Institutions must develop and maintain policies and procedures that support their model management framework. In addition, they must regularly ensure that these policies and procedures are correctly implemented.
4.1.2
In addition to the elements mentioned in Part I, institutions must include the following components in their model governance framework, at a minimum: (i) the definition of model objectives, (ii) steps of model life-cycle, (iii) model inventory, (iv) model ownership, (v) identification of key stakeholders involved in decision-making, (vi) relations with third parties, (vii) adequacy of internal skills, (viii) comprehensive model documentation, and (ix) reporting.