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Model Risk Management (MRM) at HSBC is structured as a global function, headed up by the Chief Model Risk Officer (CMRO). The MRM function reports directly to the Group Chief Risk and Compliance Officer (GCRCO) ensuring its independence from the model developing and owning areas of the firm.
MRM are the second line of defence (2LoD) for Model Risk and the CMRO is the global Model Risk Steward for the group and is also accountable for the global operation of the MRM function. MRM teams are based in each region, to ensure local subject matter expertise and to guide, review, and challenge. MRM activity is managed on a global basis as many models are used in multiple locations. This enables MRM to operate consistently and efficiently globally, and to take account of additional local regulatory requirements.
Infrastructure is a specialist technical role within the Model Risk Management team responsible for delivery of infrastructure and reporting capability used across all geographies, business and functions to support the effective management of model risk.
The team caters to both strategic and operational aspects of managing model risk and enforces Model Risk Policies through technology across the group. They are responsible for reporting production across Model Risk Management including dashboard developments, data retrieval and quality updates, model inventory reporting and attestation tracking, data visualisation and analytics, Model Risk Management data and systems management, and systems and technology enhancements.
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