Large Bank Examination Workshop February 2026

model output, regardless of the materiality of changes previously noted, could constitute a “significant change”. The determination of a significant change is made by the AVP of Model Risk Management.

IX.

Policy History Log:

Date Approved

Purpose

Author

Approved by

7/24/20XX Amended responsibilities of Internal Audit and removed “draft” watermark.

Smith

Risk Committee Risk Committee Risk Committee Risk Committee

6/26/20XX Initial Policy Development

Jones

3/19/20XX Changes to Exhibit B

Rodgers

4/23/20XX Added Exhibit C – MBS and MPF Prepayment and Backtesting and Benchmarking Policy 7/28/20XX Changes i) to address compliance assessment gaps, ii) resulting from ERM’s risk policy review project, and iii) to the model classification methodology 3/23/20XX Added formal delegation of decision making authority of the model inventory to the Model Risk

Smith

Jones

Risk Committee

Rodgers

Risk Committee

Management Committee (MRMC), clarified MRMC responsibilities, changed re-adoption cycle, and deleted exhibit C due to further oversight responsibilities within the MRMC. Recommendation voted by the MRMC at the 2/17/20XX meeting to bring policy to the Risk Committee for approval.

3/15/20XX Clean up edits, no significant changes. Recommendation voted by the MRMC

Smith

Risk Committee

at the 2/14/20XX meeting to bring policy to the Risk Committee for approval.

10

Model Risk Management Policy

March 15, 20XX

Classification: Confidential

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