The Central Bank of UAE has introduced new regulations on model risk management for UAE banks, which other central banks in the GCC region may soon follow.
The regulations are governed by two published documents - Model Management Standards (MMS) and Model Management Governance (MMG), with the former holding greater significance. As per the new requirements, banks must complete a gap assessment report and remediation plan within six months, invest in a model inventory system and data management framework, and periodically monitor model performance.
Our team comes with extensive experience in the GCC region and implementing standardized Model Risk guidelines globally and can assist UAE banks in addressing these challenges through our proprietary NIMBUS platform and VAULT enhancing banks' existing systems.
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