This whitepaper summarizes the UK Prudential Regulation Authority’s CP6/22 proposal, which establishes a comprehensive framework for Model Risk Management in financial institutions. The guidance reflects growing regulatory expectations around the development, use, validation, monitoring, and governance of models that support business decisions, risk management, and regulatory compliance. The framework emphasizes the need for clear model definitions, strong governance structures, effective controls throughout the model lifecycle, and independent validation processes to identify and mitigate model risk. It also highlights the importance of accountability, documentation, oversight, and ongoing performance monitoring to ensure models remain reliable and fit for purpose. By adopting robust mode

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