2018 - AML Model Validation: A Critical Need in the New Regulatory Environment

Learn the history and origin of a model validation.
Discuss the requirements by the OCC for a model validation, and what exactly a model validation should include.
Where we’re seeing the regulatory pressure to complete a model validation.
What a sample project plan should look like.
Cover the elements of a model validation in-depth, so you know what you to look for in an RFP.
Discuss the importance of statistical data analysis and its importance in the final report.
Discuss vendor due diligence – how to select a vendor familiar with the in-depth nature of the project, and being able to recognize their independence.
Review the model validation requirements in Final Rule 504.
Areas Covered in the Webinar:
The definition of a model validation according to the OCC
How often a model validation should be completed according to the OCC
The origin of the term independent verification and validation, and how that relates to today’s model validation
Where the regulatory pressure has been to conduct an AML model validation
What elements should be reviewed during an AML model validation
What qualifies as a model validation, and what does not
What a sample model validation project plan would look like
Vendor due diligence – selecting a vendor for your AML/BSA projects
Definition of vendor independence
Outline the additions in Final Rule 504 as they relate to AML model validations