Model Risk Assessment

Model Risk Assessment Template for Denmark

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Document background

The Model Risk Assessment is a critical document required for financial institutions and regulated entities operating under Danish jurisdiction. It serves as a comprehensive evaluation tool for assessing and managing risks associated with quantitative models used in business operations, decision-making, and regulatory reporting. This document is particularly important in the context of Danish financial regulations and EU requirements, including those set by the Danish Financial Supervisory Authority and the European Banking Authority. The assessment covers model development, validation, implementation, and ongoing monitoring, providing detailed analysis of methodology, assumptions, limitations, and control measures. It is essential for ensuring proper risk management, regulatory compliance, and sound governance practices in model usage.

Suggested Sections

1. Executive Summary: High-level overview of the model risk assessment findings and key conclusions

2. Model Overview: Description of the model's purpose, scope, and business context

3. Model Description: Detailed technical description of the model, including methodology, assumptions, and limitations

4. Risk Assessment Framework: Methodology and criteria used for assessing model risks

5. Model Development Assessment: Evaluation of the model development process, including data quality and methodology choices

6. Model Validation Results: Results of model testing, validation procedures, and performance metrics

7. Control Environment: Description of controls, governance structure, and risk mitigation measures

8. Compliance Assessment: Evaluation of compliance with relevant regulations and internal policies

9. Findings and Recommendations: Detailed list of identified issues and recommended actions

10. Implementation Plan: Timeline and responsibilities for addressing identified issues

Optional Sections

1. Vendor Assessment: Evaluation of third-party vendor risks when the model or components are externally sourced

2. Data Privacy Impact: Detailed GDPR compliance assessment when the model processes personal data

3. Model Dependencies: Analysis of dependencies on other models or systems when applicable

4. Cost-Benefit Analysis: Economic assessment of model implementation and maintenance when required by stakeholders

5. Alternative Models Considered: Comparison with alternative modeling approaches for complex or high-risk models

6. Change Management: Procedures for managing model changes when significant updates are planned

Suggested Schedules

1. Technical Documentation: Detailed technical specifications, algorithms, and mathematical foundations

2. Data Dictionary: Comprehensive list of data fields, sources, and definitions used in the model

3. Validation Test Results: Detailed results of all validation tests and statistical analyses

4. Model Performance Metrics: Historical performance data and benchmarking results

5. Control Matrix: Detailed mapping of risks to controls and testing results

6. Issue Log: Detailed log of identified issues, their status, and remediation plans

7. User Manual: Operating procedures and guidelines for model users

8. Regulatory Requirements Matrix: Mapping of how the model meets specific regulatory requirements

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