Model Management In The COVID-19 Era
https://www.oliverwyman.com/our-expertise/insights/2020/may/model-risk-management-in-the-covid-19-era.html
Six Immediate Actions
1. Develop a set of guiding principles to inform model management decisions during the pandemic
2. Apply a tiering framework to the model inventory to concentrate on the most material areas of increased model risk
3. Leverage existing model monitoring standards to allow for more nuanced interpretation of results
4. Develop decision trees to identify potential pathways and guide decision making in a more consistent way between models
5. Update the existing model overlay process to support the expected increase in overlays and better balance rigor and expediency
6. Convene a “Model Management SWAT team” of experienced stakeholders to provide oversight and guide triage decisions