Model Validation: Detailed Process

One of the most miss understood areas of finance is model validation also known as model risk management. I've even had developers acted surprised when I explain what we do and what I look for in models. Nothing should be a surprise to a developer or anyone in the industry as we basically do model development in reverse order.
I break down the main areas that are reviewed by validation teams. At the end of the video I cover validation team maturity levels as well.
If you want to work in model validation you'll need a strong background in both statistics and the financial industry. There are a lot of different types of models and frameworks that are used across different areas of banking. It is far easier to start as a developer and transition into validation than starting as a validator.
***This video is my opinion and NOT based on any specific bank***
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