back testing, address bias and limitations, and report ex ante benchmarked results to the Board. Outsourced models remain the RE's responsibility and are subject to supervisory review, with timelines for implementation and validation. en-us Mon, 05 Aug 2024 17:11:58 +0530 Wed, 11 Feb 2026 16:00:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=27750 RBI's draft circular requires Regulated Entities to implement a Board approved model risk management framework for credit models covering the full model life cycle, including a Model Inventory, Board/Risk Management Committee approval for deployments and material changes, and detailed documentation. Independent validation-before deployment and at least annually or after material events-must assess assumptions, data accuracy, compliance, documentation and back testing, address bias and limitations, and report ex ante benchmarked results to the Board. Outsourced models remain the RE's responsibility and are subject to supervisory review, with timelines for implementation and validation. News - Mon, 05 Aug 2024 17:11:58 +0530 https://www.taxtmi.com/news?id=27750