Contract Management

Service Provider Model Risk Management Responsibilities. (a) Service Provider shall:

1. provide information clearly explaining the product design, theory, and logic
2. provide information clearly explaining the product assumptions, limitations, and where product use may be problematic 
3. provide information clearly explaining the product modifications and updates over time
4. provide appropriate testing results that show the product works as expected such as, but not limited to, independent model validation results, certifications, and/or disclosures
5. take reasonable steps to accommodate model risk management requests by Client consistent with regulatory requirement objectives such as, but not limited to, Federal Deposit Insurance FIL 22-2017, Adoption of Supervisory Guidance on Model Risk Management.