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One of the main reasons for the last financial crisis was that some of the analytical models used to estimate risk were incorrectly built and used. Resulting regulations on the US market including the Dodd-Frank Act and the Comprehensive Capital Analysis and Review (CCAR) therefore require the use of an
Model risk management is an important issue for companies in a number of sectors. All models – to predict demand, for example, or to support business decision making pose some risk. But both model complexity and regulatory requirements are increasing around the world, and model risk management is, therefore, becoming considerably
A few years ago, PwC announced that procurement fraud was the second-most commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to duplicate invoicing and expenses fraud. In a nutshell, though, it’s what happens when your employees or supplier network fiddle the