This report summarizes key insights from risk executives across the United States, Europe, and Canada on model risk management (MRM) priorities for 2021. Financial institutions faced the dual challenge of planning for the future while managing the ongoing uncertainty created by the COVID-19 pandemic. The report examines how disruptions caused by the crisis affected model performance, risk assessment processes, governance frameworks, and strategic decision-making. It highlights the need for more resilient and adaptable MRM practices, stronger monitoring capabilities, and enhanced validation methods to address rapidly changing market conditions. The study also explores the growing role of automation in model risk management, as banks seek to improve efficiency, scalability, and oversight. Ov

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