UK — PRA / Bank of England · United Kingdom (banks) · Supervisory statement
This page is a plain-English summary written by us, not legal advice — the official text is linked above. Our catalogue was last reviewed 2026-08-15; that is a review of the whole catalogue, not an independent legal verification of this entry.
Effective 17 May 2024. Applies to firms with internal-model approval; the technology-agnostic model definition captures AI/ML.
Apply the five MRM principles — model identification & risk tiering, governance (incl. vendor models), development, independent validation, and model-risk mitigants — to AI/ML models.
Banks with internal-model approval must apply the five MRM principles — identification/tiering, governance, development, independent validation, mitigants — to AI/ML models.
Action: Map AI/ML models into your SS1/23 model inventory and validation cycle.
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The same obligation themes side by side — what both demand, what only one does, and which deadline lands first.