Regulatory deadline
PRA SS1/23 — Model Risk Management principles effective
PRA / Bank of England · UK
Date
2024-05-17
Status
In force since 2024-05-17
Type
Deadline
Authority
PRA / Bank of England
What changes
Banks with internal-model approval must apply the five MRM principles — identification/tiering, governance, development, independent validation, mitigants — to AI/ML models.
What to do
Map AI/ML models into your SS1/23 model inventory and validation cycle.
Who it applies to
use in Credit & financial scoring