Objectives of the Presentation:
- Update and rationalize the definition of model risk
- Better understand model risk governance impact on diverse operational processes
- Learn how to explain audit's limitations in providing assurance that model risk is mitigated
- Gain a better approach to integrated model risk management through role definitions
- Discuss expectation, real or perceived, that impact auditors abilities to add value
- Design a holistic approach to auditing model risks
Why Should you Attend?
By attending this training auditors gain a new perspective on how to add value to their organizations management of model risk. Rather than sit on the outside or outsource the auditing of risk processes, this webinar will provide the auditor a detailed program of contribution and value addition to any organization that utilizes models in their day to day business.
- How to 'define' a model
- Reasons that model risk occurs
- The best audit scope for model risk reviews
- Aligning audit coverage to model risk
- Understanding the 'Black Box'
- Governance and why it is important
The increasing use of models that facilitate analysis and strategic decisioning has added additional risks to many organization's risk profile. Specifically, Financial Institutions are seeing increased regulator coverage over model risk management in examinations. Additionally, Boards of Directors are taking a more robust interest in how an organization defines and manages model risk. The proliferation of models within an organization also provides a real opportunity for internal audit to provide value. That being said, it is harder than one thinks to understand the full ramifications of model risk and what auditor's role should really be. This webinar provides guidance on how auditors can best contribute to mitigation of model risk, whether the organization is a beginner or expert in the use of models.
SVP General Auditor ,
Washington Trust Bank
Daniel Clark has over 25 years of experience in risk management and auditing. He has served in many senior auditing/risk roles culminating as chief auditor for midsize and large regional and global financial organizations.
Mr. Clark has in-depth knowledge on how to integrate diverse processes into a seamless risk based audit approach that keeps audit on the cutting edge of development and value impact. His insights into the audit and risk world translate into meaningful guidance through a communication style that is fun, animated, and very participative.
Mr. Clark has trained auditors and other business leaders for over five years.
- Audit Managers
- Audit Leaders
- Risk Managers
- Model Risk staff
- Compliance officers
- Business executives
- External auditors
- Financial Services and any other organizations that utilize models for financial planning, credit risk management or operational effectiveness