Reference, not a compliance guarantee
Model risk management frameworks
Model Risk Directory is organized around named, real regulatory guidance rather than a generic explainer, including the current interagency guidance (SR 26-2/OCC Bulletin 2026-13) and the historical SR 11-7/OCC Bulletin 2011-12 it replaced. Each page below covers what the guidance actually requires, who issues it, and its real current status, sourced directly from the issuing body. Framework mentions are informational context only, never a claim that this index or any listed vendor satisfies the framework or an examiner.
ECB Guide to Internal Models
The Guide explains how the ECB interprets applicable EU and national law on internal models, creating a level playing field across significant institutions directly supervised by European banking supervision. It was originally developed through TRIM, a large-scale project (2016-2021) combining detailed methodological work with roughly 200 on-site internal model investigations at 65 institutions, and covers credit risk, market risk, and counterparty credit risk models along with general model governance topics.
Issued by European Central Bank (Banking Supervision)
OCC Bulletin 2011-12: Sound Practices for Model Risk Management
OCC Bulletin 2011-12, 'Supervisory Guidance on Model Risk Management,' articulated the elements of a sound program for managing risk from quantitative models used in bank decision-making. Its text was substantively identical to the Federal Reserve's SR 11-7, reflecting that both agencies developed the guidance jointly, and it applied to national banks and federal savings associations supervised by the OCC.
Issued by Office of the Comptroller of the Currency
PRA SS1/23: Model Risk Management Principles for Banks
SS1/23 applies to UK-incorporated banks, building societies, and PRA-designated investment firms that have internal model approval to calculate regulatory capital requirements under Internal Ratings Based (credit risk), Internal Model Approach (market risk), or Internal Model Method (counterparty credit risk) approaches. It sets out five principles the PRA expects firms to embed as a strategic model risk discipline in its own right, comparable in spirit to SR 11-7/SR 26-2 but issued independently by the UK's prudential regulator.
Issued by Bank of England Prudential Regulation Authority
SR 11-7: Guidance on Model Risk Management
Issued April 4, 2011 jointly with the OCC (as Bulletin 2011-12), SR 11-7 set out supervisory expectations for how banks should manage the risk that quantitative models produce incorrect or misused results. It organized model risk management around three pillars: model development, implementation, and use; model validation; and governance, policies, and controls, and introduced 'effective challenge' as the guiding principle for meaningful independent review.
Issued by Board of Governors of the Federal Reserve System
SR 26-2 / OCC Bulletin 2026-13: Revised Guidance on Model Risk Management
SR 26-2 (issued by the Federal Reserve as a Supervisory Letter, and simultaneously as OCC Bulletin 2026-13 and an FDIC Financial Institution Letter) reflects fifteen years of supervisory experience since SR 11-7 and updates model risk management expectations for a risk-based, tailored era. It is expected to be most relevant to banking organizations with over $30 billion in total assets. The guidance retains the three foundational pillars, model development and use, validation and ongoing monitoring, and governance and controls, while replacing SR 11-7's de facto annual review cycle with revalidation frequency tied to model materiality, change velocity, and data availability, and expanding attention to vendor and third-party models.
Issued by Federal Reserve, OCC, and FDIC (joint interagency guidance)