Preview Model Risk Management in Banking & Financial Institutions

Suggested Study Flow 10 hours - Smartonline Course

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Module 1 – Foundations of Model Risk Management

Module 1 Study Material

Lecture 1.1 Understanding Models & Their Use in Financial Institutions

MCQ Lecture 1.1: Understanding Models & Their Use in Financial Institutions

MRM Toolkit 03 Model Inventory Register

Lecture 1.2 Understanding Information Technology Risk & Its Relationship with Other Risks

MCQ Lecture 1.2 Sources of Model Risk – Assumptions, Data & Methodology

Lecture 1.3 Implementation Risk, Model Use & Model Performance

MCQ Lecture 1.3 Implementation Risk, Model Use & Model Performance

MCQ Lecture 1.4 Consequences of Model Risk & Model Risk as a Distinct Risk Discipline

Module 2 – Regulatory Framework & MRM Governance

Lecture 2.1 Evolution of RBI’s Model Risk Management Framework (1)

Module 2 Study Material

MCQ Lecture 2.1 Evolution of RBI’s Model Risk Management Framework

Lecture 2.2 RBI Draft Guidance on Regulatory Principles for Model Risk Management, 2026

MCQ Lecture 2.2 RBI Draft Guidance on Regulatory Principles for Model Risk Management, 2026

Lecture 2.3 Basel Principles & US Revised Model Risk Management Guidance

MCQ Lecture 2.3 Basel Principles & US Revised Model Risk Management Guidance

Lecture 2.4 UK PRA & European Internal-Model Expectations

MCQ Lecture 2.4 UK PRA & European Internal-Model Expectations

Lecture 2.5 OSFI Enterprise-Wide MRM & Cross-Jurisdiction Regulatory Comparison

MCQ Lecture 2.5 BSFI Enterprise-Wide MRM & Cross-Jurisdiction Regulatory Comparison

Lecture 2.6 MRM Governance Structure, Roles & Independence

MCQ Lecture 2.6 MRM Governance Structure, Roles & Independence

Module 3 – Model Identification, Inventory & Risk Tiering

Module 3 Study Material

Lecture 3.1 Model Identification & Enterprise Model Population

MCQ Lecture 3.1 Model Identification & Enterprise Model Population

Lecture 3.2 Model Inventory, Documentation & Dependency Mapping

MCQ Lecture 3.2 Model Inventory, Documentation & Dependency Mapping

Lecture 3.3 Model Materiality, Criticality & Inherent Risk Assessment (2)

MCQ Lecture 3.3 Model Materiality, Criticality & Inherent Risk Assessment

Lecture 3.4 Model Risk Tiering & Proportionate MRM Controls (1)

MCQ Lecture 3.4 Model Risk Tiering & Proportionate MRM Controls

Module 4 – Model Development, Data, Methodology & Implementation

Module 4 Study Material

Lecture 4.1 Model Purpose, Intended Use & Development Framework

MCQ Lecture 4.1 Model Purpose, Intended Use & Development Framework

Lecture 4.2 Model Data Selection, Quality & Lineage

MCQ Lecture 4.2 Model Data Selection, Quality & Lineage

Lecture 4.3 Model Methodology, Variables, Assumptions & Parameter Estimation

MCQ Lecture 4.3 Model Methodology, Variables, Assumptions & Parameter Estimation

Lecture 4.4 Model Development Testing, Overfitting & Limitations (2)

MCQ Lecture 4.4 Model Development Testing, Overfitting & Limitations

Lecture 4.5 Model Implementation, System Integration & Production Deployment

MCQ Lecture 4.5 Model Implementation, System Integration & Production Deployment

Lecture 4.6 Model Documentation, Permitted Use & Governance of Model Outputs

MCQ Lecture 4.6 Model Documentation, Permitted Use & Governance of Model Outputs

Module 5 – Independent Model Validation & Model Testing

Module 5 Study Material

Lecture 5.1 Independent Model Validation Framework & Validation Scope

MCQ Lecture 5.1 Independent Model Validation Framework & Validation Scope

Lecture 5.2 Conceptual Soundness & Methodology Challenge

MCQ Lecture 5.2 Conceptual Soundness & Methodology Challenge

Lecture 5.3 Validation of Data, Inputs, Parameters & Implementation

MCQ Lecture 5.3 Validation of Data, Inputs, Parameters & Implementation

Lecture 5.4 Outcomes Analysis & Predicted-versus-Actual Performance (1)

MCQ Lecture 5.4 Outcomes Analysis & Predicted-versus-Actual Performance

Lecture 5.5 Back-testing, Sensitivity Analysis & Stress Testing

MCQ Lecture 5.5 Back-testing, Sensitivity Analysis & Stress Testing

Lecture 5.6 Benchmarking & Challenger Model Analysis

MCQ Lecture 5.6 Benchmarking & Challenger Model Analysis

MCQ Lecture 5.7 Validation Independence, Competence & Effective Challenge

MCQ Lecture 5.8 Validation Findings, Model Approval & Corrective Action

Module 6 – Model Monitoring, Drift, Overrides & Change Management

Module 6 Study Material

Lecture 6.1 Ongoing Model Monitoring & Performance Indicators

Lecture 6.2 Model Drift, Data Drift & Changing Business Conditions

Lecture 6.3 Model Overrides, Management Overlays & Post-Model Adjustments

Module 7 – Model Risk Across Major Banking Functions

Module 7 Study Material

Module 8 – Third-Party, Vendor & External Model Risk

Module 8 Study Material

Module 9 – AI/ML Model Risk Management

Module 9 Study Material

Module 10 – Model Risk Reporting, Mitigation & Enterprise MRM

Module 10 Study Material

Toolkits and Templates

MRM Toolkit 01a MRM Policy Template

MRM Toolkit 01b Governance RACI Matrix

MRM Toolkit 03 Model Inventory Register

MRM Toolkit 02 RBI Draft MRM Guidance Gap Assessment

MRM Toolkit 04 Model Materiality and Tiering Scorecard

MRM Toolkit 05a Model Development Document Template

MRM Toolkit 05b Data Quality and Implementation Checklists

MRM Toolkit 06 Independent Validation Plan and Report Template

MRM Toolkit 07 Validation Testing Workbook

MRM Toolkit 08 Model Monitoring Dashboard and Change Log

MRM Toolkit 09 Vendor Model Due Diligence Checklist

MRM Toolkit 10 AI ML Model Risk Assessment

MRM Toolkit 11a Model Risk Appetite and Board Report Template

MRM Toolkit 11b Model Risk Dashboard and KRI Library

Final Exam/Assessment by BFSI Skill Sector Council

Frequently Asked Questions - BFSI SKill Council Final Exam

Please fill in this form to enable us to generate and issue your certificate once you have completed this course

Instruction for BFSI Final Remote Proctoring Exam

Reference Videos, Social Media Resources

Smart Online Course Youtube Channel

Risk Management Association Youtube Channel

RMAI Facebook Page

Smart Online Course Facebook Page

Linkedin Updates

Preview - Model Risk Management in Banking & Financial Institutions