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Model Risk Management (MRM), part of Global Risk & Compliance, is responsible for providing second line of defence for HSBC’s model risk. Model Risk Management comprises of five key areas, led by the Chief Model Risk Officer:
• Independent Model Review - Independently reviewing and (re)validating models and methodologies across functions and risk types within the bank.
• Model Risk Governance - Setting the firm’s model risk policies and standards as well as ensuring that model risk is managed within the approved tolerance levels.
• Model Risk Stewardship - Facilitating responsible development, understanding and use of models and analytics, as well as providing subject matter expertise, advice, guidance, and effective challenge across regions, businesses and functions.
• Regulatory Standards and Quality Assurance - Providing expertise and partnering to Senior Management for reviewing and decision making, by developing opinions and interpretations of relevant regulatory changes impacting model risk.
• Infrastructure – Providing Global Model Inventory System (GMIS) management, maintenance and user engagement, along with report production and technology enhancements.
Model Risk Stewards are independent of the commercial risk-taking activities of the first line. They monitor compliance with the globally set policies and guidelines for managing risks related to models, and provide advice, training and guidance to support these policies. They also ensure that regulatory requirements are adhered to and provide effective guidance to the businesses and functions, as well as challenging the first line to ensure that its risk management activities are working effectively.
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