08/Dec/2025 06:00 AM
Upcoming Events
Moving from 11-7 to 26-2: An Insider's Briefing and International Updates
Thu 4 June 2026
10:00AM to 1:30PM ET
Zoom Events
Latest Publications
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08/Dec/2025 06:00 AMIMPACTS OF COVID-19 ON MODEL RISK MANAGEMENT
The COVID-19 pandemic provided both a test of the lending industry’s model risk management practices and an education into issues not seen before. Following the SARS outbreak in 2002 in China and Hong Kong, many institutions globally started using a pandemic as a stress testing scenario, but the reality has been more complex than any prior stress test.
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08/Dec/2025 06:00 AMMACHINE LEARNING AND MODEL RISK MANAGEMENT
An increasing number of business decisions within the financial industry are made in whole or in part by machine learning applications. Since the application of these approaches in business decisions implies various forms of model risks, this white paper tries to answer questions such as
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08/Dec/2025 06:00 AMManaging Artificial Intelligence Risk in Small to Mid-Size Banks: A Practical Governance Playbook
As banks explore the purchase, development, and use of AI systems to assist in everyday tasks, they quickly discover that these powerful tools come at a price of increased risk. Some risks, such as sustainability, are well understood and can be managed through established practices for management and control, such as training, access controls, and change management.
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08/Dec/2025 06:00 AMMRMIA Roundtable March 2025
Some of the largest fair lending fines in history have been issued by U.S. regulators:
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08/Dec/2025 06:00 AMPrinciples for Model Risk Management
Models sit at the centre of modern decision-making, risk management, and operational processes. From credit scoring and capital planning to fraud detection and customer personalization, they help organizations turn data into actionable insights. However, as organizations rely more heavily on models — and as these models become increasingly complex — the risks they carry also grow. Poor design, inadequate validation, misuse, or neglect can undermine not only a model’s performance but also stakeholder trust and regulatory compliance.
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08/Dec/2025 06:00 AMRequest for Information and Comment: Financial Institutions' Use of Artificial Intelligence, including Machine Learning
An increasing number of business decisions within the financial industry are made in whole or in part by machine learning applications. Since the application of these approaches in business decisions implies various forms of model risks, the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the National the Credit Union Administration, and Office of the Comptroller of the Currency issued an request for information and comment on the use of AI in the financial industry.
MRMIA Service
MRMIA Compliance
MRMIA offers a compliance verification service. Working with vendors, we review their model documentation and confirm that the vendor has answered all questions in the MRMIA vendor documentation standard or written an explanation for why a given question does not apply in their application area. MRMIA will iterate with the vendor as needed until all required information is provided. Upon completion, the vendor will receive a letter from MRMIA certifying that the documentation is in compliance and an MRMIA Compliance logo that may be used for that model.
MRMIA’s compliance verification service is not a model validation. The model owner, presumably a lender who licenses the model, is responsible for determining that the model is fit for purpose in their use case. MRMIA’s role is to make sure that the vendor is providing a minimum amount of information necessary to begin the validation and review process.
MRMIA Training
Periodically, MRMIA will offer training in how to comply with MRMIA’s documentation standards and how to use those in the model validation process of the licensees. This training will be offered periodically. Contact [email protected] for custom training or special events.
