Regulators around the world differ in their approach to model risk management (MRM) regulation – including their definitions of what a model is. While some are more prescriptive, others such as the UK ...

The PRA’s new supervisory statement extends banks’ model risk management obligations “across all models” - not just capital and stress testing. What steps must banks take to comply? Despite last ...

Risk management is the process of identifying, analyzing, and mitigating uncertainties and threats that can harm your company or organization. No business venture or organizational action can ...

Risk Management is the process of identifying, assessing, and prioritizing risks followed by the application of resources to minimize, monitor, and control the probability and/or impact of adverse ...

IEC 60601 is no longer a standard of absolutes. The third edition allows, and in some instances requires, safety features and test requirements to be modified on the basis of risk management. By ...

If most midsize companies have a formal risk management process, why did so many fail even in pre-pandemic years? The problem is that risk heat maps — many companies’ primary tool for assessing risk — ...

Successful risk management is essential to the design and development of safe and effective medical devices. Unfortunately, it is too often viewed by manufacturers as an isolated activity that must be ...

Once the risk team has been assembled, the crucial process of identifying risks must commence. The output of the risk ...

When planning for the future, one significant mistake I see business owners make comes when addressing risk. More specifically, I see small business owners commonly fail to address risk fully in their ...

Risk management is crucial for companies, especially during these times when the environment continues to be volatile, uncertain, complex and ambiguous (VUCA). Every company needs to be ready for any ...