This Part outlines the general principles of the MMS, that is, the key components of the Standards. Part I must be read in conjunction with Part II, which explains how these principles must be applied. Both Part I and Part II must be regarded as minimum requirements. The key components of model management are as follows: (i) model governance, (ii) data management, (iii) model development, (iv) model implementation, (v) model usage, (vi) performance monitoring and (vii) independent validation. The timeframes and minimum frequencies of model review are addressed in Part II.