The concept of model ownership is fundamental to model management. Institutions must ensure that an internal owner with a sufficient level of seniority is assigned to each model at all times.
4.5.2
The owner of a model is accountable for all modelling decisions and for ensuring that the model goes through all the steps of its life-cycle in a timely fashion. In other words, a model owner is not responsible for executing all the steps; however, a model owner must ensure that the steps are performed.
4.5.3
Risk models involving statistical calibration must be owned by the risk department and must not be owned by the business lines to avoid conflicts of interest. Pricing and valuation models used for commercial decisions can be owned by the business lines. Other financial models with no statistical calibration can be owned by the finance department, at the discretion of each institution.