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Practice Guide: Auditing Model Risk Management
Recommended Guidance

Auditing Model Risk ManagementManaging the Impact of Models

Short of a crystal ball, there is no fool-proof way to predict outcomes in the financial services industry. However, models provide a powerful tool to empower organizations to make important decisions using information from a variety of sources. The IIA’s Practice Guide: Auditing Model Risk Management helps ensure that these models are working as effectively as possible for an organization.

This practice guide provides an overview of key areas related to model risk management including business significance, regulatory requirements and expectations, and model components. It is designed to help chief audit executives and their audit teams understand their roles in assessing model risk management and empower them to implement an audit plan coverage approach and program tailored to the size, scale, and risks facing their organization.

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Non-members may purchase this Practice Guide from the IIA Bookstore.


An updated edition of the International Professional Practices Framework (IPPF) guide, more commonly known as the Red Book, is now available. Visit the IIA Bookstore for more information.
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