SmartSuite for the Model Risk Manager
The Model Risk Manager runs the model risk management framework: the model inventory, tiering, validation schedule and the findings that follow. They make sure every model, statistical or AI, is validated independently, used within its approved scope and monitored for performance.
What you own
- Maintain the model inventory with risk tiers and owners
- Set the model validation standards and schedule
- Coordinate independent validation and track validation findings
- Monitor ongoing model performance and use within approved scope
- Govern model changes and re-validation triggers
- Report model risk posture to the risk committee
Where the role sits
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Reports to
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Works closely with
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Owns
accountable for the process
Touches
contributes or approves
Depends on
consumes its output
How SmartSuite helps, suite by suite
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How SmartSuite supports this role
AI governance. Provides a model registry with tiering, assessment templates and task routing so validation and monitoring run on a schedule rather than by request.
Risk management. Scores model risk and links validation findings to the enterprise risk register.
Issues and actions. Tracks validation findings and remediation with owners, evidence and closure sign-off.
Reporting. Reports model inventory coverage, overdue validations and open findings to the risk committee.
Industry reference
The Federal Reserve and OCC's SR 11-7 / OCC 2011-12 guidance defines model risk management: an inventory, independent validation, ongoing monitoring and governance for every model's intended use. The UK PRA's SS1/23 (2023) sets equivalent principles for banks, and actuaries follow ASOP 56 on modelling.
The scope now includes AI. NIST's AI RMF and ISO/IEC 42001 extend validation and monitoring to machine-learning systems, and the EU AI Act makes high-risk systems subject to conformity assessment. Insurers apply the NAIC's 2023 AI model bulletin; healthcare models that inform care fall under FDA device guidance; public bodies follow OMB AI guidance.
In their words
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