Abstract
In 2011, the Federal Reserve issued a letter on the topic of Supervisory Guidance on Model Risk Management [64] that established a new setting stone in the field Up to the financial turmoil, model risk was all about checking the accuracy of a model, the so-called “model validation”; however, several model failures during the turbulent years highlighted the need for a broader approach to the problem: “model risk” is now seen as a source of risk that deserves complete focused attention.
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© 2015 Ignacio Ruiz
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Ruiz, I. (2015). Model Risk Management. In: XVA Desks — A New Era for Risk Management. Applied Quantitative Finance. Palgrave Macmillan, London. https://doi.org/10.1057/9781137448200_16
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DOI: https://doi.org/10.1057/9781137448200_16
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-68622-3
Online ISBN: 978-1-137-44820-0
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