What US Federal Reserve and OCC SR 11-7 Model Risk Management Applied to AI Systems - Compliance Obligations for US Bank AI Model Validation, Challenger Model Requirements, and AI Model Governance Documentation requires
This node outlines compliance obligations under SR 11-7 for AI model risk management in US banks, focusing on model validation, challenger model requirements, and governance documentation, with overlapping obligations under the EU AI Act (Regulation 2024/1689, Articles 9-12) for high-risk AI systems.
Pillar: Banking & Global Finance · Authority: Federal Reserve / OCC · Version: 1.0.0 · Last updated:
Primary source: https://www.federalreserve.gov/frrs/guidance/supervisory-guidance-on-model-risk-management.htm
SHA-256 integrity: 428f568529a97afba46dfe9a076ab66397341fab722cfe0a445bf768054a2381
Primary Citations — 5 traced to source
- SR 11-7: Guidance on Model Risk Management, https://www.federalreserve.gov/frrs/guidance/supervisory-guidance-on-model-risk-management.htm, Section: Model Validation, 2011
- EU AI Act Regulation 2024/1689, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1689, Article 9: Risk Management System, 2024
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