Supervisory Guidance on Model Risk Management Study Notes covers the following learning objectives:
* Describe model risk and explain how model risk can arise in the implementation of a model.
* Describe elements of an effective process to manage model risk.
* Explain best practices for the development and implementation of a model.
* Describe elements of a strong model validation process and challenges to an effective validation process.
After reviewing the notes, you will be able to apply what you learned with practice questions.
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