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Joseph Bognanno May 27, 2022 at 11:19 pm

I remember that conversation vividly! Glad I was there to hear it.

This demonstrates the value of what I call a “practitioner” versus an “expert”. Sometimes people refer the practitioner as the “in-pert” because they have the “in”side view having lived it.

A big take-away from the above is that there is no “one” framework or approach that is the correct one. There are lots of considerations that need to be made when looking at the appropriate model governance or model risk management framework for a given organization. Right-sizing and maturity are very important concepts to keep in mind when designing, building or assessing whether or not a framework is “fit for purpose”.

Context and facts about the business model, customer base, technology platforms, risks, requirements, etc. etc. are so very important and often overlooked by regulators, and other 3rd parties that try to apply a “one size fits all” or largely academic approach to the subject of good governance and model risk.

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