Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Principles and Practices of Model Risk Management (Mrm)

Principles and Practices of Model Risk Management (Mrm)

Lu, Charlie
Russo, Peter

Paperback

Investing & FinancePersonal Finance

PREORDER - Expected ship date January 1, 2027

ISBN10: 0443277338
ISBN13: 9780443277337
Publisher: Academic Press
Published: Jan 1 2027
Pages: 400
Weight: 0.99
Language: English
Principles and Practices of Model Risk Management (MRM) offers a thorough yet practical introduction to MRM, helping modern enterprises and financial engineers successfully navigate evolving, global markets. Initially developed within the financial industry, the advent of increasingly sophisticated computer models and AI have broadened the scope and necessity of model risk management. This textbook fills a critical gap by guiding readers in designing and implementing robust model risk frameworks across evolving scenarios and data landscapes. Authored by experts with extensive quantitative backgrounds and significant experience in model risk management within major banks, this book articulates modern MRM concepts and shares best practices from industry practitioners. Relevant for students of financial engineering, financial mathematics, and beyond, this essential resource is designed to benefit risk management professionals, financial analysts, regulatory compliance officers, and anyone involved in the development, validation, and oversight of financial models, providing them with the tools and understanding necessary to navigate and mitigate model risks effectively. Online hosted Jupyter notebooks offer various examples and datasets to put skills into practice across chapters. This book covers the regulatory background of model risk management across different jurisdictions, delves into the various types of model risk, and elucidates the tools and methodologies used for identifying, measuring, monitoring, and reporting model risk. It includes detailed sections on the principles of model risk management, enterprise risk management frameworks, model risk regulations and guidance, the three lines of defense in model risk management, and practical applications within the financial industry. Additionally, it addresses emerging trends and challenges, particularly in the context of generative AI models and future regulatory developments.

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