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Jul 17, 2024 · The Board published its Strategic Plan 2024–27, which outlines the organization's priorities across five goal areas to maintain the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems: Monetary Policy and Financial Stability. Supervision and Regulation.
The purpose of this document is to provide comprehensive guidance for banks on effective model risk management. Rigorous model validation plays a critical role in model risk management; however, sound development, implementation, and use of models are also vital elements.
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The attachment to this SR letter describes in more detail the key aspects of an effective model risk management framework, including robust model development, implementation, and use; effective validation; and sound governance, policies, and controls.
Playbook: Enterprise Risk Management (ERM) for the U.S. Federal Government (Playbook) is the result of an interagency effort to gather, define, and illustrate practices in applying ERM in the federal context. This Playbook and accompanying appendices are tools designed to help government
- Talent Management Definition
- Standards
- Outcomes
A system that promotes a high-performing workforce, identifies and closes skills gaps, and implements and maintains programs to attract, acquire, develop, promote, and retain quality and diverse talent.
The standards for the Talent Management System require an agency to— 1. Plan for and manage current and future workforce needs; 2. Design, develop, and implement proven strategies and techniques and practices to attract, hire, develop, and retain talent; and 3. Make progress toward closing any knowledge, skill, and competency gaps throughout the ag...
Ready workforce
1. The workforce is positioned to address and accomplish evolving priorities and objectives based on anticipated and un-anticipated events.
Employee investment
1. The agency invests in its employees through formal and informal learning and development related activities to close competency gaps and enhance mission related outcomes.
Efficient operation
1. The workforce is aligned, positioned, and trained to provide efficient and effective services to the agency's internal and external stakeholders.
Conceptually, model risk is a distinct risk that can influence aggregate risk across all risk categories. Model risk can increase due to interactions and dependencies among models, such as reliance on common assumptions, inputs, data, or methodologies. Supervisory Guidance on Model Risk Management.
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What is a risk management framework?
Grounded in proven management practices of high-performing organizations both private and public, the Federal Performance Framework focuses on defin-ing mission success, engaging senior...
