IRM releases new risk management model guide

Adam Saville
clock • 1 min read

The Institute of Risk Management's (IRM) Internal Model Industry Forum (IMIF) has published its eighth guidance document for the insurance market

Entitled The Journey from Model Validation to Model Risk Management and produced by a team of industry practitioners led by Philip Whittingham, head of model validation and risk governance at XL Catlin, and Marc Taymans, managing partner at Risk Dynamics, the guidance document has been developed to help insurers improve and adapt their modelling capability using the best of their data.  Offering a framework for model risk management, the document sets out a risk-based approach, which needs to be tailored specifically to a firm's risk and culture, and looks at all models used by the firm,...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Underwriting

Digital underwriting: a step forward?

Digital underwriting: a step forward?

“We need to step back and challenge what we do”

Jaskeet Briah
clock 26 September 2024 • 6 min read
Royal London updates cancer underwriting

Royal London updates cancer underwriting

Focus on inclusivity

Cameron Roberts
clock 29 July 2024 • 2 min read
Best Insurance launches AI underwriting solution

Best Insurance launches AI underwriting solution

Targets accident, sickness and unemployment market

Jaskeet Briah
clock 14 June 2024 • 2 min read