In recent years, expectations around the application of model risk management (MRM) to surveillance functions had developed substantially. Where once there was inconsistency in approach, with some firms considering certain surveillance tools outside the remit of MRM, there had been a shift towards incorporating a broader scope of surveillance models under formal MRM frameworks. This evolution had been primarily driven by regulatory expectations, with internal audit and compliance functions also playing increasingly active roles in pushing for greater governance.
Read the full report from the Surveillance Leaders’ Network London May meeting 2025.