The increasing use of models that facilitate analysis and strategic decisioning has added additional risk to many organizations risk profile. Specifically, Financial Institutions are seeing increased regulator coverage over model risk management in examinations. Additionally, Boards of Directors are taking a more robust interest in how an organization defines and manages model risk. The proliferation of models within an organization also provides a real opportunity for internal audit to provide value. That being said, it is harder than one thinks to understand the full ramifications of model risk and what auditor’s role should really be. This webinar provides guidance on how auditors can best contribute to mitigation of model risk, whether the organization is a beginner or expert in the use of models.
Of the many dynamics involved in model risk, internal audit should not get caught up in areas where they can add little value. This webinar provides auditor’s guidelines on what is really important for them in this area. The value proposition for auditors is very different than what many may think as being able to assure model risks are known, understood and managed is not an easy task. This webinar helps the auditor navigate the field and arrive at the right contribution level.
By attending this training auditors gain a new perspective on how to add value to their organizations management of model risk. Rather than sit on the outside or outsource the auditing of risk processes, this webinar will provide the auditor a detailed program of contribution and value add to any organization that utilizes models in their day to day business.
• How to ‘define” a model
• Reasons that model risk occurs
• The best audit scope for model risk reviews
• Aligning audit coverage to model risk
• Understanding the “Black Box”
• Governance and why it is important
• Update and rationalize the definition of model risk
• Better understand model risk governance impact on diverse operational processes
• Learn how to explain audit’s limitations in providing assurance that model risk is mitigated
• Gain a better approach to integrated model risk management through role definitions
• Discuss expectation, real or perceived, that impact auditors abilities to add value
• Design a holistic approach to auditing model risks
• Audit Managers,
• Audit Leaders
• Risk Managers
• Model Risk staff
• Compliance officers
• Business executives
• External auditors
Years of Experience: 30+ years
Areas of Expertise: Audit and Risk Review
Dan has over 30 years in financial service industry. Beginning his career in 1982 and spending over 25 years within Citibank, he was exposed to national and international banking, primarily focusing in consumer, small business and retirement services. During his last 12 years at Citibank, he was an active leader in the Audit and Risk Review department. His audit and risk career at Citibank culminated when he resided in Miami and Mexico City and was responsible for auditing all $400B consumer banking activities located in Latin America, including the largest bank in Mexico, Banamex.
After leaving Citibank, Dan has held senior audit positions in First Union (Director of Consumer Bank Auditing), USAA, (Chief Auditor), Sterling Financial Services (Chief Auditor) and GE Capital (Director of Professional Practices, Director of Americas Audit and Interim Chief Auditor). For the past three years he has been the Director of Internal Audit at Washington Trust Bank
Dan is active in the IIA and the RMA and is a published contributor to industry practice. Presently Dan holds three certifications and is a strong advocate of progressive risk based audit processes. He is the owner of THECRABBYAUDITOR.com, a site dedicated to auditor personal development and recently published “Dare to be Different: An Auditor’s Personal Guide to Excellence” to wide acceptance throughout the audit community.View all trainings by this speaker