The management of model usage is shared between several parties. The model owner is responsible to define the usage of his/her models. The usage of each model should then be approved by the Model Oversight Committee. If the model owner and model user are different parties, the owner is responsible to provide documentation and training to the user. The model user must therefore follow appropriately the guidance provided by the owner.
8.3.2
The monitoring of model usage can be performed by the model owner, by the validator, or both, depending on the institution’s circumstances. Irrespective of the party performing the monitoring process, the validator must conduct an independent assessment of the appropriate usage of models as part of the validation process. For this purpose, the validator should refer to the monitoring reports, when available.
8.3.3
It may happen that the model owner has limited control over the usage of a model by other parties. In this case, the model owner is responsible to report to the Model Oversight Committee any model misuse or usage without his consent.